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Report: Nigerian central bank offers support to Skye Bank

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Report: Nigerian central bank offers support to Skye Bank

Skye BankPlc received a short-term lending facility from the , whichalso issued guarantees to the lender's depositors and creditors after earlier concernsover its capital levels, Bloomberg News reported July 21.

At the start of this month, the central bank some members of SkyeBank's executive team because the lender had not met minimum capitalrequirements. This prompted S&P Global Ratings to the bank's credit ratings andissue a warning that it was "highly likely" to default within six months.

Yet the central bank's guarantees to creditors anddepositors are intended to show that Skye Bank is, in fact, healthy, aspokesman for the regulator said, according to Bloomberg.

The lending facility, on the other hand, was reportedlyoffered to increase Skye Bank's liquidity after a high level of recentwithdrawals that were down to what the central bank spokesman described as"undue panic."

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