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(1) In determining the rights and obligations between a bank or specialised deposit-taking institution and its contractual counterpart, effect shall be given to the termination provisions of eligible financial contracts

between  the  bank  or  specialised  deposit-  taking  institution  and  the contractual counterpart of the bank or specialised deposit-taking institution, except during the period of a temporary stay on the exercise of a right that the Bank of Ghana may prescribe.

(2) The temporary stay of termination provisions shall be subject to the safeguards that the Bank of Ghana shall prescribe in order to facilitate the liquidation of the bank or the specialised deposit-taking institution and simultaneously minimise any disruption to the markets for eligible financial contracts.

(3) eligible financial contract between a bank or specialised  deposit-taking institution and its contractual counterpart, shall be a claim of the bank or the specialised deposit-taking institution on the counterpart or shall be admitted after the net termination value is validated as a claim of the counterpart on the bank or the specialised deposit- taking institution.

(4) In this section, “net termination value” means the net amount obtained after setting off the mutual obligations between the parties to an eligible financial contract in accordance with the provisions of that contract.

(5) For the purposes of this section,  the  Bank  of  Ghana shall prescribe  the  types  of  contracts  that  shall qualify as  “eligible  financial contracts” and that may include a master agreement covering more than one type of contract.