Circular 14/2015/tt-Nhnn: Amendments And Supplements To Some Articles Of The Circular No. 01/2013/tt-Nhnn Dated Jan. 9, 2013 State Bank Governor's Regulations On The Purchase, Selling And Disposing Of Bad Debt.

Original Language Title: Thông tư 14/2015/TT-NHNN: Sửa đổi, bổ sung một số điều của Thông tư số 19/2013/TT-NHNN ngày 06 tháng 9 năm 2013 của Thống đốc Ngân hàng Nhà nước quy định về việc mua, bán và xử lý nợ xấu của cô...

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CIRCULAR additional amendments to some articles of the circular No. 01/2013/TT-NHNN dated Jan. 9, 2013 State Bank Governor's regulations on the purchase, sale and disposal of bad debt asset management company of the credit institutions in Vietnam _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pursuant to the law the State Bank of Vietnam the number 46/2010/Qh12 16 June 2010;
Pursuant to the law on credit institutions the number 47/2010/QH12 16 June 2010;
Based business law 68/2014/QH13 on November 26, 2014;
Pursuant to Decree No. 154/2013/ND-CP DATED 11 November 2013 of government functions, tasks, powers and structure of the State Bank of Vietnam;
Pursuant to Decree No. 53/2013/ND-CP on May 18, 2013 of the Government regulations on the establishment, organization and operation of the asset management company of the credit institutions in Vietnam;
Pursuant to Decree No. 34/2015/ND-CP dated 31 March 2015 the Government's amendments and supplements to some articles of Decree No. 53/2013/ND-CP on May 18, 2013 of the Government regulations on the establishment, organization and operation of the asset management company of the credit institutions in Vietnam (hereinafter the Decree No. 34/2015/ND-CP);
According to the recommendation of the Chief Inspector, the banking supervision;
The Governor of the State Bank of Vietnam issued a circular amending and supplementing a number of articles of circular No. 01/2013/TT-NHNN dated Jan. 9, 2013 State Bank Governor's regulations on the purchase, sale and disposal of bad debt asset management company of the credit institutions in Vietnam.
Article 1. Amendments and supplements to some articles of the circular No. 01/2013/TT-NHNN dated Jan. 9, 2013 State Bank Governor's regulations on the purchase, sale and disposal of bad debt asset management company of the credit institutions in Vietnam: article 1 be amended and supplemented as follows : "article 1. Scope this circular regulates the purchase, sale and processing of bad debt; release, management and payment of special bonds, bonds issued directly to the credit institution sells the debt to buy bad debt according to the market value of the asset management company of the credit institutions in Vietnam (hereinafter called property management company). "
2. Paragraph 5 article 2 be amended and supplemented as follows: "5. organizations and individuals related to the purchase, sale and processing of bad debt; release, management and payment of special bonds, bonds issued directly to the credit institution sells the debt to buy bad debt according to the market value of the property management company. "
3. additional terms the following account on 8 and 8a modification, additional account 9 Article 3 as follows: "8a. Bonds issued directly to the credit institution sells the debt to buy bad debt according to market value (here called bonds) is valuable papers have limited time due to the asset management company issued directly to the credit institution sells the debt when purchasing bad debt according to market value.
9. Release the bonds, bonds on bonds, especially special bond effect and the time base to determine the bond payment date. "
4. Point b paragraph 1 article 4 is modified and supplemented as follows: "b. release, management and payment bonds, special bond;"
5. additional points of DD, e in clause 1 article 4 as follows: "internal rules) about quoting and using redundancy to handle risks to purchase bad debts according to market value.
e) internal rules on valuation of bad debt secured by assets, bad debts. "
6. Supplement Article 4a into the following article 4 as follows: "Article 4a. Regulations on Foreign Exchange Management in the purchase and sale of corporate debt, asset management 1. Property management company, credit institution debt sale, the buyers of the debt from the property management company, the loan clients and other stakeholders have a responsibility to comply with the provisions of the law on Foreign Exchange use restrictions on the territory of Vietnam when making the purchase, sell debt and recovery of debts are bought.
2. When making the purchase, selling debt with asset management companies: a) the buyer owes the payment account used in Vietnam to make payments for property management company money to buy debt and related costs under the contract of purchase and sale of debt for cases using money to buy debt is Vietnam Dong;
b) debt buyer is non-resident use the payment account in foreign currency opened at credit institutions, branches of foreign banks are allowed to operate on the territory of Vietnam foreign exchange or foreign currency account of the buyer in the foreign debt to make the payment for the asset management company money to buy debt and the related costs under the contract of purchase , debt sale for the case of using the money to buy foreign currency debt is.
3. When the recovery of debt from the debt acquired from property management companies, the amount of debt recovery must be transferred on 1 (one) account charged in Vietnam and 1 (one) account for payment in foreign currency (for the case of debts are recovered in foreign currency) of the buyer open debt in commercial banks foreign bank branches allowed to foreign exchange operations on the territory of Vietnam.
