of June 14, 2017 No. 2017-P-09/24-6-(NPA)
About approval of the Provision "About the Credit of Final Instance"
1. Approve the Provision "About the Credit of Final Instance" it (is applied).
4. To legal management:
- publish this resolution on the official site of National Bank of the Kyrgyz Republic;
- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.
5. To management of monetary transactions to bring this resolution to the attention of commercial banks, relevant structural divisions of National Bank of the Kyrgyz Republic, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.
6. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic N. Zhenish.
Chairman of the board of National Bank of the Kyrgyz Republic
to the Resolution of Board of National Bank of the Kyrgyz Republic of June 14, 2017 No. 2017-P-09/24-6-(NPA)
1. This Provision "About the Credit of Final Instance" (further - the Provision) determines general terms and procedure for provision by National Bank of the Kyrgyz Republic (further - National Bank) the credit of final instance to the commercial bank of the Kyrgyz Republic having the license of National Bank (further - Bank), for the purpose of protection of integrity and banking system stability, maintenance of liquidity and protection of household deposits.
2. The credit of final instance (further - the loan) is granted according to Articles 17, 18 and 53 Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" and this Provision.
3. The loan is granted to Bank in exceptional cases in case of exhaustion by Bank of all available means and opportunities of maintenance of the minimum level of liquidity.
4. Granting this loan, the National Bank realizes the function of the last resort lender. The loan is granted to Bank for the purpose of prevention of systemic risk, preserving banking system stability and protection of household deposits in national currency.
5. The loan is granted to the problem Bank performing actions for financial improvement, at the same time, under problem Bank for the purpose of realization of this provision, the Bank in which are established is understood:
- the facts of violations in activities of Bank connected with inability of administration to ensure functioning of Bank according to the bank law, involvement of Bank in unhealthy banking practice;
- violations of the economic standard rate of adequacy of the capital of the first level by Bank;
- the unprofitable activities of Bank which resulted it in inability to fulfill obligations to clients.
6. The decision on loan granting, including provision conditions, term and volume of credit is accepted by Board of National Bank.
7. The board of National Bank has the right to establish certain requirements which the Bank shall perform before consideration of question of loan granting.
8. The loan is granted in national currency with respect for the general principles of crediting: urgency, paid nature, recoverability and security.
9. The obligation on repayment of the loan is provided with pledge. Requirements to pledge, sufficiency amount (in percentage expression), to type and other parameters of mortgage providing are established by Board of National Bank.
10. The loan interest rate is established by Board of National Bank.
11. The National Bank has the right to provide on contractual basis means to the Bank performing the activities according to the Islamic principles of banking and financing acting on the basis of the corresponding license of National Bank. Relations of the Bank operating according to the Islamic principles of banking and financing with National Bank are regulated by this Provision and the separate contract for provision of means taking into account specifics and features of the Islamic principles of banking and financing.
12. The compulsory provision for receipt of the credit is introduction in Bank of Temporary administration of National Bank for control over the implementation of actions for its financial improvement and target use of means of the credit. At the same time the Bank cannot assume new obligations (interbank credits, deposits, etc.) without the consent of National Bank.
13. The board of National Bank has the right to establish other requirements for Bank for the period before complete loan repayment.
14. For action of the credit powers of Bank in the Automated trade system of National Bank, such as access to the primary security market can stop, and also the Bank is excluded from clearing settlement system on account transactions and transferred on them to grossovy settlement system without collection of service fee in National Bank.
15. The bank has no right to utilize the credit for payment of deposits (deposits) to officials and persons, connected or affiliated with Bank. The National Bank can set additional restrictions on transactions with persons, connected or affiliated with Bank.
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