It is registered
Ministry of Justice
Republic of Tajikistan
On December 15, 2016 No. 643
of December 12, 2016 No. 527
About release into the stream of commerce of valuable government securities of the Republic of Tajikistan for capitalization of banks
According to article 5 of the Law of the Republic of Tajikistan "About the state borrowing and the debt guaranteed by the state" for the purpose of ensuring banking system stability, decrease in social tension, protection temper and interests of investors and creditors and preserving trust of the population in bank system, the Government of the Republic of Tajikistan decides:
1. To the Ministry of Finance:
- provide release of preferential long-term government securities in the amount to 3 320 000 000 (three billion three hundred twenty million) somoni for a period of 5 (five) years with rate in 2 (two) annual interest rates for capitalization of banks according to appendix 1;
- accept assets of banks according to appendices 2 and 5 to the cost of issued securities;
- request from shareholders of banks the additional assets which are not reflected in their balance equal to difference between the cost of issued securities and assets of these banks;
- based on agreements to determine the mechanism of relations of the parties by use of preferential long-term government securities for capitalization of the banks specified in appendix 1;
- in order to avoid currency pressure and maintenance of the stable rate of inflation, completely to transfer budgetary funds of budgetary institutions, including the Agencies of social insurance and pension under the Government of the Republic of Tajikistan which will be returned by the banks specified in appendices 1, the single account of Head department of the Central Treasury of the Ministry of Finance of the Republic of Tajikistan and to limit their use within one year;
- together with National Bank of Tajikistan according to the current legislation of the Republic of Tajikistan during up to one month to perform the necessary transactions connected with execution of this resolution;
- in accordance with the established procedure to take measures for introduction of corresponding changes and amendment in regulatory legal acts and constituent documents.
2. To the banks specified in appendix 1:
- during cycle time of preferential long-term government securities to make payment in the amount of 2 (two) annual interest rates from the cost of securities to the Ministry of Finance for their servicing;
- in coordination with the Ministry of Finance and National Bank of Tajikistan to develop the draft of the Action plan on the strategy of improvement of financial condition of each bank of subject of capitalization for 2017 - 2019 and to provide to the Government of the Republic of Tajikistan within one month:
- in coordination with the Ministry of Finance to take necessary measures for step-by-step sale within 5 (five) years of the shares provided instead of issued government securities, to reliable domestic and foreign investors or the return redemption by banks.
3. Approve Conditions of management and responsibility of management of the banks specified in appendix 1 (appendix 6).
3(1). In case of complete and or partial non-execution of obligations under this resolution from the banks specified in appendix 1, the accepted assets based on the second and third paragraphs of Item 1 of this resolution and the bilateral agreement for ensuring accomplishment of share repurchase issued in exchange valuable government securities according to the legislation of the Republic of Tajikistan by the State committee on investments and management of state-owned property of the Republic of Tajikistan and the Ministry of Finance of the Republic of Tajikistan to accept in state-owned property, and completely to assign accomplishment of external obligations of banks after the redemption to founders and affiliates.
3(2). To the state committee on investments and management of state-owned property of the Republic of Tajikistan, for the purpose of ensuring servicing of valuable government securities and their percent, the assets accepted in state-owned property specified in Item 3 (1), in the procedure established by the legislation to offer for sale or to lease. Allocate proceeds for the special account of the republican budget opened in head department of the Central Treasury of the Ministry of Finance of the Republic of Tajikistan for servicing of valuable government securities and transfer no later than reporting day to National Bank of Tajikistan.
3(3). To write off the added amount of penalties under the agreements signed for accomplishment of this resolution and from now on not to charge.
3(4). In case of difference between the cost of the accepted assets and cost of issued valuable government securities with percent on them to consider this amount as bank debt to the Government of the Republic of Tajikistan.
3(5). To provide to the Ministry of Finance of the Republic of Tajikistan obligations on valuable government securities to National Bank of Tajikistan according to the procedure, established by the legislation of the Republic of Tajikistan.
3(6). To the Prosecutor General's Office, the state financial control and fight against corruption Agency and the State committee of homeland security to establish cooperation with authorized body of the sphere within this resolution.
4. Provide this resolution of Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan.
Prime Minister of the Republic of Tajikistan
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