4. in case of purchase, the sale of debts arising from offshore lending business or debt incurred to pay instead of the guarantee for the professional side is the leader who is not a resident: a) the seller of debt (credit institution debt sale when selling debt for property management company or property management company when selling debt) make registration changes offshore loans debt recovery guarantee clause, according to the current rules on Foreign Exchange Management for the offshore lending and debt recovery guarantee for non-residents;
b) debt buy-side (asset management companies when buying debt or debt buyer from the property management company is resident) make debt collection plan registration under current rules on Foreign Exchange Management for the recovery of external debt incurred from the purchase of business , sold the debt. "
7. Amendments, supplements the name section 2 of chapter II as follows: "item 2. BONDS, bonds of PROPERTY MANAGEMENT COMPANY "8. Article 10 be amended and supplemented as follows: "article 10. The subject, purpose and principles issued special bonds, 1. Subject bonds, bonds especially property management company. Property management companies authorised for the transaction state bank issuers of bonds, special bonds under the provisions of this circular.
2. asset management company issued special bonds, to pay for the credit institution to sell debt when purchasing bad debt of the credit organization.
3. The issuance of bonds, the special bonds to pay for the credit institution debt sale is done individually, basing the real needs and plan projects in bonds to buy bad debt by market value, plans to release a special bond has to be approved by the State Bank.
4. A special bond, the bond provisions in clause 3 of this release corresponds to a bad debt is purchased, sold. Case of bad debts are purchased, the sale is the level of capital credit, asset management company issued special bonds, respectively for each credit institutions participated in syndicated capital. "
9. Article 11 is amended and supplemented as follows: "article 11. Conditions and terms of the bonds, special bond 1. The face value of the bond, the bond is especially a) face value bond has a value purchase price, sell of bad debts. The face value of the bond is especially valued by purchase price, the sale of the bad debt was prescribed in clause 1 article 14 of Decree 53/2013/ND-CP b) for bad debts are purchased, the sale is syndicated capital account, the face value of the bonds, the special bonds issued for each of the participating credit institutions grant credit which have corresponding values are as follows (i) the value of the original balance logging of bad debt after deducting the amount specific set aside reserve not used for bad debts that are being monitored in credit institutions participated in syndicated capital in case of asset management company to buy bad debt by special bonds.
(ii) the price of buying bad debt calculated according to capital contribution rate of individual credit institutions participated in syndicated capital in case of asset management company to buy bad debt under the market value by bond.
2. Bonds, special bonds are issued in Usd. Bonds are transferable between the State Bank with credit institutions and between the institutions and with each other. Special bonds are not transferable.
3. Special bonds, bonds that are issued in the form of journal entry number or electronic data containing the identification or registration certificate. Property management company decided to form special bonds, bonds.
4. Bonds, bonds have special 0% interest.
5. Special bonds, bonds has a time limit, as follows: a) the term of the bonds is determined by agreement between the property management companies and credit institutions to sell debt, a minimum of 1 year. Amount of debt recovery cases not sufficient to pay the bond when the bond payment due, property management company decided to renew the term of the bonds, must not exceed 3 years, except with the consent of the Organization owning the bonds.
b) duration of the special bond the maximum is 5 years. Cases of special bonds to buy the bad debt of the credit institutions executing reorganization projects or financial difficulty, the duration of the special bonds must not exceed 10 years.
6. Bonds, special bond to custody in the State Bank as stipulated by the State Bank of valuable papers and depository was used in refinancing business with the Bank. The bonds are used to join the open-market operations in accordance with the law.
7. Special bonds, bonds that are free at the depository bank.
8. Credit institutions own the bonds not cite established contingency risk to bonds. "
10. Article 14 be amended and supplemented as follows: "article 14. The elements of the special bonds, bonds 1. Bonds, special bond has the following minimum content: a) the name, address, number of the establishment, the business registration number of property management companies;
b) face value;
c) interest;
d) time limit;
DD) date of issue;
e) for information about purchasing contracts, debt sale, bad debts;

g) information about the organisation that owns bonds, special bond: organization name, license number or business registration permits, the address of the organization.
h) bond case, special bonds to be issued in the form of a certificate, must have the symbol, number, signature of the legal representative of the property management company and the other by the signature property management company regulations and is stamped by property management companies.
2. In addition to the contents specified in paragraph 1 of this article, the property management company is regulated more content on the bond, the bond is especially not contrary to the provisions of the law. "
11. Article 15 be amended and supplemented as follows: "article 15. Rights and responsibilities of management, using bonds, special bond 1. The rights and responsibilities of a property management company) holds the management system, tracking bonds, bonds specially issued;
b) make the rights and obligations related to bonds, special bond;
c) receiving and payment of bonds, special bonds under the provisions of the law;
d) State Bank reports on the release, payment bonds, special bond;
DD) full payment of the face value of the bonds for the organization that owns the bond when the bond is paid according to the provisions in clause 1 Article 44a of this circular;
e) on behalf of credit institutions owning the bonds to repay the loan refinancing on the basis of bonds under the provisions of point c of paragraph 1 to Article 43a and point c paragraph 2 Article 44a of this circular and the regulation of the State Bank about refinancing on the basis of the bond.
g) on behalf of the credit institution sells the debt using debt recovery amount of bad debts are bought by special bonds that credit institution debt sale is entitled to repayment of the loan refinancing on the basis of special bonds as defined in point b of paragraph 1 to article 43 and Article 44 paragraph 3 of this circular and the regulation of the State banks about refinancing on the basis of special bonds.
h) extend the term of the bonds as defined in point a of paragraph 5 article 11 of this circular.
