Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of October 22, 2003 No. 31/3

About Regulations on the general principles of classification of assets and forming of reserves on covering of potential losses and losses by the microfinancial organizations in the Kyrgyz Republic which do not have the right to implementation of acceptance of deposits from physical persons and legal entities

(The last edition from 30-05-2018)

Having considered "The regulations on the general principles of classification of assets and forming of reserves on covering of potential losses and losses by the microfinancial organizations in the Kyrgyz Republic which do not have the right to implementation of acceptance of deposits from physical persons and legal entities" developed based on the Law of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve "The regulations on the general principles of classification of assets and forming of reserves on covering of potential losses and losses by the microfinancial organizations in the Kyrgyz Republic which do not have the right to implementation of acceptance of deposits from physical persons and legal entities" (are applied) and to enact from the moment of publication.

2. To department of external and public relations to publish "Regulations on the general principles of classification of assets and forming of reserves on covering of potential losses and losses by the microfinancial organizations in the Kyrgyz Republic which do not have the right to implementation of acceptance of deposits from physical persons and legal entities" within ten days from the moment of approval by Board of NBKR.

3. To department of supervision of non-bank organizations to bring this resolution to the attention of regional (regional) governments of NBKR.

4. To impose control of execution of this resolution on Abdybala the t. Page, board member of National Bank of the Kyrgyz Republic.

Chairman of the board

Sarbanov U. K.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of October 22, 2003 No. 31/3

Regulations on the general principles of classification of assets and forming of reserves on covering of potential losses and losses by the microfinancial organizations in the Kyrgyz Republic which do not have the right to implementation of acceptance of deposits from physical persons and legal entities

1. General provisions

1.1. This Provision determines the general principles of classification system of assets and forming of reserves on covering of potential losses and losses (further - RPPU) for the microfinancial organizations (further - IFI) which obtained the license or the certificate of National Bank of the Kyrgyz Republic (further - National Bank) for implementation of activities as the microfinancial organization, but not having the right to accept deposits of physical persons and legal entities.

1.2 No. 2018-P-12/20-2-(NFKU) voided according to the Resolution of Board of National Bank of the Kyrgyz Republic of 30.05.2018

1.3 IFIs which do not have the right to implementation of acceptance of deposits can develop own classification system of assets, without breaking at the same time the values of assignments on forming of RPPU established in this Provision.

2. The basic concepts used in this Provision

2.1 Clients (borrowers) - physical persons and legal entities, and also communities like groups of joint liability (further in the text - GSO) which is understood as voluntary consolidation of participants - the physical persons (at least 3 persons) who are engaged in the activities directed to income acquisition (including business activity). At the same time members of GSO jointly are charged for accomplishment of obligations of each member of group and bear responsibility for complete return of the received borrowing facilities solidary, under any circumstances according to the legislation of the Kyrgyz Republic.

2.2 Credit risk - risk of non-execution by the client of obligations on return of assets.

2.3  No. 2018-P-12/20-2-(NFKU) voided according to the Resolution of Board of National Bank of the Kyrgyz Republic of 30.05.2018

2.4 Group crediting - provision of the microcredit under joint liability of members of the group of joint liability (GJL) on debt repayment on the main amount of the microcredit and on percent. Classification of the group credits is performed according to "Procedure for application of special classification of the credits answering to certain criteria", to No. 5/6 approved by the resolution of Board of National Bank of March 2, 2006.

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