Banks will adhere to the following process when an application for the eligibility of a current capital instrument is submitted to the Central Bank:

1. i)The bank has to determine if the current capital instrument has the following features:
   1. a)A conditional Point of Non-Viability (PONV) that;
   2. b)Needs to be activated by the Central Bank.
2. ii)Once (i) has been met as:
   1. a)Yes: A letter from the Central Bank, the bank should request a letter from the Central Bank, which activates the PONV.
   2. b)No: The bank may directly go to (iii) without approaching the Central Bank for a letter to activate the PONV.
3. iii)The bank will need to follow the Stage 2 process in Appendix B then approach its appointed external lawyers who will certify if the capital instrument conforms to the requirements of the Central Bank for grandfathering purposes. This certification will have to accompany the eligibility application to the Central Bank.
4. iv)The Central Bank will determine if the application fulfills the necessary requirements as approved by the Board of the Central Bank.
5. v)The final application will be submitted to the Central Bank. The Central Bank will decide as to which grandfathering clause to apply to the capital instrument.

It should be noted that a separate eligibility application for each current capital instrument is required by the Central Bank.