The Procedure Is Intended For State Liability For The Corporations ' Development Financial Institution Viola "guarantees Issued And Carried Out Monitoring Of The Undertaking

Original Language Title: Kārtība, kādā tiek paredzētas valsts saistības par akciju sabiedrības "Attīstības finanšu institūcija Altum" izsniegtajām garantijām un kādā veic valsts saistību uzraudzību

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now

Read the untranslated law here:

Cabinet of Ministers Regulations No. 573 in 2015 (6 October. No. 53 8) procedures are intended for State liability for the corporations ' development financial institution issued guarantees the Viola "and carried out monitoring of the obligations Issued under the Development financial institutions act, article 17, second subparagraph, and agricultural and rural development Act article 5 part i. 10 General questions 1. determines the order in which the elaboration of a draft law on State budget for the current year provides for the obligation of the State joint stock company" development financial institution Viola "(hereinafter referred to as the financial institution) guarantees issued about it, the award criteria and the procedures for supervision of national commitment.
2. the meaning of these provisions State obligations is the law on the State budget for the current year planned state maximum security vendors on issued guarantees. II. National commitment and the determination of the amount of the award criteria, the national planning context current year State budget 3. Financial institution each year up to July 1, the Ministry of Finance shall: 3.1 request for required public liabilities. Before submitting a request consistent with the Ministry, responsible for the development of the guarantee program (hereinafter referred to as the responsible Ministry); 3.2. financial institutions in the last calendar quarter's balance sheet and the profit and loss statement; 3.3. sworn auditors verify financial institutions report the previous year; 3.4. This provision in annex 1.2. and information referred to in paragraph 2 on the financial institutions guarantee portfolio; 3.5. the expected loss amounts for the assessment of the financial institution guarantees issued and information about financial institutions-hand the financial means to cover the expected loss; 3.6. the evaluation of the changes in the economy, which may negatively impact financial institutions guarantee beneficiaries that guarantee programmes provide support. 4. the Ministry shall evaluate annually the implementation of the sectoral policy impacts to guarantee the implementation of the programme and to 1 July that the evaluation shall be submitted to the Finance Ministry. 5. Ministry of finance evaluate this rule 3.2, 3.3, 3.4, 3.5, 3.6 and 4 in the documents listed and Bill on the State budget for the current year provides for the obligation of the State financial institution issued guarantees, taking into account the approved and current year program of planned risk guarantee cover. 6. The Ministry of finance in developing the State budget request for the current year, the full amount is included in the national commitment to the rule referred to in paragraph 5 and provide guarantees for the current budget year following a further two-year warranty coverage the demand forecast. 7. the financial institution guarantees issued the law on State budget for the current year State liabilities, are guarantees given by public sector bodies, and claims against their assimilated claims against the Central Government in accordance with the European Parliament and of the Council of 26 June 2013 Regulation (EU) no 575/2013 on prudenciālaj activities for credit institutions and investment firms, and amending Regulation (EC) No 648/2012 214. Article, second paragraph, point "c". 8. National obligations on financial institutions issued guarantees, if there was a law in the order notes that the financial institutions do not have sufficient resources to determine the extent of compensation paid to creditors.
III. monitoring of the State of financial institutions 9. guarantees provided by the Ministry of finance in cooperation with the Ministry responsible for national monitoring of the connection. 10. the financial institutions shall provide the Ministry of finance and Ministry responsible for the provision of the information specified in annex annex rules of the relevant time limits. 11. The Ministry of Finance shall be empowered to require from financial institutions and ministries responsible for the additional information necessary for the monitoring of national commitments. 12. the financial institution provides the expected loss assessment and issued guarantees financial fund raising expected, losses incurred by savings under financial institutions savings methodology and with the guarantees issued related risk management financial institutions risk management policy. 13. If, in accordance with the financial institution rating joined the circumstances due to which financial institutions would not be able to meet their obligations on issued guarantees, the financial institution shall provide the responsible Ministry and Finance Ministry for information about the activities planned for the financial institution to continue to meet their obligations on issued guarantees. 14. Financial institutions stopped issuing guarantees with respect to the status of the State, if it exceeds the law on State budget for the current year for the commitment of the State guarantee. 15. on the basis of the financial institution and the responsible Ministry, the Ministry of finance is empowered to take a decision on the suspension of the issue of guarantees, if the financial institution does not provide sufficient guarantee program risk cover.
IV. final question 16. Be declared unenforceable in the Cabinet on July 7, 2009. Regulation No 747 "procedures for developing a draft law on State budget for the current year, are designed for national commitments on the guarantees provided under the agricultural and rural development loan guarantee programs, as well as the procedures for supervision of the guarantees issued" (Latvian journal, 2009, 110. No.) The Prime Minister is the Minister of Finance of Rashness Newsletters site – economy Minister Dana Reizniec-Oak annex Cabinet 6 October 2015 regulations no 573 financial institutions information State monitoring of obligations 1. information to be given 45 days after calendar quarter end: 1.1. unaudited financial institutions financial statements: balance sheet, showing 1.1.1 assets fixed assets and current assets, liabilities, equity, long-term and short-term accounts payable, including short-term and long-term deferred revenue; 1.1.2. calculation of profit or loss, showing net sales and net profit; 1.1.3. cash flow statement; 1.2. information on guarantees in force: 1.2.1. beneficiary of the guarantee; 1.2.2. the original amount of the guarantee, including the increase; 1.2.3. the balance of the guarantee amount; 1.2.4. financial services (credit), which has provided a guarantee, the initial amount; 1.2.5. financial services (credit), which has provided a guarantee, the remaining amount; 1.2.6. the amount of stocks; 1.2.7. guarantees paid the amount of the compensation; 1.2.8. guarantees paid the compensation amount repaid; 1.2.9. assessment of classification of warranty according to the methodology of financial institutions. 2. The information to be provided in the consolidated form within 10 days after the end of the month in the calendar: 2.1. existing warranty and guarantee the current remaining amount; 2.2. the guarantees of compensation in the amount of the refund; 2.3. financial services (credit), which is provided in the warranty, the original amount and the balance amount; 2.4. guarantee compensation paid and amount; 2.5. public liability cover to guarantee savings. Minister of finance-economy Minister in place of Dan Reizniec-oak