Approved by Board decision of National Bank of the Azerbaijan Republic of January 27, 2001 No. 1

Rules about standard rates (prudential standard rates) of economic regulation of Credit Union

I. General provisions

Standard rates (prudential standard rates) of economic regulation containing in these rules are prepared according to requirements of the laws of the Azerbaijan Republic "About National Bank of the Azerbaijan Republic", "About banks and banking activity in the Azerbaijan Republic", "About credit unions" and the Tax code of the Azerbaijan Republic.

For the purpose of ensuring development in the Azerbaijan Republic of system of Credit Union (further - KS) on strong and stable bases, control of its financial position and activities regulation the National Bank of the Azerbaijan Republic (daleenb) according to the law establishes the following standard rates (prudential standard rates) of economic regulation for KS:

1. minimum size of the authorized capital;

2. standard rate of the minimum size of the capital and standard rate of coefficient of its adequacy;

3. the standard rate of compliance of the means raised for dates of return of funds;

4. standard rates of the maximum loan amount issued to one member;

5. standard rate of the maximum size of unsecured loans;

6. standard rate and rules of creation of the standard rate of equity reserve of KS;

7. classification of the credits, regulations and rules of creation of special reserve fund.

If necessary the NBA can change these standard rates. It is necessary to notify KS not later than one month before application of standard rates on changes.

During the accounting period of KS shall observe prudential standard rates constantly.

Concepts

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