8.1

LFIs must develop and implement a process supported by policies and procedures to appropriately identify, implement and manage Restructured Credit Facilities. The Obligor/Credit Facility must be correctly classified in accordance with the criteria articulated in Article 9 on classification and provisioning.
 

8.2

The requirements on the classification of exposures continue to apply throughout and after the restructuring process, including the related provisioning requirements set out in Article 9 of this regulation.
 

8.3

The restructuring process must be subject to robust internal oversight and be reviewed by internal audit on a regular basis.
 

8.4

Branches of foreign banks may have processes for the oversight of the restructuring process at head office level. Therefore, they may adopt alternative equivalent measures of oversight of the restructuring process which will be subject to supervisory review and approval by the Central Bank.
 

8.5

For the purpose of this regulation, restructuring events are categorised into two distinct groups: