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The document ceased to be valid since  June 8, 2018 according to Item 1 of the Resolution of Board of National Bank of the Republic of Kazakhstan of April 16, 2018 No. 65

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of September 24, 2014 No. 179

About approval of Rules of implementation by the organization specializing in improvement of quality of credit portfolios of banks of the second level, types of activity, and also Requirements to acquired (acquired) organization specializing in improvement of quality of credit portfolios of banks of the second level, to assets and rights to claim

(as amended on 28-04-2017)

For the purpose of enhancement of regulatory legal acts of the Republic of Kazakhstan the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve:

1) Rules of implementation by the organization specializing in improvement of quality of credit portfolios of banks of the second level, types of activity according to appendix 1 to this resolution.

2) Requirements to acquired (acquired) organization specializing in improvement of quality of credit portfolios of banks of the second level, to assets and rights to claim according to appendix 2 to this resolution.

2. Recognize invalid:

1) the resolution of Board of National Bank of the Republic of Kazakhstan of July 4, 2012 No. 215 "About approval of Rules of implementation by the organization specializing in improvement of quality of credit portfolios of banks of the second level, assessment and acquisition of doubtful and bad assets, and also Requirements to the acquired (acquired) it doubtful and bad assets" (registered in the Register of state registration of regulatory legal acts at No. 7865, published on September 13, 2012 in the Kazakhstanskaya Pravda newspaper No. 308-309 (27127-27128);

2) the resolution of Board of National Bank of the Republic of Kazakhstan of December 11, 2013 No. 272 "About modification of the resolution of Board of National Bank of July 4, 2012 No. 215 "About approval of Rules of implementation by the organization specializing in improvement of quality of credit portfolios of banks of the second level, assessment and acquisition of doubtful and bad assets, and also Requirements to the acquired (acquired) it doubtful and bad assets" (registered in the Register of state registration of regulatory legal acts at No. 9102, published on February 10, 2014 in information system of law of regulatory legal acts of the Republic of Kazakhstan of Ad_let, on March 6, 2014 in the Kazakhstanskaya Pravda newspaper No. 45 (27666).

3. This resolution becomes effective after ten calendar days after day of its first official publication.

Chairman of National Bank

K. Kelimbetov

Appendix 1

to the Resolution of Board of National Bank of the Republic of Kazakhstan of September 24, 2014 No. 179

Rules of implementation by the organization specializing in improvement of quality of credit portfolios of banks of the second level, types of activity

1. These rules of implementation by the organization specializing in improvement of quality of credit portfolios of banks of the second level, types of activity (further - Rules) are developed according to the Law of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan" (further - the Law) and establish procedure the organization specializing in improvement of quality of credit portfolios of banks of the second level (further - the Organization), types of activity, stipulated in Item 2 articles 5-1 of the Law.

2. For the purposes of Rules the following concepts are used:

1) assets and rights to claim – property, shares in the authorized capital of legal entities, the rights to claim on loans (projects of financing) acquired by the Organization at legal entities earlier being bank;

2) book value - aggregate value of principal debt, the added remuneration, penalties (penalty, penalty fee), award or discount taking into account provisions (reserves) created according to international accounting standards;

3) doubtful and bad assets - rights to claim on the loans issued by banks, with overdue debt on principal debt and (or) the added remuneration over ninety calendar days without the created reserves on them on condition of compliance of loans to the criteria established in item 4 of Requirements to acquired (acquired) organization specializing in improvement of quality of credit portfolios of banks of the second level, to assets and rights to claim;

4) the caused financing - provision by the Organization to bank of financial resources in the form of placement of money in bank on the terms of the contract of bank deposit providing including the obligation of bank on decrease in amount of the doubtful and bad assets estimated at book value in amount at least the size of the placed bank deposit during no more than 6 (six) subsequent calendar months;

5) the agreement - the agreement signed between the Organization and bank which subject is acquisition of doubtful and bad assets by the Organization.

3. The cost of the doubtful and bad assets acquired by the Organization is determined by one of the following methods:

1) at the cost of doubtful and bad assets determined by the independent estimative company having license for activities according to property (except for intellectual property items, the cost of intangible assets), and also assessment of intellectual property items, the cost of intangible assets, and work experience in the market of estimative activities at least 5 (five) years (further - the independent estimative company);

2) at the cost of doubtful and bad assets determined by the independent estimative company using discount;

3) at book value for date of the conclusion of the agreement;

4) at book value using discount for date of the conclusion of the agreement.

The organization chooses method of cost determination acquired doubtful and bad assets.

4. In case of availability as a part of providing acquired doubtful and bad assets of mortgage property - industrial property complexes, the equipment and processing lines, objects of construction in progress, requirements for comprehensive examination of objects of pledge, including actions for inventory count and (or) inspection, and (or) technical audit, and (or) technological examination, except as specified simultaneous sale of the doubtful and bad assets acquired by the Organization to the buyer (investor), including on the terms of payment deferral are imposed to the independent estimative company and to the assessment procedures applied by it.

The list of the independent estimative companies attracted to assessment of doubtful and bad assets is determined by the Organization in coordination with bank on condition of observance of the requirement of the subitem 1) of Item 3 of Rules.

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