RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of December 24, 2014 No. 256

About approval of Rules of cost determination of pledge and other providing

According to the Code of the Republic of Kazakhstan of December 10, 2008 "About taxes and other obligatory payments in the budget" the Board of National Bank of the Republic of Kazakhstan DECIDES: (Tax code)

1. Approve the enclosed Rules of cost determination of pledge and other providing.

2. Determine that for 2013 for the purposes of calculation when forming provisions (reserves) according to International Financial Reporting Standards and requirements of the legislation of the Republic of Kazakhstan about financial accounting and the financial reporting, the project cost which is at the same time corresponding to the following conditions is applied:

1) it is determined according to the procedure regulating cost determination of objects when calculating the amount of provisions (reserves), operating for December 31, 2012 and reflected in internal documents of the financial organization;

2) it is reflected in the audited separate annual financial reporting constituted according to international accounting standards for December 31, 2013.

3. Declare invalid the resolution of Board of National Bank of the Republic of Kazakhstan of February 25, 2013 No. 64 "About approval of Rules of cost determination of pledge and other providing" (registered in the Register of state registration of regulatory legal acts at No. 8682, published on October 17, 2013 in the Kazakhstanskaya Pravda newspaper No. 295 (27569).

4. Repeal resolutions of Board of National Bank of the Republic of Kazakhstan:

1) of December 25, 2013 No. 288 "About introduction of amendments to the resolution of Board of National Bank of the Republic of Kazakhstan of February 25, 2013 No. 64 "About approval of Rules of cost determination of pledge and other providing";

2) of July 16, 2014 No. 138 "About approval of Rules of cost determination of pledge and other providing".

5. 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 except for Item 2 of this resolution which extends to the relations which arose since January 1, 2013.

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of December 24, 2014 No. 256

Rules of cost determination of pledge and other providing

1. These rules of cost determination of pledge and other providing (further - Rules) are developed according to the Code of the Republic of Kazakhstan of December 10, 2008 "About taxes and other obligatory payments in the budget" (Tax code) and establish for banks (except for the bank which is national institute of development which controlling stock the national managing holding owns) and the organizations performing separate types of banking activities, procedure for cost determination of the object which is the key and other providing which is taken into consideration when forming provisions (reserves) according to International Financial Reporting Standards and requirements of the legislation of the Republic of Kazakhstan about financial accounting and the financial reporting.

2. In Rules the following concepts are used:

1) Technique - The technique of cost determination of object approved by executive body of the financial organization;

2) other providing - the guarantee, guarantee, deposit, the guarantee fee and other providing which types are provided in the Technique;

3) individual assets - assets on which provisions (reserves) are calculated individually on each such asset 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 "About approval of Rules of creation of provisions (reserves) according to International Financial Reporting Standards and requirements of the legislation of the Republic of Kazakhstan about financial accounting and the financial reporting" (registered in the Register of state registration of regulatory legal acts at No. 8670);

4) the financial organizations - banks (except for the bank which is national institute of development which controlling stock the national managing holding owns) and the organizations performing separate types of banking activities;

5) assessment of the financial organization - assessment performed by the financial organization according to the International accounting standard No. 13 "Assessment of fair value" and requirements of the legislation of the Republic of Kazakhstan about the financial accounting and the financial reporting according to the procedure established by the Technique;

6) object - pledge and other providing on the individual depreciated assets;

7) independent assessment - assessment performed by the appraiser according to the legislation of the Republic of Kazakhstan on estimative activities;

8) authorized body - National Bank of the Republic of Kazakhstan.

2. Cost determination of object

3. For the purpose of Rules derivative financial instruments are not considered as object.

4. Project cost is:

1) in cases, stipulated in Item 5 Rules, - the cost determined by independent assessment;

2) in other cases - the cost determined by assessment of the financial organization.

In the presence project cost is determined by the same object of several independent estimates in the following procedure:

1) by the independent assessment which is carried out under the contract between the appraiser and the financial organization - if independent estimates were performed under contracts between the appraiser and the financial organization and between the appraiser and the owner of object according to the legislation of the Republic of Kazakhstan on estimative activities;

2) by the latest independent assessment - if independent estimates were performed under contracts between appraisers and the owner of object according to the legislation of the Republic of Kazakhstan on estimative activities;

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