Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of October 27, 2021 No. 2021-P-14/59-5-(PS)

About approval of the Provision "About Insurance (Reserve) Fund for Interbank Systems of Retail Payments"

According to articles 20 and 68 of the Law "About National Bank of the Kyrgyz Republic, Banks and Banking Activity" Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Insurance (Reserve) Fund for Interbank Systems of Retail Payments" it (is applied).

2. Declare invalid the resolution of Board of National Bank of the Kyrgyz Republic "About approval of Provisional regulations "About insurance (reserve) fund for international payment systems of calculations with payment cards" of February 14, 2018 No. 2018-P-14/5-3-(PS)".

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 inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

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

5. To commercial banks and Interbank Processing Center Ltd till February 1, 2022 to create insurance (reserve) fund for national settlement system the Elkart payment cards according to requirements of the Provision "About Insurance (Reserve) Fund for Interbank Systems of Retail Payments".

6. (Reserve) fund created by commercial banks in National Bank of the Kyrgyz Republic for payments in national currency on the international settlement systems payment cards according to the Agreement "About creation of insurance (reserve) fund in National Bank of the Kyrgyz Republic for payments in national currency on the international settlement systems payment cards" of July 11, 2018 No. 2018-D-142/803-3-4-2 is effective with Strakhova according to requirements of the Provision "About Insurance (Reserve) Fund for Interbank Systems of Retail Payments".

7. To management of payment systems to bring this resolution to the attention of operators of payment systems, commercial banks of the Kyrgyz Republic, OYuL "Union of Banks of Kyrgyzstan" and OYuL "Association of Operators of Payment Systems of the Kyrgyz Republic".

8. To department of development of official language and document flow to bring this resolution to the attention of the relevant structural divisions, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

9. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising management of payment systems.

Chairman of National Bank of the Kyrgyz Republic

K. Bokontayev

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of October 27, 2021 No. 2021-P-14/59-5-(PS)

Regulations on insurance (reserve) fund for interbank systems of retail payments

Chapter 1. General provisions

1. The regulations on insurance (reserve) fund for interbank systems of retail payments (further - the Provision) determine procedure for creation and functioning of insurance (reserve) fund in the territory of the Kyrgyz Republic (further - insurance (reserve) fund).

2. Strakhova (reserve) fund is created for the purpose of providing the additional mechanism for carrying out the timely and guaranteed final settlement of net line items of interbank systems of retail payments on the basis of clearing and settlement systems by bank payment cards in system of large payments of National Bank of the Kyrgyz Republic (further - National Bank), including in case of lack of liquidity at one or several participants.

3. Forming of insurance (reserve) fund for interbank systems of retail payments in National Bank is obligatory.

4. Strakhova (reserve) fund can be created by one of the following methods:

1) from means of the operator of interbank system of retail payments (further - the operator) based on the relevant contract / agreement with National Bank;

2) the operator of interbank system of retail payments from means of participants of interbank system of the retail payments (further - the participant) having correspondent account in National Bank, except for the Central Treasury under the Ministry of Finance of the Kyrgyz Republic and participants within the special regulating mode based on the relevant contract / agreement with National Bank;

3) from means of the participants having correspondent account in National Bank and who submitted the application to National Bank for accession to the relevant agreement / agreement on insurance (reserve) fund. The account of insurance (reserve) fund in this case is cumulative (accumulative) on all participants of interbank systems of retail payments which insurance (reserve) fund is created on this method. Creation of insurance (reserve) fund is not obligatory for the Central Treasury under the Ministry of Finance of the Kyrgyz Republic and the participants who joined payment system within the special regulating mode before the termination of this mode.

5. Means of insurance (reserve) fund are used in exceptional cases only for the timely and guaranteed carrying out final settlement of net line items of interbank systems of retail payments, including in case of impossibility of the participant to provide adequate liquidity on the correspondent account in National Bank at the time of carrying out final settlement.

6. If till 16:30 o'clock the present operational day the participant could not provide on the correspondent account the sufficient amount of liquidity necessary for carrying out final settlement of net line items of clearing systems and settlement systems with payment cards, the National Bank in procedure without acceptance debits the account of insurance (reserve) fund and fills up correspondent account of the participant in the amount of, sufficient for completion of calculations of net line items for system.

7. The method of forming of insurance (reserve) fund is determined between National Bank and the operator of interbank system of retail payments in bilateral contracts / agreements for carrying out final settlement. In these agreements / agreements also it shall be determined that the National Bank guarantees timeliness of carrying out final settlement only within sufficiency of means on accounts of participants and insurance (reserve) fund.

8. The size of insurance (reserve) fund shall be sufficient for covering of daily average total net debit line item on system within year.

9. For the purpose of ensuring sufficiency of means in insurance (reserve) fund the National Bank on permanent basis analyzes the sizes of net debit and credit line items of participants on each interbank system of retail payments, payments in queues and timeliness of calculations in the Grossovy settlement system in real time (further - GSRRV), sufficiency of means of insurance (reserve) fund.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.