2. Rights and liabilities of credit institutions to own bonds, special bond a) make the rights and obligations related to bonds, special bond;
b) transfer, payment bonds, special bond with property management company in accordance with the law;
c) define the coefficient of risk bonds is 0% and the special bond of 20% when calculating the minimum capital safety ratio of credit institutions;
d) used special bonds to buy back bad debt sold to asset management company according to the provisions of this circular;
DD) is used, the special bonds bonds to refinance at the State Bank as stipulated by the State Bank; used bonds to participate in open market operations;
e) non-transferable bonds for organizations, individuals, except in the case prescribed in clause 2 article 11 this circular. "
12. Supplement Article 17a to the following article 17 as follows: "17a. Profile, sequence, procedure suggest specific deadlines of special bonds over 5 years 1. Credit institutions are implementing restructuring plans under the scheme, the scheme has been approved or authorized financial difficulty, when selling bad debt for property management company profile established in accordance with paragraph 2 of this recommendation the State Bank have comments about a specific term of the special bond of the company management the property release for credit institutions in the proposal.
2. Credit institutions established 11 record sent directly or by post to the State Bank (banking supervision, inspection) include: a) the suggested text for specific time limit special bond when selling bad debt for property management companies;
b) justification of credit organizations about the time limit special bonds include the following content: (i) the financial situation, activity and the limits, the safe rate of activities of credit institutions;
(ii) the number of bad debt has been sold and is expected to sell for the asset management company, had risks prevention excerpt created for special bonds and risk prevention are expected to cite up to the corresponding special bond of bad debt expected to sell;
(iii) the plan excerpt created for backup with special bonds under proposed duration consistent with the business plan of the credit organization;
(iv) reasons, the need to propose specific time limit special bond;
(v) the impact of the sale of bad debt for property management companies receive special bond to cost contingency risks, financial situation, the proportion of the safe limit, operations of credit institutions in the case of applying the time limit is 5 years of special bond and case specific deadlines apply special bond as proposed.
(vi) other content at the request of the State Bank.
3. Within 15 working days of receipt of a valid application of credit institutions as defined in paragraph 2 of this article, the State Bank review, writing to send credit organizations about specific time limit special bond on the basis of the proposal of the credit organization according to the following sequence : a) within 3 working days of receipt of a valid application of the credit institution, the Agency inspection, monitoring the Bank posted opinions of monetary policy and asset management company about specific deadlines suggested special bond attached to the profile specified in paragraph 2 of this Article within a period of 3 working days from When getting the text suggested by the Ombudsman, the Agency overseeing the Bank, monetary policy and asset management company must have a written reply to the proposal of the Inspector, the Agency overseeing the Bank.
b) within 7 working days from the date of the full text of participating monetary policy and asset management companies, inspection agency, monitoring the Bank State Bank Governor considering writing to send credit institutions, asset management companies about the specific time limit in special bonds on the basis of the proposal of the Organization credit.
4. The base text of the State Bank, credit institutions and property management companies make buy, sell bad debt by special bonds under a specific deadline be approved. "
13. Article 23 paragraph 1 be amended and supplemented as follows: "1. the bad debts are buying asset management companies by market value when it meets the following conditions: a) bad debts that meet the conditions specified in paragraph 1 article 16 of this circular;
b) property management company reviews have the ability to recover the full amount of the purchase of the debt;
c) secured property of bad debt has the ability to play commercial or promising borrowers to recover the ability to repay. "
14. Item 2 article 24 be amended and supplemented as follows: "2. the option of buying the debt under market value consists of a minimum of the following: a) the scope of the debts bad buy according to market value (classified by groups of borrowers, industries, sectors, types of secured property);
b) Of the expected bad debt balance buy, capital (money, bonds, other sources of capital) and the financial conditions of the property management company to purchase the debt under market value;
c) plans to release the bonds to buy bad debt according to market value (if any);
d) analyze, evaluate the efficacy, risks and ability to payback debt purchases by market value;
DD) sale measures, handling debt and the secured assets. "
15. Article 26 is amended and supplemented as follows: "article 26. Make buying bad debt according to the market value of 1. The base plans to buy debt according to the value the market has been approved by the State Bank, financial capability, economic and market conditions, asset management companies and responsible decisions about buying bad debts according to market value.
2. asset management company just purchased bad debts according to market value after you have performed the following tasks: a) reviews the bad debts that meet the conditions specified in paragraph 1 to article 23 of this circular;
b) determines the market value of bad debts, including the secured property of bad debts;
c) reviews of economic efficiency, risk and financial ability to purchase bad debts;
d) analysis, assessment of the status and prospects of bad debts, borrowers secured party, the party is obliged to pay the debt and the debt purchase agreement terms with the credit institution sells the debt;
DD) feasible measures expected to handle debt, secured property of bad debt. "
16. Article 27 is amended and supplemented as follows: "article 27. The principle of restructuring bad debt has bought 1. The bad debt restructuring to ensure conformity with the provisions of Decree No. 53/2013/ND-CP, Decree No. 34/2015/ND-CP and this circular, in the credit contract agreement, fiduciary contract, contract to buy corporate bonds, debt purchase contract.
