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PRESIDENTIAL DECREE OF THE KYRGYZ REPUBLIC

of August 10, 2022 unitary enterprise No. 281

About reorganization of the Agency on protection of deposits of the Kyrgyz Republic with investment with functions of liquidation of banks and other financial credit institutions and considerations of addresses of problem borrowers

For the purpose of optimization of financial infrastructure and increase in system effectiveness of protection of deposits I decide:

1. To the Cabinet of Ministers of the Kyrgyz Republic in seven-months time to take measures for implementation of reorganization of the Agency on protection of deposits of the Kyrgyz Republic by accession to it of the Agency on liquidation of banks in the procedure established by the legislation.

2. To agency on protection of deposits of the Kyrgyz Republic and National Bank of the Kyrgyz Republic (in coordination) to develop and introduce to six-months time in accordance with the established procedure the bill of the Kyrgyz Republic "About introduction of amendments to the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)" on purpose:

1) investment of the Agency on protection of deposits of the Kyrgyz Republic with function on liquidation of the banks and other financial credit institutions attracting deposits from the population and function on consideration of addresses of problem borrowers;

2) providing guarantees of use of Deposit Protection Fund only on the purpose of protection of investors of banks, microfinance companies and housing and savings credit companies;

3) exceptions of responsibility of the Agency on protection of deposits of the Kyrgyz Republic according to the obligations of the liquidated banks and other financial credit institutions which are not relating to its direct functions as the liquidator when carrying out liquidation procedure;

4) introductions of the transitional provisions regulating procedure for execution of functions on liquidation of the banks performed now by Agency on liquidation of banks.

3. Recognize invalid:

1) paragraph two of Item 1 of the Presidential decree of the Kyrgyz Republic "About Agency on reorganization of banks and debt restructurings (DEBRA) and Agentstva on protection of deposits of the Kyrgyz Republic" of August 5, 2011 No. 181;

2) the Presidential decree of the Kyrgyz Republic "About Agency on liquidation of banks" of April 18, 2018 No. 79.

4. This Decree becomes effective after seven days from the date of official publication, except for Item 3, which becomes effective from the date of entry into force of the Law of the Kyrgyz Republic "About introduction of amendments to the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)".

President of the Kyrgyz Republic

S. Zhaparov

 

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