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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of September 9, 2019 No. 2019-P-33/47-2-(NFKU)

About approval of the Provision "About Creation and Registration of Guarantee Funds in the Kyrgyz Republic"

(as amended on 05-10-2022)

According to articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity", article 15 of the Law of the Kyrgyz Republic "About guarantee funds in the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Creation and Registration of Guarantee Funds in the Kyrgyz Republic" it (is applied).

2. 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.

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

To guarantee funds of the Kyrgyz Republic in six-months time from the date of entry into force of this resolution to bring the activities into accord with this resolution.

4. To management of supervision of non-bank financial credit institutions to bring this resolution to the attention of guarantee funds of the Kyrgyz Republic.

5. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising Management of supervision of non-bank financial credit institutions.

Acting as chairman of the board of National Bank of the Kyrgyz Republic

N. Zhenish

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of September 9, 2019 No. 2019-P-33/47-2-(NFKU)

Regulations on creation and registration of guarantee funds in the Kyrgyz Republic

This Regulations on creation and registration of guarantee funds (further - the Provision) determine procedure for creation, accounting registration of guarantee funds (further - GF), and also establish requirements to participants, officials of GF and procedure for their coordination, to creation of branches and representations, in case of modification and amendments in the charter, by their reorganization and liquidation.

Chapter 1. General provisions

1. Guarantee fund - the legal entity created in the form of joint-stock company, who underwent the procedure of accounting registration in National Bank of the Kyrgyz Republic (further - National Bank) and performing warranty activities. At the same time financing is understood loan granting and their substitutes, and also as the transactions/transactions performed according to the Islamic principles of financing.

1-1. In this Provision the following concepts and terms are used:

1) the client - the subject of entrepreneurship and the participant of the state housing programmes which part of obligations is provided with guarantee under the contract of financing with financial credit institution;

2) guarantee - the obligation of guarantee fund to financial credit institution to bear responsibility for execution of part of obligations on principal debt of the client under agreements of financing within the amount of the provided guarantee;

3) warranty activities - the activities promoting increase in availability of financing to clients and directed to decrease in part of credit risks of financial credit institutions by provision of guarantees under agreements and/or agreements of financing of clients and other warranty tools;

4) policy of provision of guarantees - the document approved by authorized body of guarantee fund, regulating the procedure and conditions of provision of guarantees, types of warranty tools, the principles of provision of guarantees, criteria and requirements of selection of obligations of clients, and also conditions of depreciation of guarantee and responsibility of the parties conforming to requirements of regulatory legal acts of National Bank;

5) warranty tools - set of various forms and warranty types used for providing obligations of clients under agreements of financing;

6) warranty portfolio - the total volume of obligations of guarantee fund under contracts and/or agreements of financing of clients for certain date;

7) the recourse requirement - the right of guarantee fund to demand from the client of compensation of the amount paid to financial credit institution in obligation fulfillment under the agreement of guarantee.

2. GF receives the status of the legal entity from the date of state registration in the authorized state body performing registration of legal entities.

3. GF has the right to perform activities for provision of guarantees for obligations of subjects of entrepreneurship and participants of the state housing programmes (further - clients) in the presence of the certificate on accounting registration of National Bank according to policy of representation of guarantees.

4. The charter of GF shall contain information on the list of the provided services/transactions, the main region of activities, the cumulative maximum size of the guarantee issued to the same face or group of the connected persons, the maximum size of guarantee in percentage ratio from the amount of financing according to regulatory legal acts of National Bank and also other questions established by the civil legislation of the Kyrgyz Republic.

5. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 05.10.2022 No. 2022-P-33/61-3-(NFKU)

6. The authorized capital of GF is created only in national currency of the Kyrgyz Republic at the expense of money of participants according to requirements of the Law of the Kyrgyz Republic "About guarantee funds in the Kyrgyz Republic".

7. The documents provided to GF according to requirements of this provision move in the state or official languages of the Kyrgyz Republic:

- in central office of National Bank - GF which are to Bishkek and Chuy Region;

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