Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

The document ceased to be valid since  June 22, 2017 according to Resolutions of Board of National Bank of the Kyrgyz Republic of June 8, 2017 No. 2017-P-12/23-8-(NPA), 15  of June, 2017 No. 2017-P-12/25-12-(NPA)

It is registered

Ministry of Justice

Kyrgyz Republic

On November 3, 2008 No. 131-08

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of September 30, 2008 No. 36/5

About the Provision "About the Temporary Control Directive Bank"

(as amended on 10-02-2016)

Having considered the project of the Provision "About the Temporary Control Directive Bank", being guided by Articles 7, of 30, of 32, 43 Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", articles 45, of 45-1 Law of the Kyrgyz Republic "About banks and banking activity in the Kyrgyz Republic" and article 30 of the Law of the Kyrgyz Republic "About credit unions", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About the Temporary Control Directive Bank" 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. From coming into force of this resolution to declare invalid the resolution of Board of National Bank of the Kyrgyz Republic of December 29, 1994 No. 12/3 "About Regulations on temporary administration on management of commercial banks".

5. 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).

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

Chairman

M. Alapayev

 

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of September 30, 2008 No. 36/5

Regulations on the temporary control directive bank

1. General provisions

1.1. This Provision "About the Temporary Control Directive Bank" (further - the Provision) is developed according to the Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", "About banks and banking activity in Kyrgyz the Republic", "About credit unions", and also regulatory legal acts of National Bank of the Kyrgyz Republic. The provision extends to all commercial banks, National bank of development of the Kyrgyz Republic, specialized financial credit institute JSC Finance Company of Credit Unions and credit unions (further - banks).

1.2. The temporary control directive bank (further - temporary management) is entered by National Bank of the Kyrgyz Republic (further - National Bank) in case of failure to provide management of bank of proper work of bank for the purpose of safety of assets and improvement of financial position of bank for the benefit of investors and other creditors of bank.

1.3. Task of temporary management is implementation of measures for bank management preserving/system recovery, improvement of its financial position and to elimination of violations of the law and requirements of National Bank.

1.4. In this Provision the following concepts are used:

- the act of counteraction - the document which is constituted upon counteraction of governing bodies and/or certain official persons / bank employees, or other third parties to implementation of temporary management of bank;

- the investor - person (physical or legal) who introduced the deposit in bank;

- members of temporary management - persons designated by National Bank for implementation of temporary management of bank;

- officials of bank - the chairman and other board members of bank, the chairman of the board, board members of bank, the main bank employees on finance, on the credits. "Officials of bank" are also understood as persons who determine policy of bank or have powers to participate or really participate in the main transactions of bank and create policy of bank irrespective of whether these persons on a grant basis work or earn reward;

- the creditor - any person, including the investor who has the right to demand from bank of accomplishment of obligations of any kind, including domestic and foreign legal entities and physical persons, and also the Kyrgyz Republic on behalf of authorized bodies.

2. Procedure for purpose of temporary management

2.1. The decision on purpose of temporary management (except for credit unions) is made by the resolution of Board of National Bank. The decision on purpose of the temporary control directive credit union is made by Committee on supervision of National Bank. In the resolution of Board/committee on supervision of National Bank on purpose of temporary management shall be specified:

- bases for purpose of temporary management;

- effective period of temporary management (time and start and end date);

- structure of temporary management (head and members of temporary management);

- what powers of body (bodies) of bank performs temporary management;

- working hours of bank, including procedure bank of calculations and payments, during implementation of temporary management (if necessary);

- the list of the activities restrictions imposed on bank (if necessary);

- types and frequency of provision of reports temporary management and bank;

- other data at the discretion of Board/committee on supervision of National Bank.

2.2. The bases for purpose of temporary management are:

- establishment of the facts of the violations in activities of bank connected with failure to provide of management of bank of proper work of bank according to the bank law and the legislation on counteraction of legalization (washing) of the criminal income and financing of terrorist or extremist activities;

- involvement of bank in unhealthy banking practice (1);

- unsatisfactory financial condition of bank;

- emergence of disagreements between governing bodies of bank, disorganizing its work;

- loss of bank management in connection with replacement of the leadership;

- violation by management, officials and bank employees of requirements of the legislation, including regulatory legal acts of National Bank;

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