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Basel III Thresholds: A Guide for West African Economic and Monetary Union (WAEMU) Banks

As of December 31st, 2018, banks in the WAEMU zone were required to maintain a minimum capital level of 8.625% of their risk-weighted assets. This threshold was set by Decision No 003 of March 30th, 2015/CM/WAEMU, which also established the minimum share capital requirement for credit institutions at XOF10 billion for banks and XOF3 billion for financial institutions with a banking nature.

Insolvency, Recovery, and Resolution Framework

The legal framework governing insolvency, recovery, and resolution of banks in Senegal is primarily based on the OHADA Uniform Act on the Organization of Collective Procedures (the Uniform Act) and the Law of 2008. The Uniform Act provides for three procedures:

Preventive settlement: aims to avoid insolvency or closure by enabling a company to discharge its liabilities through a preventive composition agreement.
Judicial recovery: designed to safeguard the company and allow it to pay off its debts.
Liquidation of assets: involves realizing the debtor’s assets to pay off liabilities.

Key Attributes of Effective Resolution Regimes

The Financial Stability Board (FSB) has identified key attributes for effective resolution regimes. Unfortunately, there is no evidence of implementation by the Senegalese government of these attributes.

Creditors’ Rights

Under Senegalese law, all creditors are concerned with the procedures outlined above. Creditors cannot pursue individual recovery procedures and may be subject to collective procedures in cases where a company is in difficulty.

Liquidation of Assets

In the event of liquidation, bank account holders will be reimbursed after legal costs and super-privileged wages have been paid. This does not apply to deposits held by credit and other financial institutions.

Although there are no specific banking regulatory requirements related to ESG matters in Senegal, credit institutions are encouraged to implement international ESG standards. These standards promote practices such as:

Quality social dialogue
Employment of disabled people
Transparency of executive remuneration
The fight against corruption

Conclusion

The Basel III thresholds for WAEMU banks provide a framework for ensuring financial stability and resilience in the region. However, there is room for improvement in implementing effective resolution regimes and ESG requirements. As the regulatory landscape continues to evolve, it is essential that credit institutions and policymakers work together to promote best practices and ensure a sustainable financial system.