No.12 2015 announcing that the banking institution has been declared a problem banking institution; and (ii) the bank resolution plan that the Reserve Bank shall be implementing or cause to be implemented in tenus of the Act; and (b) publish the problem bank notice in the Gazette: Provided that, where the Reserve Bank considers that immediate action is necessary to prevent irreparable harm to the banking institution or its depositors, creditors, members or employees, the Reserve Bank may take such action before affording the banking institution an opportunity to make representations in terms of this subsection. (4) In formulating a bank resolution plan, the Reserve Bank shall(a) have regard to the public interest; and (b) ensure that any measures authorised by or taken under the plan are proportionate to the harm they are intended to remedy; and (c) ensure that where any property or interest or right in prope1ty is to be acquired under the plan (other than shares and assets of the problem banking institution)(i) reasonable notice is given to everyone whose interest or rights will be affected by the acquisition; and (ii) fair and adequate compensation is paid within a reasonable time after the acquisition; and (iii) if the acquisition is contested, an application is made to a court of competent jurisdiction for an order authorising or confirming the acquisition; and (iv) the property, interest or right is returned or not acquired if the court, on an application refened to in subparagraph (iii), does not authorise or confim1 the acquisition; (d) (e) and ensure that all bidders or offerors seeking to acquire assets of the problem banking institution are treated equally and fairly; and ensure that, so far as practicable, any person who acquires assets of the problem banking institution acquires an equivalent value of its liabilities. (5) The Reserve Bank or its agents may disclose confidential information concerning a problem banking institution, subject to a confidentiality agreement, to a bidder or offer or who proposes to acquire the institution or any of its assets or liabilities under a bank resolution plan. (6) Pending the formulation and implementation of a bank resolution plan (whether before or after the confirmation of the problem bank notice in terms of section 52B), the Reserve Bank may take such measures in relation to the banking institution concerned as, in its opinion, are reasonably necessary in order to243