Circular 34/2009/tt-Nhnn: Guidance On The Procedures To Revoke Licenses And Liquidate The Assets Of Credit Institutions, Branches Of Foreign Banks; Order And Procedure For Revoking The Licences Of The Office ...

Original Language Title: Thông tư 34/2011/TT-NHNN: Hướng dẫn về trình tự, thủ tục thu hồi giấy phép và thanh lý tài sản của tổ chức tín dụng, chi nhánh ngân hàng nước ngoài; trình tự, thủ tục thu hồi giấy phép văn phòng...

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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 the law of business 60/2005/QH11 on November 29, 2005;

Pursuant to the law on bankruptcy No. 21/2004/QH11 on June 15, 2004;

Pursuant to Decree No. 05/2010/ND-CP dated 18 January 2010 in government regulation of the application of the law on bankruptcy for credit institutions;

Pursuant to Decree No. 96/2008/ND-CP on August 26, 2008 Government's functions, tasks, powers and structure of the State Bank of Vietnam;

The State Bank of Vietnam guide on the procedures Revoking licenses and liquidate the assets of credit institutions, branches of foreign banks; order and procedure for revoking the licences of the representative offices of foreign credit institutions, other foreign institutions have banking operations as follows: chapter I GENERAL PROVISIONS article 1. Scope this circular regulates the order and procedure for revoking licenses and liquidate the assets of credit institutions, branches of foreign banks; order and procedure for revoking the license of representative offices of foreign credit institutions, other foreign institutions have banking activities.

Article 2. Application object 1. Credit institutions are established and functioning according to the law on credit institutions (except the Cooperative Bank and the people's credit funds).

2. foreign bank branch.

3. Representative offices of foreign credit institutions, other foreign institutions have banking activities (hereinafter referred to as the Office).

4. organizations and individuals related to the recovery of the credit organization license, foreign bank branches, representative offices.

5. organizations and individuals related to the liquidation of assets of the credit institutions, branches of foreign banks.

Article 3. Explanation of terms In this circular the words below are interpreted as follows: 1. The authorities competent to decide is: a) the competent authority of the credit organization decision regarding termination of credit operations in accordance with the Charter of the credit institutions and current law;

b the competent authority) decision of the parent bank about the termination of activities of foreign bank branch under the provisions of the Charter of the parent bank and in accordance with the current law of Vietnam;

c competent authority) decision of foreign credit institutions, other foreign organizations have active bank about the termination of activity of representative office as stipulated in the Charter of foreign credit institutions, other foreign institutions have banking operations and in accordance with the current law of Vietnam.

2. The owner is: a) the shareholders (for credit institutions established in the form of joint-stock company);

b) members participated in raising capital (for credit institutions established in the form of limited liability company);

c) parent bank (for foreign bank branches);

d) foreign credit institutions, other foreign institutions have banking activities (for the Office).

3. State Bank branch is the branch of the State Bank, the central city where credit institutions, branches of foreign banks, representative offices are located.

4. the people's Committee of the people's Committee of the central cities, where credit institutions, branches of foreign banks, representative offices are located.

5. license include permits the establishment and operation of credit institutions, license, foreign bank branch licenses to establish representative offices of foreign credit institutions, other foreign institutions have banking activities by the State Bank. The Bank's approval of the amendments, additional licenses are an integral parts of the license.

6. The Bank is a foreign bank that owns over 50% of the capital stock of 100% foreign-owned banks operating in Vietnam or have branch operations in Vietnam.

Article 4. The Authority decided to revoke the license; monitor asset liquidation of credit institutions, branches of foreign banks.

1. State Bank Governor decided to revoke the licence for credit institutions, branches of foreign banks, representative offices in accordance with the law on credit institutions and this circular.

2. State Bank of monitoring the process of liquidating the assets of credit institutions, branches of foreign banks under the provisions of the law on credit institutions and this circular.

