CIRCULAR provisions on termination and mobilization for gold loans of credit organizations _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 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. 96/2008/ND-CP on August 26, 2008 Government's functions, tasks, powers and structure of the State Bank of Vietnam;
Pursuant resolution 11/NQ-CP on February 24, 2012 of the Government about the solutions primarily focused to curb inflation, stabilize the macro economy, ensuring social security;
The State Bank of Vietnam regulations on mobilizing and termination for gold loans of credit institutions, branches of foreign banks (called credit institutions) are as follows: article 1. Credit institutions are not made for gold loans to customers and credit institutions (including credit agreements signed but not yet disbursed or yet disbursed); not sent gold in other credit institutions; not done the fiduciary services, investment and other forms of credit supply by gold.
Article 2. Credit institutions are not financed by gold, except for short-term certificate issued by gold to pay gold upon the request of the client when the gold currency debt and insufficient funds exist to pay. The release of the short term certificate in gold of the credit organization ended on May 1, 2012.
Article 3. Credit institutions are not converting capital in gold before the Council of Vietnam and other forms of money. As for the Golden capital has converted the money to all math is at the latest on 30 June 2011.
Article 4. The responsibilities of the institutions 1. With regard to the credit institution: mobilizing and report for loans in gold according to annex 1, annex 2, Appendix 3 and Appendix 4 of this circular; provide the relevant information as requested by the State Bank of Vietnam in each period.
2. for State Bank branch, central cities: a) make inspections, check termination and mobilization for gold loans of credit organizations in, treats the violation according to the authority.
b) reported the situation to mobilize capital and loans in gold of the credit organization according to Appendix 5 of this circular; the report and recommendations to the Governor of the State Bank to handle the difficulties and obstacles regarding the termination of the mobilization and lending of gold by credit institutions.
3. for the inspection agency, the banking supervision: supervise, inspect, check termination and mobilization for gold loans of credit institutions as defined in this circular; processing the violation under the jurisdiction; the report and recommendations to the Governor of the State Bank to handle the difficulties and obstacles regarding the termination of the mobilization and lending of gold by credit institutions.
Article 5. Implementation 1. This circular effect since January 1st, 2011.
2. Circular No. 03/2009/TT-NHNN dated Jan. 29, 2011 of the Governor of the State Bank regulations on mobilization and lending by credit institutions of the gold runs out of effect.
3. Office, Director of monetary policy and the heads of the units of the State Bank of Vietnam; Director of State Bank branch in the province, central cities; Chairman of the Board, General Director (Manager) and personal credit institutions, organisations responsible for the implementation of this circular.