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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of September 9, 2019 No. 2019-P-33/47-3-(NFKU)

About approval of Regulations of activities of guarantee funds

According to articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity", article 15 of the Law of the Kyrgyz Republic "About guarantee funds in the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve Regulations of activities of guarantee funds it (is applied).

2. To legal management:

- publish this resolution on the official website of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

3. This resolution becomes effective after fifteen days from the date of official publication.

4. To management of supervision of non-bank financial credit institutions to bring this resolution to the attention of guarantee funds of the Kyrgyz Republic.

5. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising Management of supervision of non-bank financial credit institutions.

Acting as chairman of the board of National Bank of the Kyrgyz Republic

N. Zhenish

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of September 9, 2019 No. 2019-P-33/47-3-(NFKU)

Regulations of activities of guarantee funds

Chapter 1. General provisions

1. These rules of regulation of activities of guarantee funds (further - Rules) determine the following requirements to activities of guarantee funds:

- general requirements;

- economic standard rates, requirements and restrictions;

- on issue of guarantees and obligation fulfillment on guarantees;

- on regulation and supervision of activities of guarantee funds;

- on accounting and control;

- on the organization and functioning of internal control system;

- requirements to carrying out external audit;

- on application of corrective actions.

2. Guarantee funds perform the activities for the purpose of increase in availability of financing by provision of guarantees on unsecured part of obligations of subjects of business activity under the agreement of the financing aimed by them at business development, production expansion, acquisition and upgrade of fixed assets, implementation of new technologies, innovative activities and opening of the new companies. At the same time financing is understood loan granting and their substitutes, and also as the transactions/transactions performed according to the Islamic principles of financing.

3. The terms and determinations used in these rules are understood according to the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" and regulatory legal acts of National Bank of the Kyrgyz Republic.

Chapter 2. General requirements to activities of guarantee fund

4. The National Bank of the Kyrgyz Republic (further - National Bank) has the right to establish the economic standard rates, requirements and restrictions obligatory for accomplishment by guarantee funds, to check activities of guarantee funds, to apply the corrective actions provided by the Law of the Kyrgyz Republic "About guarantee funds in the Kyrgyz Republic" and regulatory legal acts of National Bank.

5. Provision of guarantees by guarantee fund is performed by the conclusion of the contract of guarantee between guarantee fund, financial credit institution and subject of entrepreneurship on the conditions determined by the Law of the Kyrgyz Republic "About guarantee funds in the Kyrgyz Republic", regulatory legal acts of National Bank and regulations of guarantee fund about provision of guarantees.

6. Guarantees of guarantee fund are provided on unsecured part of the obligation of the subject of business activity under the agreement of financing.

7. The guarantee fund does not provide obligation fulfillment of the client on financing, regarding interest payment, penalty, penalty, penalty fee, commission charges.

8. Amount of remuneration for services is established by the contract of guarantee between guarantee fund, financial credit institution and the subject of entrepreneurship.

9. Selection of obligations of the subjects of entrepreneurship provided with guarantee of guarantee fund, and the requirement to these subjects is regulated by internal documents of guarantee fund.

10. Guarantees of guarantee funds are provided only in national currency, except for issues of guarantees to export-oriented and import-substituting subjects of entrepreneurship to which guarantees in foreign currency, in the presence at guarantee funds of assets in foreign currency can be issued

Chapter 3. The economic standard rates, requirements and restrictions obligatory for accomplishment by guarantee funds

11. Guarantee funds shall observe economic standard rates, the requirements and restrictions set by National Bank for guarantee funds including:

- the maximum extent of risk on one borrower;

- minimum size of the authorized capital;

- standard rate of the minimum size of equity;

- standard rate of liquidity;

- limit of the sizes of deposits of guarantee fund in commercial banks;

- maximum size of the loan guarantee;

- coefficient of the animator;

- restrictions on concentration risk;

- restriction for dividend payout.

12. The maximum extent of risk on one borrower (To 1).

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