Article 5. The rule set and send 1. The profile must be created by the Vietnamese. The Vietnamese copies and translations from foreign languages out Vietnamese competent bodies must be certified in accordance with the law.

2. for credit institutions, the text proposed to revoke the license because the representative under the law of credit institutions. The case of the representative under the law authorize the other person to sign, the record must have written authorization is established in accordance with the law. The case of credit institutions physically represented according to the law, the Board or election Board Member who is a member of the Board or Board members signed this text.

3. for foreign bank branches, representative offices, the text proposed to revoke the licence by the competent representative of the owner.

4. Records are sent to the State Bank of Vietnam by a in the form: send directly, send by post.

Article 6. The principle of applying the rules of the license revocation and liquidate the assets of credit institutions, branches of foreign banks 1. The case of credit institutions were divided, split, merge, merging, sequence, procedure for revoking a licence made under the provisions of the law of Division, separation, merger, integration, consolidation of credit institutions.

2. where the credit institution bankrupt State banks, to revoke the licence immediately after the State Bank have written termination of special control or text termination apply or not apply text recovery measures the liquidity that credit institutions still in bankruptcy. The liquidation of assets of the credit institution are made pursuant to the law on bankruptcy.

3. in other cases, sequence, procedure for revoking licenses and liquidate the assets of the credit institution, the foreign bank spreads are made according to the provisions of this circular.

Article 7. The acts prohibited in the recovery process and liquidate the assets of credit institutions, branches of foreign banks since the competent authority the decision of credit institutions, branches of foreign banks through revocation of licenses (for the case of credit institutions foreign bank branch, proposed the revocation of licences) or the Governor of the State Bank have written request credit institutions, foreign bank branch terminating activities (for the case of credit institutions, foreign bank branch license revoked), prohibit credit institutions , foreign bank branch: 1. Hiding, pipe riveted property;

2. Payment of unsecured creditors;

3. Waive or reduce claiming the debt;

4. Turn the unsecured debt into secured debt with assets of credit institutions, branches of foreign banks;

5. Donate, give away, pledge, mortgage and rental properties;

6. the signing of the new contract is not a contract to perform termination of activity;

7. transfer of money, property abroad.

Chapter II SPECIFIC PROVISIONS section 1-LICENSE REVOCATION for CREDIT INSTITUTIONS, BRANCHES of FOREIGN BANKS, REPRESENTATIVE OFFICES article 8. License revocation procedures for credit institutions, branches of foreign banks 1. The case of credit institutions, foreign bank branch license revocation recommendation a) credit institutions, branches of foreign banks must:-build option liquidate. Liquidation plan the competent authority shall be decided through.

-Set a (01) record as defined in article 9 of this circular sent State Bank (banking supervision, inspection).

b) within a maximum of fifteen (15) working days from the date of application specified in article 9 of this circular, inspection agency, bank supervision is responsible for the appraisal of records and written opinions of the:-State Bank branch to: (i) the status of organization and operation and the ability to pay off debt;

(ii) the views of licence revocation, petition processing measures after the revocation of the license;

(iii) a list of the Council of the liquidation;

(iv) the case agreed to the withdrawal of the license, the State Bank branch election officers involved monitoring the liquidation under the provisions of this circular.

-People's Committee to: (i) effect of revocation of the license for the economic and social stability; and (ii) in view of the withdrawal of the licence.

-Deposit insurance of Vietnam regarding: (i) the organisation and activity status and ability to pay off debt;

(ii) the situation of premium submission of deposit and deposit balances are insured according to the nearest charging table; possibility of coverage capital and additional paid capital direction when necessary;

(iii) views on the withdrawal of the licence, the payment of the deposit is insured after the revocation of the license;

(iv) the influence of the revocation of the licence for the interests of the depositors, for the safety of the banking system.

