2015 R~'<lGNG A:\iENDMENT No.l2 "(4) As soon as practicable after completing a report on a banking institution or controlling company, a supervisor shall send a copy of the report to the Deposit Protection Coq)oration.". 28 Amendment of section 48 of Cap. 24:20 Section48 ("Action that may be taken by Reserve Bank where banking institution found to have contravened Act or condition of registration, etc") of the principal Act is amended(a) in subsection (1) by the repeal of the proviso; (b) in subsection (2) by the insertion in the proviso after "prevent" of "the banking institution becoming a problem banking institution, or to prevent"; (c) by the insertion after subsection (2) of the following subsections -"(3) The immediate action refened to in the proviso to subsection (2) may include(a) requiring the banking institution concemed to develop and implement a capital restoration plan; and (b) restricting the activities or investments of the banking institution concemed; and (c) taking control of any assets of the banking institution concemed or prohibiting or restricting the disposal or use of any such assets; and (d) any other action referred to in subsection (1). (4) The Reserve Bank may take action in tenns of subsection (1) in respect of an associate of a banking institution if the Reserve Bank considers it is necessary to do so in order to preserve the integrity of the financial system of Zimbabwe, and where it takes such action any reference in subsection (2) to a banking institution shall be construed as a reference to the associate concemed.". 29 New sections inserted in Cap. 24:20 The principal Act is amended by the insertion in Part IX after section 52 of the following sections- "52A Problem banking institutions ( 1) This section applies where the Reserve Bank determines that, in relation to a particular problem banking institution, it is in the public interest or in the interests of the depositors or creditors of a banking institution to avoid cancelling the registration of a banking institution, if possible, in order to achieve any one or more of the following objectives(a) to protect and enhance the stability of the financial system; and (b) to protect and enhance public confidence in the banking system; and (c) to protect depositors; and (d) where applicable, to protect public funds. (2) Where the Reserve Bank, following a report by an inspector or an investigation in terms of section 49, or on the basis of financial intelligence which in its opinion is sound and sufficient, has identified a banking institution as a problem banking institution because241