RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of May 28, 2008 No. 22/4

About approval of the Provision "About Direct Banking Supervision"

Having considered the project of the Provision "About Direct Banking Supervision" developed for the purpose of maintenance of banking system stability based on the Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" "About banks and banking activity in the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Direct Banking Supervision" it (is applied).

2. In accordance with the established procedure to direct to management of methodology of supervision and licensing together with legal department this resolution to state registration in the Ministry of Justice of the Kyrgyz Republic.

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

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. From the moment of enforcement of this resolution to declare invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic No. 2/7 of January 23, 1997 "About new edition of the Provision "About Direct Banking Supervision behind Activities of Commercial Banks";

- the resolution of Board of National Bank of the Kyrgyz Republic No. 28/3 of September 10, 2003 "About modification and amendments in some regulations of National Bank of the Kyrgyz Republic".

6. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Bokontayev K. K.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of May 28, 2008 No. 22/4

Regulations on direct banking supervision

1. General provisions

1.1. This Provision extends to the commercial banks licensed by National Bank (further - bank(s)).

1.2. This Provision extends also to JSC Finance Company of Credit Unions (further - FKKS), the credit bureaus, guarantee funds, the microfinancial organizations attracting the deposits and credit unions attracting deposits from participants and/or having debt to FKKS (further - bank(s)), in the part which is not contradicting the regulatory legal acts regulating activities of data of the organizations and also taking into account their specifics according to the law of the Kyrgyz Republic "About credit unions".

This Provision extends also to operators of payment systems (further - OPS) and the payment institutes (further - PO) licensed by National Bank in the part which is not contradicting the regulatory legal acts regulating activities of data of the organizations and also taking into account their specifics according to the Law of the Kyrgyz Republic "About payment system of the Kyrgyz Republic".

1.3. Direct banking supervision is the corrective action applied in threat living conditions to stable and reliable activities of bank for the purpose of timely acceptance of necessary measures for improvement of its financial condition, early identification, the prevention of aggravation of problems which can lead to deterioration and instability of provision of bank, and also for the purpose of more best studying of financial condition, condition of accounting and the reporting and in other purposes determined by National Bank.

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