-The relevant unit in the State Bank of opinion to revoke the licence and recommended measures to handle after the revocation of the license (if it deems it necessary).

c) within a maximum of fifteen (15) working days from the date of the inspection agency's recommendation, bank supervision, the units on the right have joined text comments on the proposed content, send inspection agencies, banking supervision. So this time limit, the unit had no idea considered as consent revocation of license.


d) within a maximum of ten (10) working days from the receipt of the comments full participation of the unit referred to in Point b of Paragraph 1 of this article, the Agency Inspector General banking supervision, comments, suggestions, views the Governor:-the decision to revoke the licence, require credit institutions foreign bank branches conducting liquidation of assets; at the same time establish the liquidation Board, overseeing liquidation of assets when it deems liquidation plan assets of credit institutions, branches of foreign banks to prove the ability to pay off debt and ensure benefits for the debt, creditors; or-text requires credit institutions, branches of foreign banks, report, explain the relevant content (if any).

DD) within a maximum of ten (10) working days from the date of receiving the award text of credit institutions, branches of foreign banks, the Agency inspection, monitoring, review proposed Bank comments, the Governor of the State Bank of handling as defined in point d of this paragraph 1.

e) within a maximum of five (5) working days from the date of the Agency's inspection sheet, bank supervision, review the decision suggested by the Ombudsman Agency, bank supervision at the point d and point VND account 1.

2. where credit institutions, branches of foreign banks be required to revoke the licence: a) the base inspection results, oversight, or recommendation by the State Bank branch, or recommended by the competent State agencies, inspection agency, got a $ bank supervision process the proposal, the Governor of the State Bank have written request credit institutions, foreign bank branch and ask to terminate the operation proceed build option liquidate assets as specified in paragraph 2 to article 9 of this circular.

b) within a period of a maximum of sixty (60) days from the day the Governor of the State Bank has a written request to terminate the activities, credit institutions, branches of foreign banks must build complete liquidation plan included property records to revoke the licence stipulated in article 9 of this circular process of State Bank review decision.

c) after receiving the revocation of license records of credit institutions, branches of foreign banks, the Agency inspection, monitoring the Bank implemented the process to revoke the license as specified in paragraph 1 of this article (except for point a).

Article 9. Revocation of license records for credit institutions, branches of foreign banks 1. The suggested text of license revocation, which stated the reason for the proposal to revoke the license, the ability to pay off debt and measures the processing after the revocation of the license, the list of Board members expected to liquidate (except in the case of credit institutions, branches of foreign banks be required to revoke the licence).

2. Option liquidate assets, which include the minimum content: a) the name, address, electronic information page of credit institutions, branches of foreign banks.

b) your name, address, electronic information page of owners (for foreign bank branch).

c) name, address and contact telephone numbers of the members of the Board or Board members, supervisory board members, the Director General (for credit institutions); The Director General (for foreign bank branch).

d) name, address and contact telephone number of the Agency Board members.

DD) summarizes the financial situation and activities (the debt situation, the accounts receivable, payable include table and foreign table) to credit institutions, branches of foreign banks actively recommend or require the revocation of license; in it, have to determine the solvency liabilities.

e) the reason for the proposal or be asked to withdraw the license.

g) list major shareholders (for the credit institutions) or the owner (with respect to other credit institutions, branches of foreign banks).

h) plans to handle the rights and obligations, including the roadmap clearly liquidation. With respect to foreign branches are clearly planning to transfer of capital, profits and assets abroad.

I) option to archive records, the document after the revocation of the license.

k) the responsibility of the Organization, individuals are related to the process of revoking the license.

l) responsibility of the Organization, individuals are related to the process of liquidation of assets.

3. The text of the authorized agency of the decision to revoke the licence and liquidate the assets of credit institutions, branches of foreign banks.

4. With regard to the case of a foreign bank branch license revoked under the provisions of Article 28 paragraph 1 e Point of the credit organization Law, the record must have the text of the competent authority of the country where the foreign bank headquartered on the dissolution, bankruptcy or the revocation of a license or suspend operations.

5. With regard to the case of a foreign bank branch proposal to revoke the licence at the request of the parent bank, the profile must have a parent bank's decision on the dissolution, termination of the activities of foreign bank branches.

