Operational Instructions To Act 26 For 2015 On The Settlement Bank Loans

Original Language Title: التعليمات التنفيذية للقانون 26 لعام 2015 المتعلق بتسوية القروض المصرفية

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Read the untranslated law here: http://parliament.gov.sy/arabic/index.php?node=201&nid=16308&RID=-1&Last=10058&First=0&CurrentPage=0&Vld=-1&Mode=&Service=-1&Loc1=&Key1=&SDate=&EDate=&Year=&Country=&Num=&Dep=-1&

Operational instructions for the 2015 26 law on the settlement of the Syrian Arabic Republic Bank loans Finance Ministry regulations No 212/law No 26/2015 article-1: words and phrases contained in this law, each side meanings:-Bank: a public institution of an economic nature enjoying legal personality and administrative and financial autonomy and operate in accordance with the provisions of applicable laws, especially the law No 2/2005.

-The Council: Board of Directors.

-The debtor: the natural or legal person in the discharged debt to the Bank.

-Religion: the outstanding balance of the loan or facility awarded.

-Accessories: regular benefits and delay interest and penalties and all costs and fees arising from religion.

-A mass religion: amount on the debtor to a comprehensive bank debt and its descendants.

-Waiver: a waiver by the bank debt partially or totally block.

-Settlement: an agreement between the Bank and the debtor or the intervenor to schedule repayment of debt block.

-The settlement agreement: a contract between the Bank and the debtor or any person to carry out the settlement.

-Short term debt: debt with original maturity up to one year.

-Medium-term debt: debts with an original maturity of more than one year up to five years.

-Long term debt: debts with an original maturity of more than five years.

-The interest of regular interest: Streptococcus contained in the loan contract or convenience.

-Delay interest: interest applicable at the Bank that apply to outstanding receivables from religion.

-Accessory is the natural or legal person apply for settlement of the debtor as insufficient or damaged or an agent of the debtor, without his knowledge, and in case of non-application of the mentioned qualities can be seen as the natural or legal person applying for settlement a customer informed either the debtor or debtors without him knowing accessory under the proposal is raised to the Board by the Director-General (Chairman of the Committee of adjustments) and under its responsibility, to include the Director-General's proposal and its justification for each case individually and belongs to the Board. Decide on final approval of the proposal.

-The premiums due and unpaid: amounts and benefits that customer payment overdue and unpaid until the settlement date.

Article 2: a bank may make a settlement in accordance with the provisions of this law, after making sure the following conditions are combined: 1. the debtor's inability to prove payment in accordance with specific benefits.

2. prove that the settlement payment and help collect debt block greater efficiency of alternative procedures available in accordance with the laws and regulations in force.

3. the creditworthiness of the debtor or the intervenor to settlement date and of its capacity to pay in accordance with the terms of the settlement to be concluded, and stumble or inability to pay in accordance with existing contracts was due to reasons beyond the control of the debtor, and after ensuring adequate safeguards.

B-contrary to the provisions of regulation III//of this article and the provisions of regulation/a-3-1/10/article/can make a settlement in cases where the debtor's agent to pay serious obligations but cannot and for justified reasons provide proving credit or promotion request additional guarantees, the approval issued by the Director-General of the Bank (Chairman of the Committee of adjustments) and under its responsibility, to inform the Central Bank of Syria through periodic reports relevant to each individual case and making excuses for Its release, this information is not tantamount to approval by the Central Bank of Syria on the decision in any way.

Article 3: Bank settlement procedure in accordance with the following conditions: a-leveling on the entire mass of the debt for a period not exceeding ten years maximum (including grace period) or the remainder of the underlying contract, whichever is longer, the duration depending on the type of religion and within the time limits specified in article 4 of this law.

B-debt balances due dates monthly, quarterly or half yearly due to the Council defined a settlement agreement based on the examination of factors related to the nature of the activity of the debtor or the intervenor and the resulting cash flow and working capital cycle and that includes the premium payment with interest.

Interest rates-redefined Streptococcus and debt are subjected settled for interest rates as the Bank accredited rates settlement date and payable on credit facilities are similar in terms of religion and, in the absence of similar facilities with the bank interest rates are evaluated according to the results of the study of religion, Streptococcus form which takes into account the interests of the Bank and within the margin of the interest rates charged by bank credit facilities.

Article 4: a-Board determine debt block repayment period (including grace period) in accordance with specific durations below or the remainder of the underlying contract whichever is longer: 1. a maximum of two years from the date of signing the settlement agreement for all short-term loan.

2. a maximum of five years from the date of signing the settlement agreement for all medium-term loan.

