ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of September 21, 2011 No. 567

About approval of the Regulations on the Agency on protection of deposits of the Kyrgyz Republic

According to the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)" the Government of the Kyrgyz Republic decides:

1. Approve the enclosed Regulations on the Agency on protection of deposits of the Kyrgyz Republic.

2. To impose control of execution of this resolution on department of financial and credit policy of Government office of the Kyrgyz Republic.

3. This resolution becomes effective from the date of official publication.

Approved by the Order of the Government of the Kyrgyz Republic of September 21, 2011 No. 567

Regulations on the Agency on protection of deposits of the Kyrgyz Republic

1. General provisions

1. This Regulations on the Agency on protection of deposits of the Kyrgyz Republic (further - the Agency) are developed according to the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)" and other regulatory legal acts and determine legal and organizational basis of activities of the Agency, its power, task, function.

2. The agency in the activities is guided by the Constitution of the Kyrgyz Republic, the laws and other regulatory legal acts of the Kyrgyz Republic, and also this Provision.

3. The agency is legal entity - the public institution on the right of operational management which is not pursuing revenue generating purposes, given the authority, the rights and obligations established by the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)" and this Provision.

4. The agency has seal with the image of the State Emblem of the Kyrgyz Republic and the name in the state and official languages. Full official name of the Agency:

in official language: Kyrgyz Respublikasynyn of depozitterda korgoo boyuncha of agenttiga;

in official language: Agency on protection of deposits of the Kyrgyz Republic.

The agency has stamps, the letterhead of the established sample.

5. The account of the Agency intended for replenishment of Deposit Protection Fund at the expense of fees of the Government of the Kyrgyz Republic and commercial banks, microfinance companies, the housing and savings credit companies opens and served in National Bank of the Kyrgyz Republic. The bank accounts of the Agency intended for content of the Agency open in commercial banks.

6. The agency has the right to create representations and to appoint the representatives in regions of the Kyrgyz Republic.

7. State bodies and local government bodies have no right to interfere with activities of the Agency.

2. Tasks of the Agency

8. Tasks of the Agency are:

- ensuring activities of system of protection of deposits in the Kyrgyz Republic;

- providing the rights of investors to protection in case of approach of warranty case according to the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)";

- forming of Deposit Protection Fund;

- effective management of available funds of Deposit Protection Fund;

- return of means of the paid compensations from liquidation of bank, microfinance company, the housing and savings credit company to Deposit Protection Fund.

3. Functions of the Agency

9. Functions of the Agency are:

- collection and accounting of fees for forming of Deposit Protection Fund;

- maintaining register of participating banks, microfinancial participating companies, housing and savings credit participating companies;

- accounting of the amounts which are subject to payment and the amounts, compensations on deposits;

- payment of the compensation amounts to investors by acceptable methods in case of approach of warranty case;

- placement of available funds of Deposit Protection Fund and attraction of borrowed and other funds in case of their shortcoming for payment to investors of the compensation amounts;

- calculation of the size of fees on the basis of the reporting and collection of fees of banks of participants, the microfinancial participating companies, housing and savings credit participating companies in Deposit Protection Fund;

- establishment of compliance in participating banks, the microfinancial participating companies, the housing and savings credit participating companies of system of protection of deposits of the database of investors to certain requirements;

- internal control;

- implementation of selection of agent bank for the purpose of ensuring payment of compensations for deposits;

- ensuring compensation of the paid compensations in Deposit Protection Fund from the liquidated bank, microfinance company, the housing and savings credit company according to the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)";

- holding actions for increase in awareness of society on system of protection of deposits.

4. Powers of the Agency

10. For realization of functions and tasks the Agency has the right:

- sign contracts and the contracts necessary for implementation of activities of the Agency;

- attract in need of representatives of state bodies, the private and international organizations, and also independent experts to implementation of activities of the Agency;

- address to National Bank of the Kyrgyz Republic with the offer on application to banks, microfinance companies, the housing and savings credit companies of adequate measures of impact, provided by the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity";

- request information necessary for accomplishment of the tasks assigned to the Agency from National Bank of the Kyrgyz Republic;

- demand from participating banks, the microfinancial participating companies, the housing and savings credit participating companies of placement of information on system of protection of deposits and their participation in system of protection of deposits in the territory of provision by bank, microfinance company, housing and savings credit company of services to investors in the form and procedure determined by the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)";

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