RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of June 24, 2002 No. 26/4

About approval of Rules of conducting financial accounting and submission of information on financial position by commercial banks and other financial credit institutes in case of the procedure of special administration by liquidation method

Having considered the draft of Rules of conducting financial accounting and submission of information on financial position by commercial banks and other financial credit institutes, in case of the procedure of special administration by liquidation method the Board of National Bank of the Kyrgyz Republic decides:

1. Approve Rules of conducting financial accounting and provision of information on financial position by commercial banks and other financial credit institutes in case of the procedure of special administration by method of liquidation and to enact from the moment of signing of this resolution.

2. To management of methodology of supervision and licensing of National Bank of the Kyrgyz Republic to bring this resolution of Board of NBKR to all commercial banks and financial credit institutes licensed by NBKR, and Agencies on reorganization of banks and debt restructuring under the Ministry of Finance of the Kyrgyz Republic.

3. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Sharshekeeva K. Sh.

Approved by the Resolution of Board of National Bank of the Kyrgyz republic of June 24, 2002 No. 26/4

Rules of conducting financial accounting and submission of information on financial position by commercial banks and other financial credit institutes in case of the procedure of special administration by liquidation method

Chapter 1. General provisions

1.1 These rules determine procedure for financial accounting and methodical bases of submission of information on financial position in case of the procedure of special administration by method of liquidation of the commercial banks and other financial credit institutes (further in the text - banks) performing activities for the license of National Bank of the Kyrgyz Republic for the purpose of the correct reflection and submission of information on financial position of the liquidated bank for users.

1.2 In case of the procedure of special administration the regulating documents regulating financial accounting in commercial banks are effective with liquidation method in the part which is not contradicting the legislation of the Kyrgyz Republic and these Rules.

Chapter 2. Determinations

For the purpose of application of these rules the following determinations are used:

2.1 Special administration - the procedure of process of bankruptcy applied concerning debtor bank.

2.2 Liquidation - method of the procedure of special administration which provides withdrawal and alienation of all assets of the debtor included in liquidating weight for the purpose of satisfaction of requirements of creditors according to their priority.

2.3 Liquidating weight - the debtor's assets without the assets which are pledge subject, and also withdrawn from circulation.

2.4 Net realizable value of asset is the amount which can be received from the sale of asset during transaction between the parties informed, wishing to make such transaction performed under general conditions less costs for disposal of this asset.

2.5 The expected net realizable value of asset is net realizable value of asset which the debtor bank expects to receive in the future from sale of asset.

2.6 The requirements of creditors (obligation) which are completely provided with pledge - the requirements of creditors provided with pledge where net realizable value of the asset pledged as providing is equal to the amount of requirements for this asset.

2.7 The requirements of creditors (obligation) which are partially provided with pledge - the requirements of creditors which are partially provided with pledge, that is net realizable value of the asset pledged as providing are lower than the amount of requirements for this asset.

2.8 The requirements of creditors (obligation) met out of turn - the requirements of creditors arising in connection with provision of borrowed funds by them in case of the procedure of the preservation applied prior to procedure of special administration.

2.9 Unsecured pledge of the requirement of creditors (obligation) - requirements of creditors which are not provided with pledge, the priorities of payments distributed and satisfied according to the procedure according to the Law of the Kyrgyz Republic "About bankruptcy (insolvency)".

2.10 The assets suitable for satisfaction unsecured pledge of requirements of creditors (obligations) - all assets of bank included in liquidating weight less costs of process of bankruptcy and the requirements of creditors met out of turn.

2.11 Bankruptcy process costs - the necessary costs connected with carrying out process of bankruptcy, including expenses on publication of notices on insolvency proceeding, court costs, expenses of the special administrator, remuneration of the special administrator, and also possible expenses of bank for the period of liquidation.

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