2. Property management companies to consider, decide and take responsibility for the bad debt restructuring buy according to the market value on the basis of written proposals of borrowers and in accordance with the provisions of this circular.
3. Prohibition of organizations and individuals taking advantage of the debt restructuring to benefit illegally.
4. asset management company make the restructure bad debts purchased by special bonds on the basis of written proposals of borrowers and as prescribed in this circular. "
17. Article 28 is amended and supplemented as follows: "article 28. Adjust the interest rate of bad debts has bought 1. Property management company decisions and is responsible for the review, adjusted interest rates apply to bad debts on a reasonable interest rate, in line with the provisions of the law and the interest of the market in each period.
2. Constant, property management companies to publicize the reasonable interest rate and basis of determining interest rates.
3. Property management companies to review, adjust the interest rate reduction when bad debts and loan clients that meet the following conditions: a) borrowers partnered well with the property management company, credit institution authorized in providing information, forwarding the secured property and other issues related to debt and the secured property;
b) borrowers experiencing temporary financial difficulties and the reduction of the interest rate of bad debts contributed to help borrowers reduce financial hardship, rehabilitation of production and business;

c) bad debts do not violate the provisions of articles 126, 127, 128 the credit organization Law at the time of signing the credit contract.
4. After purchasing the debt, asset management companies to review, adjust the interest rates of the debt on the interest rate referred to in paragraph 2 of this Article. Within 5 working days from the date of the decision to adjust the interest rate of bad debt, asset management company informs credit organizations selling debt (for bad debt by buying bonds in particular), borrowers to know and coordination. "
18. Article 29 is amended and supplemented as follows: "article 29. Long, overdue interest payments reduced, fees, fines for violation of the bad debts had bought 1. Property management companies to review, reduce part or the entire overdue interest free payments, charges, fines for violations that the borrower has not charged of bad debt when the borrower meets the following conditions: a) meets the conditions set forth in paragraph 3 Article 28 of this circular.
b) borrowers have to pay debt or financial restructuring plan, operation feasible to have the capital repayment.
2. When considering the long, steady interest overdue payment, charges, fines in violation of the debt purchased by special bonds, asset management companies in Exchange for credit institutions to sell debt before deciding.
Within 10 working days from the date of the asset management company has proposed text of the opinion, the credit institution sells the debt to answer in writing on the problems of property management company suggested the comments. After the time limit on, property management companies and responsible decision about the exemption, reduction of overdue interest payments, charges, fines for violations.
3. within 5 working days from the date the decision as long overdue interest reduction payment, fees, fines, property management company notified in writing to the credit institution selling debt (for bad debt by buying bonds in particular), borrowers to know and coordination. "
19. Article 30 is amended and supplemented as follows: "article 30. Measures to restructure the repayment period of bad debts has bought 1. Property management company consider restructuring the repayment period under the form of adjusted term of repayment, debt renewals for bad debts when the borrower meets the following conditions: a) the borrowers have to repay the feasibility;
b) for cases adjust the term of repayment of principal and/or interest, borrowers cannot afford to repay the original debt term stand and/or interest within the time limit agreed in the repayment of the credit contract, fiduciary contract, contract to buy corporate bonds and asset management companies are rated as having the ability to pay the debt in the period next after restructuring the repayment term;
c) for cases of debt, borrowers can't afford to pay off the debt principal and/or interest repayment deadlines agreed in the contract of credit, trust contract, contract to buy corporate bonds and asset management companies are rated as likely to pay off the debt within a certain period of time after the time limit of the repayment agreement;
d) grace period for debt with bad debts do not exceed term of rest of the corresponding special bond with bad debts. The case renewed debt for bad debts exceeded the time limit remains of special bonds correspond to bad debts, property management companies should have the consistency of a credit organization selling the debt on the extended period beyond the term rest of special bonds correspond to bad debts.
2. When considering restructuring the repayment period of bad debt is purchased by special bonds, asset management companies in Exchange for credit institutions to sell debt before deciding.
Within 10 working days from the date of the asset management company has proposed text of the opinion, the credit institution sells the debt to answer in writing on the problems of property management company suggested the comments. After the time limit on, property management companies and responsible decisions about restructuring the repayment deadline.
3. within 5 working days from the date of the decision to restructure the repayment period, the property management company notified in writing to the credit institution selling debt (for bad debt by buying bonds in particular), borrowers to know and coordination. "
20. Article 34 is amended and supplemented as follows: "article 34. Property management company selling bad debt has bought 1. Property management company selling bad debt according to the following rules: a) in compliance with rules of law;
b) ensure publicity and transparency;
c) maximum recovery of debts, including interest, fees are charged (if any);
d) prohibits organizations or individuals taking advantage of the bad debt purchases to benefit illegally;
DD) sale price debt is the highest price on the basis of comparison, reference the bid price of bad debts or price of the bad debts of equivalent quality or value of bad debts by asset management companies, organization of independent valuation function is determined to reduce the losses in bad debt disposal;
e) asset management companies are selling bad debts purchased by auction method or competitive bidding. The case of auction or competitive bidding at least once not, property management company is deal directly with the buyer of debt, including debt buyer has to join an auction or submitted bids competitive and sell debt for debt buyer pay the highest price.