6. the financial statements have been audited by credit institutions and branches of foreign banks to the time recommended or required to revoke the licence.

Article 10. License revocation process for representative office 1. The case of Representative Office license revocation recommendation a) representative office must:-take the opinion of the competent authorities decide on the revocation of the license.

-Set a (01) record as defined in article 11 of this circular sent State Bank (banking supervision, inspection).

b) within a period of up to five (5) working days from the date of application specified in article 11 of this circular, inspection agency, bank supervision is responsible for the appraisal of records and written opinions of the:-State Bank branch about the revocation of the license recommendations measures to handle after the revocation of the license.

-The relevant unit in the State Bank of revocation of the license, and recommended measures to handle after the revocation of the license (if it deems it necessary).

c) within a period of a maximum of seven (7) working days from the date of the inspection agency's recommendation, bank supervision, the units on the right have joined text comments on the proposed content, send inspection agencies, banking supervision. So this time limit, the unit had no idea considered as consent revocation of license.

d) within a period of a maximum of seven (7) working days from the receipt of the comments full participation of the unit referred to in Point b of Paragraph 1 of this article, the Agency Inspector General banking supervision, comments, suggestions, views the Governor:-the decision to revoke the license, ask a representative office to conduct the procedure to terminate the operation , closing offices as registration certificate refunds, payment processing, seal the lease payment and headquarters, other debt obligations (if any) with the individual, the organization concerned in accordance with the law; or-text requires offices to report, explain the relevant content (if any).

DD) within a maximum of five (5) working days from the date of the text explanation of the representative office, the Ombudsman, the Agency overseeing the Bank review, suggest ideas, the Governor of the State Bank of handling as defined in point d of this paragraph 1.

e) within a maximum of five (5) working days from the date of the Agency's inspection sheet, bank supervision, review the decision suggested by the Ombudsman Agency, bank supervision at the point d and point VND Account 1.

g) within a maximum of five (5) working days from the date of the decision to revoke the licence of the Governor of the State Bank, a representative office is responsible for implementing the procedure to terminate the operation.

2. where the Office was required to revoke license: a) the base inspection results, oversight, or recommendation by the State Bank branch, or recommended by the competent State agencies, inspection agency, got a $ bank supervision process, suggested the Governor of the State Bank has decided to revoke licenses for representative offices.

b) within a period of up to five (5) working days from the date of the decision to revoke the licence of the Governor of the State Bank, a representative office is responsible for implementing the procedure to terminate the operation.

Article 11. Profile for license revocation Office 1. The suggested text of license revocation, which stated the reason for the proposal to revoke the license, the storage of records and documents after the license is revoked, the liability of the Organization, individuals are related to the process of revoking the license.

2. The text of the competent authorities decide to revoke licenses for representative offices.

3. With regard to the case of Representative Office license revoked under the provisions of Article 28 paragraph 1 e Point of the credit organization Law, the record must have the text as specified in clause 4 3 of this circular.

4. With regard to the case of Representative Office proposed to revoke the licence at the request of the owner, the profile must have the owner's decision on the dissolution, cessation of activity of representative office.

Article 12. Announced the decision to revoke the licence 1. The decision to revoke the license was sent to the credit institutions, foreign bank branches, representative offices, bank branches, the people's Committee, Vietnam deposit insurance, the Financial Supervisory Commission, the national banks Association, the Ministry of finance.

2. within a maximum of seven (7) working days from the date of the decision to revoke the licence has effect, the State Bank is responsible for posting on the electronic information page of the State Bank and the three (3) consecutive numbers on a paper newspaper has a daily circulation , released nationally on the revocation of the licence for the credit institutions, foreign bank branches and representative offices.


3. within a maximum of seven (7) working days from the date of the decision to revoke the licence has effect, credit institutions, branches of foreign banks, representative offices are responsible for listing the decision to revoke the licence at the headquarters and Branch Office of the credit institution; Head Office of the foreign bank branch, Representative Office.

