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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of August 29, 2012 No. 36/2

About approval of the Provision "About Separate Transactions / Transactions of Commercial Banks and Microfinance Companies of the Kyrgyz Republic with Real Estate"

(as amended on 28-12-2020)

According to articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Separate Transactions / Transactions of Commercial Banks and Microfinance Companies of the Kyrgyz Republic with Real Estate" it (is applied).

2. To legal Management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

3. This resolution becomes effective after month after official publication.

4. To management of methodology of supervision and licensing to bring this resolution to the attention of commercial banks and Association of the microfinancial organizations.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Chokoyev Z. L.

Chairman

Z.Asankozhoyeva

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of August 29, 2012 No. 36/2

Regulations on separate transactions / transactions of commercial banks and microfinance companies of the Kyrgyz Republic with real estate

1. General provisions

1. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 17.05.2017 No. 19/11

2. This Provision extends to the commercial banks and microfinance companies having the right to attraction of deposits including which are performing transactions according to the Islamic principles of banking and financing, including banks and microfinance companies having the right to attraction of deposits with "Islamic window", taking into account specifics of their activities and terminology applied by them in case of banking operations, National bank of development of the Kyrgyz Republic, JSC Finance Company of Credit Unions, the housing and savings credit companies, the housing and savings credit companies (further - banks).

The purpose of this provision is establishment of requirements to the banks when implementing of real estate transactions by them received by bank on account of repayment of the credits issued earlier, and also transactions with bank rooms, held for sale.

3. For the purposes of this provision, the following concepts are used:

"Other real estate" is understood as asset in type:

a) the real estate received by bank as a result of purchase or transfer by the client as repayment of its debt to bank, complete or partial on the credits issued to it earlier;

b) any real estate of bank, including not used bank rooms which is not used and it will not be used for ensuring activities of bank, and held for sale, at the same time depreciation of such assets shall be stopped.

The bank shall accept or transfer these assets to category "Other Property of Bank" - "the real estate which took over bank" from the moment of approach of the events specified in Item 6 of this provision.

Assessment is real estate appraisal based on the valuation report prepared independently and impartial by the expert valuer according to the Standards of assessment of property obligatory for application by all subjects of estimative activities in the Kyrgyz Republic approved by the order of the Government of the Kyrgyz Republic No. 217 of April 3, 2006 (further - the Standard of real estate appraisal).

Fair value - settlement sum of money for which exchange of property for date of assessment between ready to purchase the buyer would take place and ready to sell the seller in the commercial transaction after due marketing during which each of the parties was effective competently, prudently and without coercion. In case of not realization of property at the biddings, fair value the cost established according to the procedure, provided by the current legislation of the Kyrgyz Republic is considered.

The debt on the credit is unpaid remaining balance on the main credit amount plus all added, but not the paid interests, penalties and other expenses connected with return of debt (when applicable, the unpaid remaining balance shall be corrected on discounts or awards).

Large deal - the transaction or several interconnected transactions worth 10 and more percent from the net total capital of bank for decision date about the conclusion of such transactions.

4. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 17.05.2017 No. 19/11

2. We designate requirements to the term of ownership real estate

5. Other real estate cannot be kept by bank more than three years from the moment of emergence of the property right, except for lands of agricultural purpose on which terms it is established by the legislation of the Kyrgyz Republic. At the same time the active program of search of the buyer shall be initiated by bank.

In case of seizure by court of other property of bank, the above-stated term stops until removal of arrest by court.

6. The term of deduction of other real estate is reckoned from date when:

1) the protocol on results of the biddings is registered in authorized state body, and the pawnbroker has property right regarding the pledge received on account of repayment of earlier issued credits/transactions bearing in themselves credit risk (including based on civil transactions).

The agreement on satisfaction of requirements of the pawnbroker extrajudicially shall not provide the conditions recognizing this agreement as the title document;

2) the property is accepted on balance of bank under the agreement without tendering, term is reckoned from date when the property right to the real estate acquired by bank on account of repayment of earlier issued credits/transactions bearing in themselves credit risk is registered in authorized registration body;

3) the Bank board makes the decision on non-use acquired for future expansion of bank of real estate and/or the termination of use of the room for banking activity (for example, as a result of closing of the isolated structural division, moving and for other reasons according to the act) and on need of its sale. This decision shall be approved by the Board of directors.

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