2. The bad debt auction conducted under the provisions of this circular and the provisions of the law of property auction of property management companies.
3. The sale of bad debt under competitive bidding methods must have the participation of at least 2 buyer of debt is not the relevant people together under the provisions of the law on credit institutions and is done as follows: a) the asset management company of self valuation or hire an independent appraiser organizations valuing bad debts to determine the price offered for sale account bad debt.
b) property management company announced information about the sale of bad debt in the form of competitive bidding on the electronic information page of the State Bank, the asset management company, credit institution selling debt (for the bad debt is purchased by special bonds). Property management company decided to published content information, ensuring the principles of transparency, which includes detailed information about bad debts, secured property of bad debts expected to sell; the price of selling bad debts; the location, the time limit for disclosure of information and references to legal records; the location, the time limit for submission of bids.
The time limit for disclosure and legal records reference is not less than 5 working days for bad debts has secured property is property and not less than 15 working days for bad debts has secured property is real estate. The submission of bids is made after the end of the time limit for disclosure of information and references to legal records and not less than 3 working days.
c) within 3 working days from the date of the end of the time limit for submission of bids, the property management company to sell bad debts for debt buyer pay the highest price. Case from 10 the buyer owes equal pay, the property management company organized to draw the buyer was owed.
d) the sale of bad debt under competitive bidding methods are considered as failure in the following cases: (i) less than 2 debt buyer filing bids;
(ii) the highest Price paid the lower bid of property management companies.
DD) property management company building and issued guidance documents about the sequences, procedures, records selling bad debts under competitive bidding method.
4. The sale of the debt must be established by a written form contract.
5. Property management company can authorize credit institutions to sell bad debts according to the requirements, the conditions set by the property management company determines ensure compliance with the provisions of this circular.
21. Paragraph 1 Article 35 be amended and supplemented as follows: "1. the asset management company uniform with the credit institution sells the debt method consistent with the provisions in point e clause 1 Article 34 of this circular and conditions sell bad debts (which includes a starting price in the case of auctioning or selling price in the case of a competitive bid or sale price in the case of direct agreement with the buyer owes), except where debt sale prescribed in clause 3 of this article. Case of property management companies and credit institutions selling debt not be the method, conditions of selling bad debts, the company managing the auction property bad debts as stipulated in paragraph 2 to article 34 of this circular. "
22. Amendments, supplements the name of chapter IV as follows: "chapter IV HANDLING the AMOUNT of DEBT COLLECTION, payment bonds, And BONDS BUY BACK BAD Debt Bought by SPECIAL BONDS" 23. Amendment 42 Article name addition, as follows: "article 42. The order in which the bad debt payment had bought "24. Additional amendments to article 43 paragraph 1 point a as follows: "a) If a credit institution selling the debt refinancing loans not on the basis of special bond, within 5 working days from the date of arising amount the debt collection, asset management company sent the debt recovery in amount of credit institutions to sell debt in the form of deposits is not entitled to interest and not be pulled before the time of the payment of the special bonds except as specified in article 19 of this circular; "
25. Additional Articles 43a to 43 Things later as follows: "Article 43a. Handle debt recovery amount of bad debts acquired by market value by bond 1. When incurred, amount of assets recovered from bad debts acquired by market values, property management companies handle the amount corresponding to the amount of assets recovered from bad debts acquired by market value are as follows: a) the case of the Organization owning the bonds is State Bank Property management company, follow the instructions of the State Bank.

b) where credit institutions owning the bond refinancing loans not on the basis of release of bonds to buy bad debts which, within 5 working days from the date incurred, amount of assets recovered from bad debts, property management company sent the amount corresponding to the amount , property recovered from bad debts (the maximum face value of the bonds) in credit institutions own the bonds in the form of deposits is not entitled to interest and not withdraw before the time of the payment of the bonds;
c) where credit institutions owned bond refinancing loans on the basis of the bond issued to buy the bad debts that, within a period of 5 days beginning next quarter, asset management companies use the amount corresponding to the amount of assets recovered from bad debts in order to repay the loan refinancing on the basis that bonds and deduction This amount in the total amount of the property management company is charged for credit institutions owning the bond when the bond payment.