Section 2 LIQUIDATE the ASSETS of CREDIT INSTITUTIONS, BRANCHES of FOREIGN BANKS UNDER the SUPERVISION of the STATE BANK of article 13. The process of liquidating the assets of credit institutions, branches of foreign banks 1. Within a maximum of thirty (30) days from the date of the decision to revoke the licence has effect, credit institutions, branches of foreign banks must liquidate assets as prescribed in this circular and the other provisions of the relevant laws.

2. within a maximum of thirty (30) days from the date of the end of liquidation, credit institutions, branches of foreign banks must make the procedures end liquidation prescribed in article 15 of this circular.

3. within a maximum of ten (10) working days from the date of the proposed text end liquidation of the Bank branch, the Agency inspected the monitoring of banks, the newspaper suggested, the Governor of the State Bank the decision ending the liquidation or have text requires credit institutions foreign bank branches, reports, explanations of issues need clarification regarding the process of liquidation. The decision ends the liquidation at the same time as the decision to terminate the activity of monitoring the liquidation.

4. within a maximum of ten (10) working days from the date of the decision to end the liquidation of the State Bank Governor, credit institutions must conduct the termination procedures and legal disclosure statements in accordance with the current legislation.

Article 14. Liquidation period 1. Liquidation period is twelve (12) months from the date of the decision to revoke the license in effect. So this term, credit institutions, branches of foreign banks has not yet ended, is writing to the Governor of the State Bank liquidation period (proposed text must clearly state the reason for the proposal to extend); the time was extended to liquidate each time not to exceed twelve (12) months; the number of times the extension not exceeding three (3) times.

2. Before the end of the liquidation period of thirty (30) days, credit institutions, branches of foreign banks have written to recommend the extension of the time limit for liquidation sent State Bank (banking supervision, inspection), which must specify the reason. Within ten (10) working days from the date of the above text, the Governor of the State Bank have written approval or disapproval recommendation to extend the time limit for liquidation of credit institutions, branches of foreign banks.

Article 15. End liquidation 1. Credit institutions, branches of foreign banks finished liquidating in the following cases: a) has to pay off the debts to creditors according to the provisions of article 16 and article 17 paragraph 1 of this circular.

b) Are other credit institutions acquired and approved paying off the debt to the creditor of the credit institutions, branches of foreign banks.

c) cannot afford enough debt payments to creditors.

d) expiry liquidated according to the regulations, including the grace period (if any).

2. When finish the liquidation as defined in point a and point b of Paragraph 1 of this article, the Board of liquidation must be reported in writing to send people's Committee and the State Bank branch proposal for ending the liquidation.

3. The conclusion of the liquidation in accordance with Points c and d Clause 1 of this article, the Board of liquidation must be reported in writing to send people's Committee and the State Bank branch and liquidation results report proposal for ending the liquidation to proceed with the bankruptcy procedure as prescribed.

Article 16. Return of property credit institutions, branches of foreign banks risk losing pay or special control period was the State Bank, credit institutions, other foreign bank branch for special loans, deposit insurance of Vietnam financial aid must refund the value of the loan (support) before implementing rules defined in article 17 of this circular.

Article 17. Order of Division of property 1. The Division of the value of assets of credit institutions, branches of foreign banks is done in the following order: a) The fees, charges prescribed by law for the resolution of the liquidation of credit institutions, branches of foreign banks.

b) wage debts, retrenchment, social insurance for workers under provisions of laws and other rights under the collective labour agreements and labour contracts were signed.

c) the tax debt.

d) payments to depositors of deposit insurance of Vietnam and the deposit of depositors.

