RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 11, 2015 No. 16/1

About the minimum size of the authorized capital of commercial banks

For the purpose of strengthening of stability, safety and reliability of bank system, and also for the purpose of increase in trust of society to commercial banks, based on articles 31 and 43 of the Law "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Establish since 01.07.2017 the minimum size of the authorized capital for again opened and operating commercial banks (including the requirement to the capital of branches of nonresident banks) in the amount of at least 600 million som.

2. Establish for the operating commercial banks (including branches of nonresident banks) the minimum size of the authorized capital and the following terms of its forming:

till July 1, 2015 - 300 million som;

till July 1, 2016 - 400 million som;

till July 1, 2017 - 600 million som.

3. To the operating commercial banks (including branches of foreign banks) which size of the minimum authorized capital constitutes less than 600 million som, together with shareholders to develop the program for fulfillment of requirements of Item 2 of this resolution and to provide to National Bank of the Kyrgyz Republic till April 1, 2015.

3-1. Establish since July 1, 2016 the economic standard rate by the minimum size of the capital (own means) for again opened and operating commercial banks (including requirements to own means of branches of nonresident banks) in the amount of at least minimum size of the authorized capital established for the operating commercial banks.

4. Recognize invalid the following resolutions of Board of National Bank of the Kyrgyz Republic:

- "About the minimum size of the authorized capital of commercial banks" of September 20, 1999 No. 61/1 - from the date of entry into force of this resolution;

- "About the minimum size of the authorized capital for again opened banks" of February 13, 2008 No. 6/3 - since July 2, 2017.

5. This resolution becomes effective after 15 days after official publication.

6. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

7. To management of methodology of supervision and licensing of National Bank of the Kyrgyz Republic to bring this resolution to the attention of commercial banks.

8. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic L. Orozbayeva.

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