RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of May 6, 2014 No. 78

About approval of Rules and the bases of forgiveness of bad debt on the credit (I will borrow) also to remuneration on it

According to the Law of the Republic of Kazakhstan of March 7, 2014 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning rehabilitation and bankruptcy, the taxation" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules and the bases of forgiveness of bad debt on the credit (I will borrow) also to remuneration on it.

2. This resolution becomes effective after ten calendar days after day of its first official publication and extends to the relations which arose since January 1, 2014 and is effective till January 1, 2016.

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of May 6, 2014 No. 78

Rules and the bases of forgiveness of bad debt on the credit (I will occupy) also to remuneration on it

1. On the credit (I will occupy) these rules and the bases of forgiveness of bad debt and to remuneration on it (further - Rules) are drafted according to the subitem 8) of Item 2 of article 90 of the Code of the Republic of Kazakhstan "About taxes and other obligatory payments in the budget" (Tax Code) (further - the Tax code) and establish the bases and procedure for forgiveness of bad debt on the credit (I will borrow) also to remuneration on it banks of the second level (further - bank).

These rules are not applied in case of forgiveness of debt on the loan (loan) granted by bank to the interconnected parties or the third parties according to obligations of the interconnected parties recognized according to the Tax code during the period from the date of the conclusion of the agreement on the credit (I will borrow) before date of forgiveness of debt.

2. On the credit (I will borrow) with forgiveness of bad debt and on it are recognized to remuneration the termination of right to claim on the credit (loan) and remuneration on it as a result of forgiveness of debt according to the civil legislation of the Republic of Kazakhstan, and also on the credit (I will occupy) the termination of right to claim also to remuneration on it in case of sale of pledged property which completely provided primary obligation on the date of the conclusion of the mortgage agreement, from the biddings extrajudicially at the price the amounts of primary obligation according to the Law of the Republic of Kazakhstan of December 23, 1995 "About mortgage of real estate" - on the amount of the credit (loan), outstanding after sale of pledged property, and remuneration on it are lower.

The bad debt on the credit (loan) does not join debt on the credit (loan) of the borrowers who are at stage of bankruptcy and liquidation on the bases established by legal acts of the Republic of Kazakhstan.

Bad debt on the credit (loan) is the debt both on principal debt, and on remuneration on such credit (will borrow).

3. By bad debt on the credit (loan) according to Rules the debt on the credit (loan) corresponding to at the same time following conditions is understood:

The number of days of delay of payments on debt on the credit (I will occupy) 1) and (or) to remuneration on it constitutes hundred eighty calendar days and more from the date of approach of the condition provided in the subitem 2) of this Item;

2) reserves (provisions) according to International Financial Reporting Standards and requirements of the legislation of the Republic of Kazakhstan about financial accounting and the financial reporting in the amount of at least hundred percent from part of the debt which is subject to forgiveness are created or on debt write-off without the termination according to the legislation of the Republic of Kazakhstan of rights to claim of the taxpayer against the debtor at the expense of earlier created reserves (provisions) according to Rules of creation of provisions (reserves) according to the International Financial Reporting Standards and requirements of the legislation of the Republic of Kazakhstan about financial accounting and the financial reporting approved by the resolution of Board of National Bank of the Republic of Kazakhstan of February 25, 2013 No. 65 (registered in the Register of state registration of regulatory legal acts at No. 8670) is made;

3) to one of the conditions provided in item 4 of Rules.

4. For the purposes of application of the subitem 3) of Item 3 of Rules the following conditions are used:

Providing availability on bad debt on the credit (I will occupy) 1) in the form of pledged property which corresponds to one of the following conditions:

the extrajudicial biddings on pledged property did not take place more than two times in view of absence of buyers or not introduction by person who won the biddings, purchase price;

impossibility of the address of collection on pledged property, in view of the termination of pledge on the bases provided in subitems 2), 3) of Item 1 of Article 322 of the Civil Code of the Republic of Kazakhstan;

the pledged property on bad debt is fully or partially lost or damaged for the reasons, independent of the pawnbroker (bank);

Availability of debt on the credit (I will occupy) 2) after realization of pledged property which completely provided primary obligation on the date of the conclusion of the loan agreement, at the price the amounts of primary obligation, including in the presence of providing in the form of unexecuted guarantee, the guarantee, penalty are lower:

from the biddings according to the procedure, established by the legislation of the Republic of Kazakhstan;

the pledger from written consent of the pawnbroker;

by the address of pledged property to property of bank;

Availability of bad debt for date of forgiveness in the amount of no more 1000-fold size of the monthly settlement indicator established by the law on the republican budget for the corresponding financial year and operating for January 1 of the corresponding financial year on the credit (I will occupy) 3) on which for date of loan granting (loan) there was no mortgage providing, or there was mortgage providing which is not subject to state registration.

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