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Ministry of Justice

Russian Federation

On September 18, 2014 No. 34089

SPECIFYING OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of July 14, 2014 No. 3322-U

About procedure for forming of reserves by credit consumer cooperatives on possible losses on loans

This Specifying based on the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2003, No. 2, Art. 157; No. 52, Art. 5032; 2004, No. 27, Art. 2711; No. 31, Art. 3233; 2005, No. 25, Art. 2426; No. 30, Art. 3101; 2006, No. 19, Art. 2061; No. 25, Art. 2648; 2007, No. 1, Art. 9, Art. 10; No. 10, Art. 1151; No. 18, Art. 2117; 2008, No. 42, Art. 4696, Art. 4699; No. 44, Art. 4982; No. 52, Art. 6229, Art. 6231; 2009, No. 1, Art. 25; No. 29, Art. 3629; No. 48, Art. 5731; 2010, No. 45, Art. 5756; 2011, No. 7, Art. 907; No. 27, Art. 3873; No. 43, Art. 5973; No. 48, Art. 6728; 2012, No. 50, Art. 6954; No. 53, Art. 7591, Art. 7607; 2013, No. 11, Art. 1076; No. 14, Art. 1649; No. 19, Art. 2329; No. 27, Art. 3438, Art. 3476, Art. 3477; No. 30, Art. 4084; No. 49, Art. 6336; No. 51, Art. 6695, Art. 6699; No. 52, Art. 6975; 2014, No. 19, Art. 2311, Art. 2317; No. 27, the Art. 3634), Item 3 of part 2 of article 5 of the Federal Law of July 18, 2009 No. 190-FZ "About credit cooperation" (The Russian Federation Code, 2009, No. 29, Art. 3627; 2011, No. 48, Art. 6728; No. 49, Art. 7040; 2013, No. 23, Art. 2871; No. 30, Art. 4084; No. 44, Art. 5640; No. 51, the Art. 6683, the Art. 6695) and according to the solution of the Board of directors of the Bank of Russia (the minutes of the Board of directors of the Bank of Russia of June 27, 2014 No. 19) establish procedure for forming by credit consumer cooperatives (further - credit cooperatives) reserves on possible losses on loans.

1. Reserves on possible losses on loans are created by credit cooperatives quarterly as of the last number of quarter concerning unexecuted (completely or partially) borrowers of credit cooperative of obligations for loans, and also concerning the obligations on the re-structured loans established by results of inventory count of debt on loans as of the last number of quarter which is performed by credit cooperative by means of check of the debt on the issued loans which is registered on balance as of the last number of quarter for the purpose of identification and determination of duration of overdue payments on loans.

2. Reserves on possible losses on loans are created:

on the amount of principal debt on loans which does not join the payments for benefit of credit cooperative following from the loan agreement, except for principal debt;

on the amount of requirements for the added interest incomes on loans which join interest for using loan, and also any predefined the loan agreement the income on loan.

3. When forming reserve on possible losses on loans regarding principal debt on loan credit cooperatives create reserves on possible losses on loans in the following procedure.

3.1. The loans granted by credit cooperative are grouped in types of borrowers and unite in the following groups of loans:

the loans granted members of credit cooperative (unitholders) - to physical persons;

the loans granted members of credit cooperative (unitholders) - to legal entities.

3.2. Loans on which the credit cooperative signed with the borrower the supplementary agreement changing essential conditions of the initial agreement of loan based on which the borrower acquires the right to fulfill obligations on loan in more favorable mode (for example, change of repayment period of loan, the size of interest rate, procedure for its calculation) (further - the re-structured loans), irrespective of type of borrowers unite in separate group.

3.3. The groups of loans created according to subitems 3.1 and 3.2 of this Item depending on ensuring obligation fulfillment on loan are subdivided into the following subgroups:

the loans provided with pledge, the guarantee, the bank guarantee;

other loans.

3.4. Depending on availability and duration of overdue payments on loans loans are subdivided on:

loans without overdue payments;

loans with overdue payments lasting from 1 up to 30 calendar days;

loans with overdue payments lasting from 31 up to 60 calendar days;

loans with overdue payments lasting from 61 up to 90 calendar days;

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