2. When the amounts recovered from assets, bad debts are not lower than the face value of the bonds, asset management companies and organizations to own bonds make payments of bonds under the provisions of Article 44a this circular. "
26. additional clause 2 amendments to article 44 are the following: "2. within 10 working days from the date the special bond payment due as specified in paragraph 1 of this article, the credit institution must repay the full debt sale of refinancing the loan on the basis of special bonds respectively (if available) , was the State Bank (the Exchange) stop the blockade of special bonds as defined and coordinated with the property management company to make payments of special bonds as follows: a) the case has not yet fully recovered bad debts (including root, interest rates and other financial obligations related to debt) under the credit contract the trust contract, contract to buy corporate bonds, credit institution debt sale use special bonds respectively purchased bad debts from property management company according to the value of the original balance logging are tracking on the books of the company asset management and capital account , equity in the borrower according to the logging value are internal accounting balance sheet of the company asset management with regard to the case of a partial transfer bad debts into equity, capital of client loans (if any); property management company for payment of money is entitled on debt recovery amount specified in point b of paragraph 2 Article 43 of this circular (if any);
b) cases have fully recovered bad debts (including root, interest rates and other financial obligations related to debt) under the credit contract, fiduciary contract, contract to buy corporate bonds (including cases of entire bad debts have been sold to organizations, individuals), the credit institution sells the debt using the corresponding special bond buy back clause equity, equity in the borrower according to the logging value are internal accounting balance sheet of the company asset management with regard to the case of a partial transfer bad debts into equity, capital of client loans (if any); property management company paid debt collection is entitled under the provisions of point b item 2 Article 43 of this circular;
c) where the entire bad debts be converted into capital, the equity of the borrower's business, the credit institution sells the debt using the corresponding special bond buy back equity, equity in the borrower according to the logging value are internal accounting balance sheet of the company asset management at the same time payment for property management companies the amount of debt collection is entitled under the provisions of art. 2 of this circular 43 Things. "
27. additional Article 44a on after the Article 44 as follows: "Article 44a. The payment bond 1. The bonds must be paid in the following cases: a) the amount of money recovered from bad debt is lower than the face value of the bonds;
b) asset management companies to sell bad debts, transfer a part or all of the bad debts into equity, equity;
c) asset management company has paid the full face value of the bonds;
d) bond payment due.
2. within 10 working days from the date the bonds are paid according to the provisions in clause 1 of this article, property management company paid the full face value of the bonds as follows: a) the case of the organization that owns the State Bank's bonds, asset management company comply with the instructions of the Bank;
b) case of the organization that owns the bond is held and no credit refinance based on the bonds, asset management company, the payment of money by the face value of the bonds for credit institutions to own bonds and credit organization owning the bonds to pay the bonds for property management companies;
c) case of the Organization owning the bonds are credit institutions and loans refinance on the basis of bonds, asset management company on behalf of credit institutions to repay the loan refinancing on the basis that bonds for State Bank; the amount of payments remaining bonds (if any), property management company for payment of the credit organization owns the bonds; Property management company received the bonds from the State Bank. Payment amount in case not enough bonds to repay the loan refinancing on the basis that bonds, credit institutions have the responsibility to pay the loan refinance debt owed under the provisions of the State Bank about refinancing on the basis of the bonds to buy the debt according to the market value of the property management company. "
28. Paragraph 2 Article 46 be amended and supplemented as follows: "2. Annually, within a period of 5 working days prior to the date corresponding to the adjacent maturity date of the bonds, credit institutions must extract the full establishment of the debt sale the amount of minimum specific backup in excerpt created for each special bond is calculated by the following formula : where: X (m) is the amount of the minimum specific backup to extract up to special bonds in the third year m;
XM-1 is the amount a specific backup set aside for special bonds until most of the first year m-1;
Y is the face value of the bonds;
n is the time limit of the special bond (in years);
m is the number of years from the time of issuing the bonds specifically to extract;
Zm is the amount of bad debt debt collection until the time of the excerpt (in m). Credit institution debt sale in cooperation with property management companies to determine the amount of money recovered.
Case (Zm + Xm-1) ≥ (X, m), then the amount of extract specific backup set (X (m)) is counted as 0. "
29. Additional item 2a, 2b in Article 46: "2a. Credit institution debt sale decision temporarily extract extract amount gradually established annual risk prevention for each special bond on the States cite established risk prevention in the year, guaranteed in the adjacent work day 5 before the corresponding due date of special bond credit institutions, debt sale to extract a full set of backup specific amount minimum for each special bond is calculated according to the formula specified in paragraph 2 of this Article.
2B. The credit institutions executing reorganization projects or financial difficulty of insufficient ability to extract the full establishment of the annual risk prevention for special bonds as defined in clause 2 of this State Bank reports reviewed, particular processing ensure the credit institution debt sale has enough power to handle the entire account bad debt after payment of special bonds with the property management company. "
30. Paragraph 5 Article 46 be amended and supplemented as follows: "5. the credit institution debt sale done complete enter other income the amount of extracted risks prevention for special bonds left after processing the risks as defined in paragraph 4 of this article, or the difference in part to the lack of accounting costs in case the amount of the reserve set aside for risk special bond is not enough to handle the risks as defined in clause 4 of this ".
31. additional account 8 to article 46 as follows: "8. the handling of risk profile of the credit institution sells the debt when using backup set aside for special bonds to handle the bad debt risk after the acquisition from property management companies include: a) profile documents for the sale of bad debt credit institution debt sale with property management companies;
b) documents, papers related to the asset management company debt restructuring, transfer of debt into equity, equity.
c) documents, proof of debt for bad debts after it was sold to property management companies;
d) records, documents that the money set aside for risk prevention special bonds correspond to bad debt sold to property management companies;
DD) decision or approval of the Board handle the risk of credit institutions regarding the handling of risks;
e) purchase contract, sold the debt between the property management companies and credit institutions to sell debt when paying the special bonds.
g) documents, other related records. "
32. Article 47 is amended and supplemented as follows: "article 47. Principles extracted and used as a backup to handle risks for bad debts are bought under market value 1. Board member property management company decisions and responsible for the quote up and use backup to handle risks to the bad debt consistent with internal rules about quoting and using redundancy to handle risks to purchase bad debts under market value , the provisions of this circular and the relevant provisions of the law.
