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Ministry of Justice

Kyrgyz Republic

On April 20, 2007 No. 44-07


of March 14, 2007 No. 13/13

About the Instruction "About conducting inspection checks of activities of credit unions"

(The last edition from 15-08-2018)

1. Approve the Instruction "About conducting inspection checks of activities of credit unions" it (is applied).

2. To management of methodology of supervision and licensing together with Legal department in accordance with the established procedure to carry out state registration of this resolution in the Ministry of Justice of the Kyrgyz Republic.

3. This resolution becomes effective from the moment of official publication after state registration in the Ministry of Justice of the Kyrgyz Republic.

4. After publication of the registered regulatory legal act to Legal department to inform the Ministry of Justice of the Kyrgyz Republic on publication source (the name of the edition, its number and date).

5. To impose control of execution of this resolution on the board member of NBKR Dzhanybekova of Page E.

Chairman of the board of National Bank of the Kyrgyz Republic

M. Alapayev

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of March 14, 2007 No. 13/13

The instruction about conducting inspection checks of activities of credit unions

1. General provisions

1.1. According to the Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity", "About credit unions", the National Bank of the Kyrgyz Republic (further in the text - National Bank) is supervision body and regulations of activities of credit unions (further in the text - credit union) and performs permanent observation of their activities for the purpose of preserving stable system of credit union, maintenance and protection of interests of participants and other creditors of credit union, compliance with law of the Kyrgyz Republic and regulations of National Bank.

1.2. The National Bank exercises supervision of activities of credit union according to the concept of supervision of credit union directed to identification of problems in separate credit unions and acceptance of adequate measures according to their decision. As activities of credit union are in essence integrated to risk, the concept of supervision of National Bank of activities of credit union is based on assessment of such risk. In the course of supervising activities the National Bank uses the methods combining carrying out external supervision and inspection on places.

1.3. The concept of supervision of National Bank of credit union is determined that supervision:

- is the joint process based on cooperation of credit union and supervision bodies;

- it is based on determination of obligations of credit union and inspectors of supervision of credit union;

- corresponds to specific characteristics of each credit union: to its size and degree of risks inherent in it;

- is dynamic and sensitive in relation to the changing risks in separate credit unions and to the developing market conditions;

- concentrates the efforts on that the credit union was implemented and supported the corresponding risk management systems;

- checks observance by credit union of regulations, requirements of National Bank and the legislation by implementation of checks on places and by means of external supervision;

- rationally and effectively uses human resources of National Bank, directing the main forces to sites where there is the greatest risk.

1.4. Supervision of credit union is the cycle consisting of planning, inspection, monitoring and interaction, providing cooperation between supervision body (National Bank) and credit union. At each stage of supervising cycle of National Bank estimates, how effectively the management of credit union reveals, estimates, controls and manages risks.

1.5. This Instruction determines main objectives and types of inspection checks of activities of the credit unions licensed by National Bank. Besides, the Instruction establishes the mandatory requirements imposed to credit union in connection with conducting check of their activities.

1.6. For the purposes of this Instruction the following reduced designations and terms are used:

- executive body - the Chairman and board members of credit union;

- CAMEL - the International rating system of assessment of activities of financial credit institutes used by National Bank (With - the capital, Akachestvo of assets, M - management, E - profitability, L - liquidity).

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