Approved by Board decision of National Bank of the Azerbaijan Republic of September 1, 2005 No. 25

Rules of creation, representation and control of prudential reports on the consolidated basis

1. General provisions

1.1. These rules are prepared based on the Laws of the Azerbaijan Republic "About National Bank of the Azerbaijan Republic", "About banks", other regulatory legal acts, and determine rules by creation, submission of prudential reports on the basis of consolidation of banks, including local branches of foreign banks (further - banks), and also holding companies according to International accounting standards (further - IFRS), and control over them based on these reports.

1.2. Main goal of control is determination of influence on the banks which are not controlled directly by National Bank of the Azerbaijan Republic (further - National Bank), the shareholders of bank having the prevailing share and other persons having participation in bank on the current and future financial position of these banks, and also determination of their influence on reliability and prudential management of banks, support to National Bank in safety and reliability of bank system.

2. Determinations

The determinations used in these rules have the following values:

2.1. The affiliated organization is the organization in which other organization (parent organization) in view of the prevailing participation in the authorized capital or it agrees to the agreement signed between participants in the appropriate order has rights to determine the decisions made by it.

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