Section 27

by substituting for the shoulder note the following shoulder note:

“Single counterparty exposure limit”;

by substituting for subsection (1) the following subsection:

“(1)  Subject to subsection 28(1) and except as may be approved by the Minister on the recommendation of the Bank, no prescribed institution shall have an exposure to a single counterparty, whether in relation to its own funds or any trust fund it manages under section 43, which exceeds the limit as may be specified by the Bank.”;

by inserting after subsection (1) the following subsections:

“(1a) An exposure to a single counterparty referred to in subsection (1) shall include an exposure to any group of persons connected to such single counterparty but shall not include any exposure to, and any exposure explicitly guaranteed by, the Bank or the

Government.

For the purposes of this section, the Bank may specify what constitutes “connected”, “counterparty”

or “exposure”.”; and