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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 27, 2017 No. 2017-P-15/54-4-(NPA)

About approval of the Minimum requirements on forming of the credit portfolio accepted as mortgage providing

(as amended on 12-12-2018)

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

1. Approve the Minimum requirements on forming of the credit portfolio accepted as mortgage providing it (is applied).

2. This Resolution becomes effective after 15 days from the date of official publication.

3. 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 entering into the State register of regulatory legal acts of the Kyrgyz Republic.

4. To management of financial accounting and reporting to bring this Resolution to the attention of commercial banks, structural divisions, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

5. To impose control of execution of this Resolution on the vice-chairman of National Bank of the Kyrgyz Republic Tezekbayeva A. S.

Chairman of the board of National Bank of the Kyrgyz Republic

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of December 27, 2017 No. 2017-P-15/54-4-(NPA)

The minimum requirements on forming of the credit portfolio accepted as mortgage providing

1. General provisions

1. The purpose of these minimum requirements is determination of characteristics and requirements to credits/lysinedin of the commercial banks (further - banks) included in portfolio of the credits on which rights to claim can be accepted as pledge in case of loan granting of the Kyrgyz Republic by National Bank (further - National Bank) and their check regarding compliance to the established requirements.

2. In these minimum requirements the following concepts are used:

Portfolio of the credits - set of the credits issued by bank / lizingov, corresponding to certain characteristics, established by these minimum requirements on which rights to claim can be accepted as pledge in case of loan granting by National Bank.

The concept "Resident" is determined according to the legislation of the Kyrgyz Republic.

The physical person - within these minimum requirements is understood as physical person the person which is not registered as the individual entrepreneur, performing activities in the sphere of agricultural industry.

3. Other concepts used in these minimum requirements correspond to the concepts provided in regulatory legal acts of National Bank, the Glossary of banking and financial terms of National Bank.

2. Characteristics of the credits / lizingov, the credits included in portfolio

4. The portfolio of the credits shall be built at the expense of the credits / lizingov, to the provided legal entities, individual entrepreneurs occupied in the following industries of economy:

- industry;

- agricultural industry, procurement and conversion;

- transport, communication and service industry;

- trade and commercial transactions;

- construction;

- tourist sphere.

Besides, the portfolio of the credits can include the loans granted to the physical persons occupied in the sphere of agricultural industry.

Rights to claim on the credits (tranches) within credit line can act as mortgage providing, in the presence of identifiable distribution of mortgage providing separately on each credit (tranche) taking into account these minimum requirements.

On the credit resources provided within the Provision "About Procedure for Carrying Out the Kyrgyz Republic of Credit Auctions by National Bank for the purposes of Refinancing and Maintenance of Liquidity" approved by the Resolution of Board of National Bank of the Kyrgyz Republic of November 27, 2013 No. 45/13, mortgage providing the credits issued in national currency act.

5. The credits / lizingi, included in portfolio of the credits, shall correspond to the following characteristics:

1) the purpose of the credit is checked by bank and documented by the borrower (receipts, checks, purchasing acts, agreements, etc.);

2) the borrower/leasing recipient is resident of the Kyrgyz Republic and is not the affiliated or tied with bank face;

3) the payment schedule does not provide repayment of all amount or considerable part (70% and more) principal debt at the end of credit/leasing term;

4) the bank makes assessment of solvency of the borrower/leasing recipient according to requirements of regulatory legal acts of National Bank, credit policy and internal procedures of bank, positive credit history of the borrower/leasing recipient is confirmed with information provided to credit bureaus;

5) credit/leasing corresponds to characteristics of the normal and satisfactory credits (assets), according to the Provision "About Classification of Assets and the Corresponding Allocations to Reserve on Covering of Potential Losses and Losses" approved by the Resolution of Board of National Bank of July 21, 2004 No. 18/3;

6) the credit folder of the borrower/leasing recipient is drawn up by bank according to requirements of the Provision "About the Minimum Requirements on Credit Risk Management in the Commercial Banks and Other Financial Credit Institutions Licensed by National Bank of the Kyrgyz Republic" approved by the Resolution of Board of National Bank of June 30, 2010 No. 52/4. The credit agreement / agreement on finance lease (leasing) signed between the borrower/leasing recipient and bank shall contain, in addition, the following:

- condition that the credit/leasing provided to the borrower/leasing recipient can be included in portfolio of the credits on which rights to claim can be accepted by the third party as pledge in case of loan granting;

- the obligation of bank in writing to notify the borrower/leasing recipient on the taken place transition of right to claim to the third parties in that amount and on those conditions which existed at the borrower/leasing recipient by the time of transition of right to claim;

7) the credit is provided with pledge, stipulated in Item 15 and to the meeting conditions of Items 16, of 17 presents of the minimum requirements.

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