DD) the debts are secured by collateral or pledge: the debt is the main payment priority collateral or pledge. If the value of collateral or pledge not enough then the debt payments of the remaining debt will be paid in the process of liquidating the assets of credit institutions, branches of foreign banks; If the value of collateral or pledge of greater debt then the difference is added to the remaining asset value of credit institutions, branches of foreign banks. The creditor has the right to deal with each other on the rate of debt payment but must ensure the rule does not affect the rights and obligations of credit institutions, branches of foreign banks.

e) unsecured debts: pay for creditors in the list of creditors under the rule if the value of assets sufficient to pay the debt, creditors are paid enough of its arrears; If the value of the property is not enough to pay the debts each creditor paid only part of its debt ratio. The creditor has the right to deal with each other on the rate of debt payment but must ensure the rule does not affect the rights and obligations of credit institutions, branches of foreign banks.

2. where the value of assets of the credit institution after the payment account as defined in paragraph 1 of this article which is still part of value of assets left to be divided for the owners in proportion, which at the time made the Division of property.

3. where the value of the assets of the foreign bank branch after you've paid enough dues prescribed in paragraph 1 of this article which is still part of the remaining property values due to owner managed.

Article 18. Liquidation Board 1. For credit institutions: a) the Bar Council, the reason the Board or Board members of credit institutions the proposal and the Governor of the State Bank of the decision, including the Chairman of the management board or the Chairman of the Board members, a minimum of 7 members of the independent Board (for credit institutions) , Head of the Supervisory Board, General Director, Chief Accountant and some other members are selected from among members of the Board or the members of the Board members, supervisory board members (if any), the major shareholder (with regard to credit institutions) and 5 customers have large deposit balance for credit institutions at the time of the proposal to revoke the licence or the time of The State Bank has a written request to terminate the operation.

b) Chairman of the Board or the Chairman of the Board of Directors is the Chairman of liquidation. Case of defects the Chairman of the management board or the Chairman of the Board, the Board or Council members held a meeting to elect a person from among the members of the Board or the members of the Board members to assume this title.

2. for foreign bank branch: a) the Bar Council the reason representatives of parent bank proposed and was Governor of the State Bank of the decision, including: General Manager, Chief Accountant, a minimum of one (1) member appointed by the owner and five (5) client has the largest deposit balances in foreign bank branch at the time of proposal license or State Bank has a written request to terminate the operation.

b) Director General foreign bank branch is the Chairman of the Board of liquidation. The event alternates to the Director General, nominate a parent bank of the liquidation Board members to assume this title.

Article 19. The responsibility of the Board of liquidation 1. Reviewing the whole items of assets and liabilities, the foreign table items of the balance sheet of credit institutions, branches of foreign banks, make a list and the amount of the debt, creditors to liquidate the assets of credit institutions foreign bank branches, and the list of assets of the credit institutions, branches of foreign banks to handle.

2. Deploy the asset liquidation of credit institutions, foreign bank branch and find every means to recover the debt and assets of the credit institution, the foreign bank branch under the liquidation plan has been the Governor of the State Bank approval. All proceeds of the credit institutions, branches of foreign banks must be use to payments to the creditors according to the provisions of article 16 and article 17 of this circular.

3. Periodically on five (5) monthly, the Council is responsible for liquidation report monitoring Nest liquidation the liquidation of assets of the credit institution, the foreign bank branch under the liquidation plan has been the Governor of the State Bank approval.

4. After the end of liquidation, the liquidation Committee report in writing and State Bank Branch proposed the end liquidated under the provisions of this circular.

Category 3 MONITORING the LIQUIDATION of ASSETS of the CREDIT INSTITUTION, the FOREIGN BANK BRANCH article 20. Organizational structure of the Agency monitoring


1. The Governor of the State Bank of the decision establishing the monitoring Nest liquidation to oversee the liquidation of assets of the credit institution, foreign bank branch, appoints Chief monitoring Nest liquidation and specifies the tasks and powers of the captain and the crew members monitoring the liquidation.

2. liquidate oversee Nest has a minimum of five (5) members, including a representative of the State Bank of Vietnam, the State Bank branch and deposit insurance of Vietnam representative.