2. after processing the risk, asset management companies to foreign accounting table the entire outstanding balance of debts recovery longer and is responsible for tracking, urge, use all measures prescribed by law to recover the debt. The use of redundancy to handle risks to debt is the internal affairs of property management companies, do not alter the repayment obligations of the borrower for repayment after it has been processed risk. 3. After the minimum period of 5 years from the date of backup used to handle risks and after having taken all measures to recover the debt but not recovered, the property management company was the decision to export the payment of debts has handled risk off the table after the Foreign Ministry of finance and the State Bank approved in writing.

4. The amounts recovered from disposal debt risks are recorded in the revenue in the period of the asset management company. "
33. additional Article 47a to 47 following are as follows: "47a. Extract backup set for bad debts to buy as the market value of 1. Asset management company make up the reserve amount quoted for each bad debts acquired by market value (R) according to the following formula: R = (A-C) x r where: a) A is the value of original balances logging of bad debts in the property management company on January 15, annually; C is the value of the secured property deduction of debts; r is the rate quote created by the backup Board members decided but not lower than 5%.
b) case C > A then R is calculated by 0.
c) where a property was secured for more bad debts, property management company determines the rate of the value of the secured property for each bad debt C is calculated as the value of the secured property multiplied by the percentage of the value of the secured property of bad debts.
2. Each year, before 15 December property management company conducted revalued the secured property of each of the debts, determine the amount quoted up against each year's debt as defined in paragraph 1 of this article and done: a) where the amount of redundancy is in the smaller set excerpt excerpt of the balance set aside reserve Property management company are fully enter the difference.
b) where the amount of the reserve is in the larger set excerpt excerpt of the balance set aside reserve, property management companies must extract supplement the lack of disparity.
3. The secured property to deduct when calculating the amount of the reserve (R) specified in paragraph 1 of this article must meet the following conditions: a) the asset management company has the right to handle the assets guaranteed by contract and secured in accordance with the law when the borrower does not perform its obligations as committed;
b) secured property must satisfy the conditions prescribed by the law on secured transactions;
c) secured assets valued at 200 billion and over must be priced by organizing functional valuation in accordance with the law. The event organizer has the function of valuation does not afford the valuation or no organization can function valuation valuation of the asset, the asset management company make the prescribed internal valuation of the asset management company.
The case of secured property does not meet the conditions specified in point a, b, c of this paragraph, the value of the secured property must be treated as zero.
4. The value of the secured asset deduction are determined by the analysis between the value of the secured property specified in clause 5 of this deduction rate for each type of secured property as defined in paragraph 6 of this Article.
Automatic asset management company determines the rate of the deduction for each type of asset on the basis of ability to handle recovery of assets that guarantee but not exceed the maximum deduction rate for each type of secured property as defined in paragraph 6 of this Article.
5. The value of the secured property is determined as follows: a) gold pieces: the purchase price into the headquarters of the business of credit institutions, the trademark owner gold pieces at the end of the day before to extract specific backup set. The case of the purchase price to not be listed, the value of gold pieces to be identified in accordance with point d of this paragraph.
b) Government bonds listed on the stock exchange: the reference price in stock exchange the day before at the last moment to extract specific backup set or in the nearest time before quoting a specific backup set (if no reference price at the last moment the day before to extract specific backup set). Government bonds have not yet been listed on the stock exchange: calculated according to the denomination.
c) securities by enterprises (including credit institutions) are listed on the stock exchange: the reference price in stock exchange the day before at the last moment to extract specific backup set or the time on the most recently quoted specific backup set (if no reference price at the last moment the day before to extract specific backup set). Securities not listed on the stock exchange, or other papers by enterprises (including credit institutions) released: calculated according to the denomination.
d) estate, real estate and other asset types: case of the assets specified in point c of paragraph 3 of this article, the value of the secured assets is done according to the provisions in point c of paragraph 3 of this article, the remaining cases, the value of the secured assets be priced according to the internal regulations of the asset management company. The absence of a written valuation of secured property, then the value of the secured property must be treated as zero;
DD) rental property finances: the remaining rental amount (value of assets under financial leasing contracts of financial leasing minus rents paid) under contract at the time of extracting specific backup set or the value of the Organization's evaluation function valuation in accordance with the law.
