BOARD DECISION OF CENTRAL BANK OF THE AZERBAIJAN REPUBLIC

of December 18, 2013 No. 25/1

About approval "Rules of classification of assets and creation of special reserves for covering of possible losses"

For the purpose of enhancement of prudential regulation for effective management of credit risks in banks, minimization of probability of systemically significant events and strengthening of financial stability by that according to strategic objectives of the Central bank of the Azerbaijan Republic the Board of the Central bank of the Azerbaijan Republic according to articles 22.0.17 and 48.1.3 of the Law of the Azerbaijan Republic "About the Central bank of the Azerbaijan Republic", and also article 34.2.12 of the Law of the Azerbaijan Republic "About banks" decides:

1. Ceased to be valid.

2. "Rules of classification of assets and creation of special reserves for covering of possible losses" become effective since February 1, 2014 and from this date the following acts of normative nature are recognized invalid.

2.1. Approved by board decision of the Central bank of the Azerbaijan Republic of June 17, 2003 (the protocol 08) (the certificate No. 2985 of July 4, 2003) "Rules of classification of assets and creation of reserves for covering of possible losses", and also changes and amendments in these Rules approved by the protocol No. 18 of 24.11.03 (the certificate No. 3013 of 15.12.03), the change approved by the protocol No. 26 of 24.11.03 (the certificate No. 3241 of 26.09.06), the changes approved by the protocol No. 15 of 30.04.08 (the certificate No. 3396 of 20.05.08);

2.2. Approved by board decision of the Central bank of the Azerbaijan Republic of 05.05.2001 (the protocol No. 15) (the certificate No. 2691 of 22.05.2001) "Rules of capture by banks on balance and estimates by them of property against outstanding debts", and also change, in these Rules, approved by the protocol No. 05 of 02.03.2002 (the certificate No. 2763 of 19.03.02);

2.3. Approved by board decision of the Central bank of the Azerbaijan Republic of 22.07.2000 (the protocol No. 12) (the certificate No. 2006 of 19.09.2000) "Rules of suspension of charge of percent on credit operations", and also changes and additions made to these Rules by the protocol No. 37 of 17.12.2008 (the certificate No. 3427 of 22.12.2008).

3. Charge to Legal department (R. Melikova) to provide within 3 days submission of this decision to the Ministry of Justice for inclusion in the State register of legal acts of the Azerbaijan Republic.

Approved by Board decision of the Central Bank of the Azerbaijan Republic of December 18, 2013 No. 25/1

Rules of classification of assets and creation of reserves for covering of possible losses

Rules are cancelled.

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