3. a maximum of ten years from the date of signing the settlement agreement for all long term loan.

B-the Council and on its responsibility in case of two or more blocks merge debt debt and adopt the longer duration in the settlement, and that in the event of interest to the Bank.

 Article 5: a-outstanding premiums exempt list by the date this law of all the benefits of delay and fines without nodal benefits if paid in full within six months from the date of entry into force of this law.

B the Bank may accept the request of the debtor or the intervenor with full payment of all outstanding debt or block premium unpaid debt incurred with the aftermath until the date of payment instead of scheduling agreement and keep the unearned premiums according to previous debt contracts in time of origin, condition check the availability requirements specified in item (iii) of article 2 of this law for partial payment of the debt (unpaid instalments with aftershocks religion only) according to what is stated in these instructions.

Article 6:

A-apply and settlement recorded at Deion Branch or Office of the General Administration of the Bank and Bank settlement decision on the request within three months from the date of registration of the request supplemented all the required documents, the debtor or the intervenor in the settlement and asked for his address and take responsibility for him plus a title chosen by reporting is to any of the addresses, or through text messages or failing newspapers to report any of the addresses, the producer of full legal effects.

B-to accept the settlement application:-slinging stamp value/1000/SP.

-Attach a notice of payment/5000/SP Bank Fund to consider the request and this amount shall not be returned to the debtor in case the request is denied.

C-met by the debtor or accessory is paid in good faith by between 5% and 10% higher than the total value of annuity due and unpaid at the signing of the settlement agreement, as follows: 10% for premium amounts unpaid due and not more than/50/million Syrian pounds.

9-8% for premium amounts due and unpaid/51/million lire and even/100/million Syrian pounds.

7.6% for premium amounts due and unpaid/101/million lire and even 500 million SP.

5% for non-premium amounts paid and in excess of 500 million pounds.

Article 7: a bank may, by a decision of the Council compromise on debt each block, in the following cases: 1. If the Bank follows expenses paid to seek a court order requiring the debtor's obligation to pay its debt and block or sell encumbered than eye or debt swap block, and the resulting average expenditure is supported by previous judicial decisions obtained to determine the maximum amounts which may assign them holistically.

2. the tenth anniversary of the death of the debtor without the legacy and without guarantors or guarantees for debt.

B-in the event of the demise of the situation that led to the assignment of a mass religion, the religion of the debtor of the claim block Board in whole or in part, and is not entitled to invoke the previous waiver.

Article 8: Bank may, by resolution of the Board waive debt block molecules, in the following cases: a the debtor's obligation or full accessory settlement terms only when the first settlement in accordance with the provisions of this law, and all are waived by postponing payment delay benefits the benefits of delay to the last installment payment exemption if compliance with full settlement terms.

B-block religion weak, where permissible to waive part of aftershocks and limits the value for this override.

C-the debtor or intervenor with full repayment with nodal utility to date of payment, then delay benefits are waived and unpaid fines exceeding interest Streptococcus.

 D-debtor or accessory is a good-faith payment exceed 50%// Block of religion whereupon proportion are waived/50%/ The full benefits of unpaid fines and delay in excess of contractual interest, subject to the remaining unpaid debt settlement block in accordance with the provisions of this law.

 Article 9: the indebtedness or assets not exceeding $ 25000//SP and older than 15 years, and had not been levied or raise her ex bad debt provisions address allocated to it in accordance with the regulations in force, and may increase or decrease the duration by a decision of the Minister of finance at the request of the Bank.

Article-10: a-bound boards of public banks to adopt detailed regulations governing the processing of requests and the settlement processes and micro and macro assignment operations which are made in accordance with the provisions of this law and operational instructions, so these controls includes clearly competent to decide on such requests within the Bank and the distribution of powers between the committees to be formed according to the size of bank credit facilities settlement and their relative importance, as follows : 1. the General Management Committee of the Bank by a decision of the Council Committee on settlements headed by the Director-General, whose task is to pursue the settlement operations made with branches in accordance with the provisions of this law, as well as decide the settlement requests exceeding the limit authorized by branches and committees cannot exceed the limit set out detailed controls referred to above.

2. formation of committees in branches and the decision of the Director-General with the task of examining requests for settlement and decide applications exceeding the limit set out detailed controls referred to above.

3. return to the Council to decide the settlement requests in the following cases: 3.1 special cases that do not apply to her detailed controls approved by the Council, and not contrary to the provisions of this law and its instructions.

3-2 cases that exceed the limit set out in the detailed controls and referred to in item (2) above.

