RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of February 22, 2017 No. 6/3

About the minimum size of the authorized capital of specialized financial credit institute JSC Finance Company of Credit Unions

For the purpose of ensuring effective and sustainable development of specialized financial credit institute JSC Finance Company of Credit Unions (further - JSC FKKS), according to article 31 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" and articles 11 and 39-1 of the Law of the Kyrgyz Republic "About banks and banking activity in the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides strengthenings of reliability and safety of system of credit unions:

1. Establish for JSC FKKS the minimum size of the authorized capital at the level of at least 300 million som since 2025.

2. To the board of directors of JSC FKKS:

- till March 15, 2017 to develop and provide the actions plan for 2017-2025 providing step-by-step increase in the minimum size of the authorized capital of JSC FKKS in Management of external supervision of National Bank of the Kyrgyz Republic;

- since 2017 annually together with the annual statement to provide in Management of external supervision the information on reduction of the minimum size of the authorized capital of JSC FKKS in compliance with the values established in the plan specified in this Item.

3. JSC FKKS is recommended to direct annually to increase in the authorized capital at least 75% of the net profit got by results of year before complete execution of the requirement of Item 1 of this Resolution.

4. Declare invalid the Resolution of Board of National Bank of the Kyrgyz Republic "About the minimum size of the capital (own means) of specialized financial credit institute JSC Finance Company of Credit Unions of December 12, 2012 No. 48/9.

5. To management of external supervision within 5 working days to bring this Resolution to the attention of JSC FKKS.

6. 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.

7. This Resolution becomes effective after fifteen days from the date of official publication.

8. To impose control of execution of this Resolution on the board member of National Bank of the Kyrgyz Republic Dzhusupova T.Dzh.

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