3. where necessary, the Governor of the State Bank may specify a different credit institutions participated in monitoring the liquidation of assets of the credit institution and the members involved with monitoring the liquidation by the Board or Board members of credit institutions to recommend standards conditions as prescribed in this circular.

Article 21. Operating mechanism of monitoring the liquidation 1. The crew members monitoring the liquidation work according to concurrent mechanism.

2. liquidate oversee Nest use seal of State Bank branch in the text, reported by Minister liquidation monitoring Nests.

3. Supervisor monitoring Nest liquidation and the members responsible to the Director of the Bank branch, the Governor of the State Bank on the implementation of its tasks.

4. The sessions of the monitoring of liquidation be conducted only when there is the participation of at least 2/3 of the total members. The decision of liquidation monitoring just passed when the consent of a majority of members present at the meeting. The case has a number of votes equal to the decision belongs to the head.

5. monitoring Nest liquidated mission ends when the Governor has decided to end the liquidated assets of credit institutions, branches of foreign banks.

6. Costs related to the activity of monitoring the liquidation due to credit institutions, branches of foreign banks. The cost accounting is in accordance with current accounting regime.

Article 22. Standards, conditions for crew members monitor liquidation 1. As officers in the relevant unit in the State Bank of Vietnam, the State Bank branch; Deposit insurance of Vietnam; or are the officers of the other institutions and was Governor of the State Bank appoints involved monitoring the liquidation.

2. Bachelor or postgraduate specialization in banking and finance and have at least 3 years of working in the banking industry or the deposit insurance.

3. Is not the owner, the person concerned of the Board members or members of the Board members, Committee members, General Manager, Board Member liquidation of credit institutions, branches of foreign banks be liquidated assets.

4. Chief monitoring Nest liquidation is the Director of the State Bank branch or who was Director of the State Bank branch authorization.

Article 23. Duties and powers of the monitoring of liquidation 1. Directs, supervises credit institutions, branches of foreign banks to inventory the entire public debt, receivables, pay; ask credit institutions, branches of foreign banks offer creditors, owed to the reference to determine the ability of payment and repayment sources.

2. Requests the Board of liquidation of credit institutions, branches of foreign banks, the reports provide documents, information about the status of organization and operation of credit institutions, branches of foreign banks in the process of liquidation of assets, made payments to creditors in the correct order of priority according to the provisions of this circular.

3. Monitor the whole process of liquidating the assets of credit institutions, branches of foreign banks.

4. periodic report fell ten (10) monthly or irregularly sent to State Bank Governor, Chairman of the people's Committee, Vietnam deposit insurance on the process of liquidating the assets of credit institutions, branches of foreign banks. In case of necessity have suggested text related agencies support credit institutions, branches of foreign banks recovery of receivables, handle the customer intentionally assets of credit institutions, branches of foreign banks.

5. Is entitled to recommend Director of State Bank branch has decided to suspend the activities of the members of the Board of the credit organization liquidation, foreign bank branch was liquidated, intentionally break the law or do not follow the liquidation plan or behaving pipe riveted property , disclaims liability, obligation; in serious cases, the Governor requested in writing the law protection agencies handle the individual (if any).

6. the recommendations of the Director of State Bank branch, the provincial people's Committee, the city and the Governor of the State Bank handling the problems arising outside of the jurisdiction.

7. monitoring Nest liquidation subject to the direction of the Director of the Bank branch where credit institutions, branches of foreign banks is headquartered.

8. report the credit institutions, branches of foreign banks made plans to divide the assets sent the Governor of the State Bank.

9. In the course of monitoring the liquidation of assets of the credit institution, if the credit institution does not have the ability to pay the debt, the organisation responsible for monitoring processing State Bank reports the decision of termination and liquidation of credit institutions request filed the petition for bankruptcy of credit organizations.

Chapter III LIABILITY of the RELEVANT article 24 UNITS. The liability of the credit institution, foreign branches, representative offices 1. Provides a full, honest the whole situation on the Organization and operation of credit institutions, branches of foreign banks, representative offices.

