CIRCULAR rules of the State Bank of Vietnam for refinancing credit institutions in Vietnam by decision No. 540/QD-TTG dated 16 April 2014 of Prime credit policy for the shrimp and Pangasius _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 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;
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 decision No. 540/QD-TTg dated 16 April 2014 of Prime credit policy for the shrimp and Pangasius;
At the suggestion of the Director of monetary policy;
The Governor of the State Bank of Vietnam issued a circular regulating the State Bank of Vietnam for refinancing credit institutions in Vietnam by decision No. 540/QD-TTg dated 16 April 2014 of Prime credit policy for the shrimp and fish.
Article 1. Scope and objects 1. Scope: this circular rules of refinancing in the Vietnam State Bank of Vietnam (hereinafter the Bank) with regard to the credit institution by decision No. 540/QD-TTg dated 16 April 2014 of Prime credit policy for the shrimp and Pangasius (hereinafter the decision No. 540/QD-TTg).
2. Objects: credit institutions make circled the debt according to the decision No. 540/QĐ-TTg for households, farms, cooperatives shrimp and Pangasius have difficulty in producing business and repay the credit institutions until 31 December 2013 (hereinafter referred to as the customer).
Article 2. Rate refinance Refinancing Rate of the Bank for credit institutions correspond to the amount of the credit organization has done for clients such as stipulated in decision No. 540/QĐ-TTg. Article 3. The term refinance, refinancing renewal term refinance is 364 days and are automatically renewed for the residual debt refinancing the rest at the time to the limit. Time to renew each time by refinancing deadline. Private final extension to ensure total time refinancing and refinancing extension is 3 years from the date of disbursement of the loan refinance.
Article 4. Refinancing interest rate 1. Interest rates refinance refinancing in time, extend the refinancing provided for in article 3 of this circular is 0%/year.
2. Interest rate refinance overdue by 150% interest rate refinance by State Bank announced at the time of the transfer of debt overdue for refinancing loans.
Article 5. Refinancing process 1. Credit institutions sent directly or via postal 4 record suggested the refinancing of the State Bank (monetary policy). Records suggest refinance include: a) refinancing proposal Paper according to annex 01 attached to this circular.
b) reported the list of eligible clients have circled the debt according to the annex No. 2 attached to this circular.
2. within 10 working days from the date of the full profile refinancing proposal, monetary policy sent the records to suggest refinancing of credit institutions to the credit industry, inspection agency, bank supervision to get comments.
3. within 7 working days from the date of the proposal of the monetary policy, credit industry, inspection agency, oversees the Bank's comments sent the currency policy.
4. within 7 working days from the date of receiving the full comments of the units, the monetary policy process of the Governor of the State Bank, review the decision.
5. Pursuant to the decision of the Governor of the State Bank about refinancing to credit institutions, the Bank made a contract agreement, disburse refinancing, refinancing extension for credit institutions.
Article 6. The Authority signed the text of the credit institution authorized person on behalf of credit institutions signed the text about refinancing loans at State banks is the legal representative of the credit institution.
Article 7. Refinancing loan repayment 1. Upon expiry of 3 years from the date of disbursement of the loan refinance, credit institutions must pay off the debt refinancing loans to state banks.
2. Credit institutions to repay the loan refinancing before maturity for the State Bank in the following cases: a) the customer has paid the debt for credit institutions in time circled the debt. Within 10 working days of the beginning of the month, the loan repayment credit organisation refinancing Bank the amount corresponding to the amount customers pay for credit institutions in the months prior to the adjacent.
b) The case of recovery of the debt refinancing loans before maturity as specified by law.
Article 8. With regard to the processing of credit institutions not debt case credit institutions does not repay the loan refinancing in time according to the provisions in clause 1 article 7 of this circular, the State Bank transfer residual debt refinance leftover debt to credit institutions and applied according to the interest rate refinance overdue as specified in paragraph 2 Article 4 this circular since expired, and make debt collection measures: 1. Extract the deposit accounts of credit institutions at the State Bank.
2. Currency debt principal and interest from other sources of credit institutions.
3. Other measures prescribed by the law.
Article 9. The responsibility of credit institutions 1. Responsible before the law for the accuracy, legality of the records, data, documents were provided to the State Bank.
2. Tracking, timely statistics, exact the debts are delineated in accordance with decision No. 540/QĐ-TTg to cater for the internal audit, report to the State Bank and checking, surveillance of the competent State bodies.
3. pay the debt refinancing loans as prescribed in this circular.
4. Subject to the monitoring, inspection, inspection of the State Bank in the observance of the provisions of this circular.
5. Periodically within 10 working days of the beginning of the month, the State Bank report about the repayment of the client has been delineated according to the debt Appendix No. 3 attached to this circular.
6. Perform other duties as prescribed by law.
Article 10. The responsibilities of the units belonging to State Bank 1. Monetary policy: hosted, in cooperation with the relevant units of the Governor of the State Bank review, decide whether refinancing to credit institutions and handling the problems arising during the implementation of this circular.
2. Service credits the economic sector: comments submitted to currency policy according to the time limit prescribed in paragraph 3 article 5 this circular about the content: a) the proposed refinancing of credit institutions.
b) the amount of the credit organization has circled the debt for customers.
c) results confirmed, rationality, the suit targets on the reported list of eligible clients have circled the debt by the credit institution set up to refinance loans at State banks.
3. Inspection bodies, banking supervision: a) comments posted about monetary policy proposed refinancing of credit institutions according to the time limits prescribed in clause 3 5 of this circular.
b) presiding, in coordination with the State Bank branch in the city, in the monitoring, inspection, inspection of the observance of the provisions of this circular; processed under the jurisdiction and petition the Governor of the State Bank to handle the cases of violation of the provisions of this circular and other related regulations.
4. Transaction State Bank: a) agreement signed refinancing between Bank and credit institutions.
b) disburse refinancing, renewal of refinancing and refinancing loans recovery of credit institutions according to the content of the contract was signed and the provisions of this circular; hosted, in cooperation with the relevant units of the Governor of the State Bank handling measures refinancing debt recovery in the case of credit institutions not repaying.
c) perform accounting and tracking refinancing terms.
d) periodically within 10 working days of the beginning of quarter, reports the State Bank Governor, sends credit economic sectors, the Agency inspected the banking supervision, monetary policy on lending, refinancing debt collection for credit institutions as defined in Appendix No. 4 attached to this circular.
5. Financial-Accounting: accounting guidelines on refinancing of the Bank for credit institutions by decision No. 540/QĐ-TTg. 6. State Bank of India branch of the province, central cities: monitoring, testing, inspection of the credit institutions, branches of credit institutions in the Executive provisions of this circular; processed under the jurisdiction and petition the Governor of the State Bank to handle violations of the existing regulations; the report of the State Bank Governor (through the inspection agency, the banking surveillance) results.
Article 11. Terms of implementation 1. This circular has effect as from 1 November 2014.
2. Office, Director of monetary policy, the heads of the units belonging to State Bank; Director of State Bank branch, city; Chairman of the Board members, the Chairman of the Board and ceo (Director) credit institutions responsible for the implementation of this circular.