CBB Volume 1: Contents

Central Bank of Bahrain Volume 1—Conventional Banks
Part A
Business Standards
BC Business and Market Conduct
BC-4 Customer Account Services and Charges
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Location: Central Bank of Bahrain Volume 1—Conventional Banks > Part A > Business Standards > BC Business and Market Conduct > BC-4 Customer Account Services and Charges > BC-4.3 Disclosure of Charges by Retail Banks > Request Disclosure > BC-4.3.33
  • Request Disclosure

    • BC-4.3.29

      The retail bank must provide a reply to any request for disclosure within fifteen business days of receiving the request.

      Added: October 2012

    • BC-4.3.30

      Disclosures requested by the customer may include but are not limited to any or all of the following information about a credit agreement:

      (a) The effect of part prepayment on the customer's obligations;
      (b) Full particulars of any changes to the agreement since it was made;
      (c) The amount of any fee payable on part prepayment and how the fee will be calculated;
      (d) The amount required for full prepayment on a specified date and how the amount will be calculated;
      (e) The outstanding credit amount, including any outstanding interest charge (calculated at the date the disclosure statement is prepared);
      (f) The amount of payments made or to be made or the method of calculating the amount of those payments;
      (g) The number of payments made or to be made (if ascertainable);
      (h) How often payments are to be made;
      (i) The total amount of payments to be made under the agreement, if ascertainable; and
      (j) A copy of any disclosure statement that was or should have been provided before the request was made.
      Added: October 2012

    • BC-4.3.31

      The APR must be calculated using the following methodology:

      K=m K'=m'
      Σ   Ak
      (1 + i) tk =  
      Σ   A'k'
      (1 + i) tk'  
      K=1 K'=1
      Added: October 2012

    • BC-4.3.32

      The meaning of letters and symbols used in the above formula are:

      K is the number identifying a particular advance of credit;
      K' is the number identifying a particular instalment;
      Ak is the amount of advance K;
      A'k' is the amount of instalment K;
      Σ represents the sum of all the terms indicated;
      m is the number of advances of credit;
      m' is the total number of instalments;
      tk is the interval, expressed in years between the relevant date and the date of advance K;
      tk' is the interval expressed in years between the relevant date and the date of instalment K';
      i is the APR, expressed as a decimal.
      Added: October 2012

    • BC-4.3.33

      For the purpose of this Chapter, the 'relevant date' is the earliest identifiable date on which the borrower is able to acquire anything which is the subject of the agreement (e.g. delivery of goods), or otherwise the 'relevant date' is the date on which the credit agreement is made.

      Added: October 2012

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