B-specific actors committed to (a) above when deciding the settlement requests based on its detailed study and explanation are prepared according to recent queries and accurate address the reality of the debtor or the intervenor and religion and his followers and financial status of the debtor or the intervenor and guarantees in kind and personal opinion and has requested the settlement and causes of tripping and propose everything useful and appropriate in this regard, and so is this study as a basis for making the right decision by the author of the authority as specified in Paragraph (a) above.

C-Panel adjustments to submit periodic reports to the Council the settlement operations that were made in accordance with the provisions of this law in order to ensure the adequacy of the action taken regarding the settlement processes and enable the Council to take the appropriate decisions in this regard.

D-Council and Commission adjustments outsourced professionals and experience in distressed debt settlement and risk management, the Bank is entitled to grant appropriate compensation under the decision of the Minister for finance, without ceilings adopted laws and regulations in force.

Article 11: a settlement agreements include the Organization in accordance with the provisions of this law, the entire amounts due and not due, provided that the agreement was signed during a period of 30 working days starting from the day following the date of the settlement decision, inform the debtor or any person.

B the Bank is committed to notify the debtor or expel the settlement decision within a maximum period of ten working days from the date of this resolution, and if this is not possible for reasons beyond the Bank settlement decision is void after ruling for forty days work to date, in which case the debtor is relieved of the payment of the amounts set out in article/6/paragraph/b/in case of a subsequent request to the Bank to settle his debt cancelled under this article for reasons beyond the control of the Bank.

Article 12: settlement of bonds outstanding pending between the Bank and bond parties not exceeding the legal period of Sindh, and payment in one lump sum or installments, bond parties undertake to abide by Bank settlement agreement.

Article 13: the settlement agreement is void if failure of the debtor or accessory is the partial or total payment of four monthly instalments or quarters or half-yearly premium instalments, then demanding fines and delay benefits exempted where debt balances shall be returned under this Act to the original accounts and each settlement and each religion separately, applied the instalments delay interest applied in the Bank, and when any premium due this shot is not the premium benefits of delaying the day following the due date until the date Payment.

 Article 14: guarantees for debts to be settled in accordance with the law in force and keep the native population of debtors and guarantors and sureties and their heirs stand committed to previous commitments towards the Bank, in the event of insufficient guarantees requests additional collateral in accordance with the system of Bank operations, covering basic and additional guarantees 100% percentage of taxable debt settlement as a minimum in accordance with the Bank's procedures to assess safeguards and if unable to estimate the current safeguards could adopt the latest available estimates of income and provided safeguards ensure that assets of durability and solvency Guarantees provided under the existing conditions.

Article 15: benefiting the debtor or expel from the unpaid receivable repayment deadline for thirty days from the date of the day following the maturity date, without prejudice to the Bank's right to impose delay interest starting from the day following the due date and up to the date of payment.

Article 16: a debt grants or expel a grace period to pay the first installment no later than six months from the date of signing of the settlement agreement.

B-the right of the debtor or any person to pay any premium prematurely without any additional costs, the amount of interest is deducted for the period between the date of payment and the due date for premiums paid early.

 Article 17: stop prosecution to the stage without the auction and suspend judicial decisions concluded against civilians and sponsors covered by the provisions of this law after installing the settlement agreement the competent implementation services while keeping the Executive file exists without having to be considered, the settlement agreement void in accordance with the provisions of this law and judicial procedures continue operational instructions according to the stage reached and results arising therefrom.

 Article 18: the Council sets a detailed controls mentioned in article 10 of these qualitative and quantitative controls instructions applicable to determine total settlement which the customer can benefit from them, and so is doubling the proportion of good-faith payment each time you return to approve the settlement.

B without prejudice to the provisions and most controls provided for by the legislation in force, does not benefit the debtors covered by the provisions of this Act of any loan or new credit facilities directly or indirectly from the Bank itself and that all settlement period.

C-the Board may exclude from the provisions of paragraph (b) above, you agree to grant the debtor committed to new credit facilities settlement agreement after a shot of at least 50% of the mass of the debt settlement under the provisions of this law.

 Article-19: this code applies to all existing debt with the Bank by effective date or later.

 Article 20: respect the Board on any matter concerning the settlement as not contrary to the provisions of this law and its instructions.

Article 21: the Council shall review the applicable operations system has and controls referred to in article (10) in accordance with the provisions of this law within a period not exceeding three months from the date of its entry into force.

 Article 22: the Directorate of accounts at each Bank set debt accounting instructions and fines and delay benefits mentioned in this law and approved assets.

Damascus in 19-4-1437, corresponding to 30-12-2015 financial Minister Dr Ismail Ismail