6. the maximum deduction rate for secured property: a) customer deposits in VND: 100%;
b) gold pieces, except the gold pieces specified in point i of this clause; client's deposits in foreign currency: 95%;
c) Government bonds, savings cards, certificates of deposit, promissory notes, bills of credit institutions by releasing the remaining duration:-under 1 year: 95%;
-Remaining term from 1 year to 5 years: 85%;
-Have limited time left over 5 years: 80%.
d) stocks due to the release of the credit institution is listed on the stock exchange: 70%;
DD) other business by securities issued are listed on the stock exchange: 65%;
e) stock not yet listed on the stock exchange of valuable papers, except for the account specified in point c of this paragraph, by the credit institutions have registered securities listed on the Stock Exchange release: 50%;
Securities not listed on the stock exchange, valuable papers, except for the account specified in point c of this paragraph, by the credit institutions do not have to register the securities listed on the Stock Exchange release: 30%;
g) securities not listed on stock exchange of valuable papers by enterprises have registered securities listed on the Stock Exchange release: 30%;
Securities not listed on stock exchange of valuable papers do no business registered securities listed on the Stock Exchange release: 10%;
h): 50%;
I) gold pieces have no price listed, gold and other asset types: 30%. "
34. additional Article 47b after Article 47a 47b. " Use backup to handle the bad debt risks to buy as the market value of 1. Property management company to use as a backup to handle risks in the following cases: a) the debt is property management company sold with lower values logging value original balance of debt in the asset management company at the time of handling risks , or b) borrower is held has dissolved, bankrupt; individual death, missing.
2. Profile handling risks include: a) the buying profile of debt, debt restructuring, debt collection and debt sale for the debts be dealt with risks;
b) secured property records and other relevant documents;
c) decision or approval by Board members about the results quoting established reserve to handle risks;
d) decision or approval by Board members about the use of the reserve set aside to handle risks;
DD) for the borrower is bankrupt organization, dissolution, in addition to the profile defined in points a, b, c and d of this account, to have a copy attested by the Court decision to declare bankrupt enterprise or corporate dissolution decision under the provisions of the law.
e) for customer's personal circumstances were killed, missing, in addition to the records specified at points a, b, c and d of this paragraph, copies are certified death certificate, certificate or decision declared missing according to the provisions of the law.
g) documents, other related records.
3. Use the reserve to handle risks: a) the asset management company is only used as a backup to extract the handle for the debt meets the provisions in clause 1, 2 of this Thing.
b) property management company to use the reserve to handle: (i) the lack of difference between the Part and the value of the original balance logging of debts in property management company at the time of handling risks for cases stipulated in art. 1 of this , or;
(ii) the value of the original balance logging of debts at the time of handling risks for cases specified in point b of paragraph 1 of this article.
c) asset management company are accounted on the income in the period for the balance remaining after the backup has handled the risks as defined in point b of this paragraph. Case reserve balance not sufficient to process as defined in point b of this paragraph, the asset management company is part of the lack of difference in accounting costs in the States. "
35. additional Article 47 c into the following Article 47b 47 c: ". Accounting and reporting of the quote, using redundancy to handle risks to purchase bad debts according to the market value of 1. Property management company implemented accounting the amount quoted, use, enter the reserve (including the complete type backup in case of a backup set aside but not used) in accordance with the law.
2. Property management company to report results to extract and use the reserve to handle risks according to the regulation on statistical reporting regime applicable to property management companies by the State Bank issued and according to the requirements of the Bank. "
36. additional clause 7 and clause 8 to article 49 as follows: "7. In collaboration with the credit institution sells the debt to provide timely information on bad debts for the State Bank (transaction) when the release recommendation, refinance, bond, payment bond in particular.
8. Make sue the borrower, the parties have the obligation to pay the debt, the secured party in the Court in the time prescribed by law. "
37. Point b article 50 paragraph 4 amended and supplemented as follows:

"b. use specific backup set aside for bad debts to handle the disparity between the value of the original balance logging and bad debts which the selling price when selling bad debt for property management companies. Profile handling risks include: (i) records, documents that the money set aside for specific risk reserve for bad debt sold to property management companies have not used;
(ii) the decision or approval of the Board handle the risk of credit institutions regarding the handling of risks;
(iii) the purchase contract, sell the debt between the property management company and the credit institution sells the debt. "
38. additional point DD on article 50 paragraph 4 as follows: ". The credit institution sells the debt to receive special bond has a time limit on the 5-year dividend not to create bad debt disposal sources until the special bond has a term of over 5 years to be paid."
39. additional account 7 to article 50 as follows: "7. where the credit institution buys bad debts under market value or acquired bad debt as defined in paragraph 3 Article 35 this circular from the property management company, credit institution is responsible for sorting the money to buy the debt in the group are not lower than the level of risk to which the group debts which have been classified before sale to the property management company. "2. Effect 1. This circular is effective from October 15, 2015.
2. As for the special bond has to make the payment before the date this circular has the effect that bad debt not yet recovered in full (including the root, the interest rate and other financial obligations related to debt) under the credit contract, fiduciary contract, contract to buy corporate bonds , Property management companies and credit institutions performing debt sale as defined in point a of paragraph 2 to article 44 of this circular.
Article 3. Organizing Chief, Chief Inspector, bank supervision, heads of units of the State Bank, Director of the State Bank branch in the province, city, Chairman of the Board, the Chairman of the Board members and the ceo (Director) of Vietnam's credit institutions; Chairman of the Board members and the Director General of the asset management company is responsible for organizing the implementation of this circular.