2. Prepare the report and other related provisions of license revocation and liquidate the assets of credit institutions, branches of foreign banks in accordance with the provisions of this circular.

Article 25. The responsibility of the Bank branch where credit institutions headquartered 1. Base inspection, monitoring results, suggested the Governor of the State Bank, review the decision to revoke the licence for credit institutions as defined in article 28 of law institutions and organizations.

2. Handle the petitions on matters relating to the process of revoking licenses and liquidate the assets of credit institutions, branches of foreign banks outside the competence of monitoring the liquidation.

3. participating in writing comments on recommendation of the Ombudsman, the Agency overseeing the Bank under the provisions of this circular.

4. The Governor of the State Bank to consider, handle the problems arising outside of the Authority relating to the process of revoking licenses and liquidate the assets of credit institutions, branches of foreign banks.

5. Election of the officers involved monitoring the liquidation under the provisions of this circular.

Article 26. The responsibility of the State Bank branch in the central cities, where the credit institution branch in coordination with the State Bank branch where credit institutions headquartered and inspection agencies, banking supervision in the recovery and liquidated the assets of credit institutions foreign bank branches.

Article 27. The Agency's responsibility to inspect, monitor Bank 1. On the basis of the results of the inspection, monitoring or suggested by credit institutions, foreign bank branch, representative office or suggested by State Bank branch or at the proposal of the competent agency, deems credit institutions, branches of foreign banks, representative offices have serious violations , affect system safety, inspection agency, monitoring the Bank do clue appraisal records, the Governor of the State Bank, review the decision to revoke the licence for credit institutions, branches of foreign banks, representative offices.

2. Advise the Governor of the State Bank in founding monitor liquidation, handle the difficulties and obstacles in the process of withdrawing a licence, the liquidation of assets.

3. The State Bank Governor suggested opinions the ministries related to the liquidation of assets of the credit institutions, branches of foreign banks in the event it deems necessary.

4. The Governor of the State Bank of the decision to establish the liquidation Board.

5. The decision to end the liquidation.

6. The decision to end the request processing and credit organizations filed the petition to commence a bankruptcy procedure credit institutions as defined in paragraph 3 to article 156 of the credit institutions Act.

Article 28. Responsibility of Legal Service opinion on legal issues related to the process of revoking licenses and liquidate the assets of credit institutions, branches of foreign banks.

Article 29. The responsibilities of the Office of the State Bank announced the decision to revoke the licence as prescribed in this circular.

Article 30. The responsibilities of the Service, other Local units in the State Bank participating in writing comments on recommendation of the Ombudsman, the Agency overseeing the Bank under the provisions of this circular.

Chapter IV article 31 ENFORCEMENT TERMS. Effect 1. This circular is effective from 11/12/2011.

2. Decision No. 45/1999/QD-NHNN5 on 5/2/1999 of the Governor of the State Bank issued a regulation revoked the license to establish and operate Vietnam Joint-stock credit organization and the liquidation of credit institutions under the supervision of the joint-stock Bank expired.

3. Paragraph 40, paragraph 41, paragraph 71, paragraph 72, paragraph 73 circular No. 03/2007/TT-NHNN on 5/6/2007 guidelines for implementing a number of articles of Decree No. 22/2006/ND-CP on February 28, 2006 by the Government on the organisation and operation of the foreign bank branch, joint venture Bank, 100% foreign-owned banks , representative offices of foreign credit institutions in Vietnam off effect.

Article 32. Organizations make


Chief, Chief Inspector, bank supervision, the heads of the relevant units in the State Bank, Director of the State Bank of India branch of the province, central cities, the Chairman and the members of the Management Board, the Chairman and the members of the Board members, the Chairman and members of the Supervisory Board , General Manager of the credit organization; The Director General of foreign bank branches, Head Office and the institutions, the individual concerned is responsible for implementation of this circular.