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RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of April 8, 2024 No. 157

About reorganization of the Agency on protection of deposits of the Kyrgyz Republic

For the purpose of implementation of the Presidential decree of the Kyrgyz Republic "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" of August 10, 2022 No. 281, of the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)", according to articles 13, of the 17th constitutional Law of the Kyrgyz Republic "About the Cabinet of Ministers of the Kyrgyz Republic" the Cabinet of Ministers of the Kyrgyz Republic decides:

1. Reorganize 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. Approve Regulations on the Agency on protection of deposits of the Kyrgyz Republic according to appendix.

3. Determine that the Agency on protection of deposits of the Kyrgyz Republic is legal successor of the Agency on liquidation of banks.

4. Recognize invalid:

1) the order of the Government of the Kyrgyz Republic "About approval of the Regulations on the Agency on protection of deposits of the Kyrgyz Republic" of September 21, 2011 No. 567;

2) Item 2 of the order of the Government of the Kyrgyz Republic "About modification and amendments in some decisions of the Government of the Kyrgyz Republic" of December 3, 2015 No. 826;

3) item 4 of the order of the Government of the Kyrgyz Republic "About modification of some decisions of the Government of the Kyrgyz Republic in the sphere of protection of deposits" of July 21, 2017 No. 441;

4) item 4 of the order of the Government of the Kyrgyz Republic "About modification of some decisions of the Government of the Kyrgyz Republic in the sphere of protection of deposits" of December 5, 2019 No. 662.

5. To the state agency on management of state-owned property under the Cabinet of Ministers of the Kyrgyz Republic:

1) to approve the transfer act of the reorganized organizations;

2) in accordance with the established procedure to transfer to Agency on protection of deposits of the Kyrgyz Republic the personal and real estate which is registered on balance of the Agency on liquidation of banks.

6. To agency on protection of deposits of the Kyrgyz Republic to take the necessary measures following from this resolution.

7. To impose control of execution of this resolution on management of control of execution of decisions of the President and the Presidential Administration Cabinet of Ministers of the Kyrgyz Republic.

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

Chairman of the Cabinet of Ministers of the Kyrgyz Republic

A. Zhaparov

Appendix

to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of April 8, 2024 No. 157

Regulations on the Agency on protection of deposits of the Kyrgyz Republic

Chapter 1. General provisions

1. This Provision determines legal and organizational basis of activities of the Agency on protection of deposits of the Kyrgyz Republic (further - the Agency), its powers, task, function.

2. The agency in the activities is guided by the Constitution of the Kyrgyz Republic, the laws and other regulatory legal acts of the Kyrgyz Republic, and also this Provision.

3. Agency on protection of deposits of the Kyrgyz Republic - independent, non-profit organization with independent form of business - Agency on protection of deposits, given the authority, the rights and obligations established in the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)" and this Provision.

4. The agency has seal with the image of the State Emblem of the Kyrgyz Republic and the name in the state and official languages. Full official name of the Agency:

in official language: Kyrgyz Respublikasynyn Depozitterdi korgoo boyuncha of agenttiga;

in official language: Agency on protection of deposits of the Kyrgyz Republic.

5. The agency has stamps, the letterhead of the established sample.

6. The account of the Agency intended for replenishment of Deposit Protection Fund at the expense of fees of the Cabinet of Ministers of the Kyrgyz Republic (further - the Cabinet of Ministers) and commercial banks, microfinance companies, the housing and savings credit companies, is subject to opening and servicing in National Bank of the Kyrgyz Republic (further - National Bank). The bank accounts of the Agency intended for operating expenses and other costs of the Agency open in commercial banks.

7. The agency has the right to create representations and to appoint the representatives in regions of the Kyrgyz Republic.

Chapter 2. Tasks of the Agency

8. Tasks of the Agency are:

1) providing effective system of protection of deposits in the Kyrgyz Republic;

2) accomplishment of functions of the liquidator of the banks and other financial credit institutions performing acceptance of the deposits licensed by National Bank in the procedure established by the legislation;

3) consideration of addresses of problem borrowers of the banks and other financial credit institutions licensed by National Bank.

Chapter 3. Functions of the Agency

9. The agency on protection of deposits performs the following functions:

1) keeps registers of participating banks, microfinancial participating companies and housing and savings credit participating companies;

2) is performed by accounting of requirements of investors, the amounts which are subject to payment, and the amounts of the paid compensations on deposits;

Pays 3) to the investors falling under operation of the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)", the amount determined by the specified Law;

4) is calculated by the size of fees and collects fees in Deposit Protection Fund;

5) carries out the necessary actions aimed at providing timely and complete payment of fees;

Establishes 6) and imposes penalties and penalty fee for untimely payment of fees;

7) manages assets of Deposit Protection Fund according to the procedure and the limits set by the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)";

8) performs interaction with state bodies and other organizations;

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