RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 19, 2005 No. 6/2

About approval of new edition of the Regulations on Committee on supervision of NBKR

Having considered the project of new edition of the Provision "About Committee on Supervision of National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve new edition of the Provision "About Committee on Supervision of NBKR" it (is applied).

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

3. Enact this resolution after state registration in the Ministry of Justice of the Kyrgyz Republic and the subsequent official publication.

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

- the resolution of Board of National Bank of the Kyrgyz Republic of NBKR No. 28/2 of September 10, 2003. "About Committee on supervision of NBKR" according to which the Provision "About Committee on Supervision of National Bank of the Kyrgyz Republic" is approved;

- the resolution of Board of National Bank of the Kyrgyz Republic of NBKR No. 14/9 of June 9, 2004. "About modification and amendments in the Provision "About Committee on Supervision of NBKR".

5. To management of methodology of supervision and licensing of National Bank of the Kyrgyz Republic to bring this resolution to the attention of commercial banks, JSC Settlement and Savings Company, KSFK and FKPRKS.

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

7. To impose control of execution of this resolution on Omurzakova G. M., the vice-chairman of National Bank of the Kyrgyz Republic.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of March 19, 2005 No. 6/2

Regulations on Committee on supervision of NBKR

1. General provisions

1.1. The committee on supervision of National Bank of the Kyrgyz Republic (further - Committee) is created by board decision of National Bank of the Kyrgyz Republic (further - National Bank). The committee is permanent collegiate organ which is authorized by Board of National Bank to make decisions concerning the competence of the sphere of regulation and supervision of activities of commercial banks, National bank of development of the Kyrgyz Republic (further - banks), non-bank financial credit institutions: the microfinancial organizations, credit unions, the housing and savings credit companies, guarantee funds, credit bureaus, specialized financial credit institutions (further - NFKO), according to item 2.1., 2.1-1. and 2.2. this provision.

Consideration of the questions and decision making concerning operators of payment systems / payment institutes and exchange bureaus is not within the competence of Committee.

For the purposes of this provision the following reducings are used:

IFC - microfinance company;

MKK - the microcredit company;

MKA - the mikrocreditny agency;

FKKS - JSC finance company of credit unions.

1.2. In the work the Committee is guided by regulatory legal acts of the Kyrgyz Republic and National Bank, this Provision and the Regulations of Committee.

1.3. The staff of Committee on supervision affirms the order of National Bank.

The Vice-chairman of National bank / the board member of National Bank (the Chairman of Committee), one board member of National Bank, heads of structural divisions of National Bank - the head of department of external supervision, the head of department of inspection, the head of department of methodology of supervision and licensing, the head of department of monetary transactions, the head of department of Legal management are part of Committee.

Employees of National Bank in compliance with the order of National Bank can be part of Committee on supervision with the right of advisory vote.

2. Powers, rights and obligations of Committee

The committee determines and establishes the purposes and tasks of activities for regulation, licensing and supervision of activities of banks, NFKO and credit bureaus, and also exercises control of realization of policy of supervision of banks, NFKO and credit bureaus.

2.1. The committee according to the legislation of the Kyrgyz Republic and regulatory legal acts of National Bank makes decisions on application and/or the termination and/or change of the following types of corrective actions on banks, NFKO and credit bureaus:

a) instructions;

b) imposing of penalty on banks and NFKO, and also their officials;

c) requirements to banks and NFKO;

d) increase in economic standard rates and requirements for banks and IFC;

e) introduction of the restrictions and prohibitions established in the Law of the Kyrgyz Republic "About banks and banking activity" and/or in the legislation of the Kyrgyz Republic for banks, their shareholders and NFKO;

e) discharge or release of officials, change of governing bodies of bank and NFKO;

g) introduction of direct banking supervision in banks and credit unions;

h) introduction of temporary administration in credit union;

i) suspension of action of the license of IFC, credit unions and credit bureaus;

j) revocation of license of credit unions and credit bureaus;

k) suspension action/revocation of license of NFKO on the right of implementation of separate banking activities;

l) suspension of action and/or withdrawal of the certificate on accounting registration of MKK/MKA.

The committee considers other questions delegated to Committee by Board of National Bank.

Decisions of Committee are subject to the obligatory publication on the following questions:

- about introduction of temporary administration in credit union;

- about suspension/restriction of action of the license of IFC, credit unions and credit bureaus;

- about revocation of license of NFKO and credit bureaus, and also the license for the right of implementation of separate banking activities of NFKO;

- about coordination of officials of banks;

- coordination of name/change of the bank name;

- about suspension of action and/or withdrawal of the certificate on accounting registration of MKK/MKA;

- other questions according to the decision of Committee.

2.1-1. The committee considers:

- once a year the activities report of bank, including the performance report of supervising strategy for banks suffices;

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