of February 18, 2025 No. ZRU-1031
About guarantees of protection of deposits in banks
Accepted by Legislative house on October 18, 2024
Approved by the Senate on January 24, 2025
The purpose of this Law is regulation of the relations in the field of guaranteeing household deposits, including individual entrepreneurs, and also legal entities in banks.
The legislation on guarantees of protection of deposits in banks consists of this Law and other acts of the legislation.
If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about guarantees of protection of deposits in banks then are applied rules of the international treaty.
In this Law the following basic concepts are applied:
agent bank - the bank which is selected by Agency on guaranteeing deposits for payment of compensation for the guaranteed deposits;
fees - the money which is subject to payment by banks in Fund of guaranteeing deposits in the form of one-time, calendar and special fees;
subject to guaranteeing - the money of the investor in bank guaranteed according to this Law;
the guaranteed contribution - subject to guaranteeing or its part on which compensation on the guaranteed deposits is paid;
compensation on the guaranteed deposits (further - compensation) - the money paid by Agency on guaranteeing deposits in case of approach of warranty case;
warranty case - the provision resulting from acceptance by the Central bank of the Republic of Uzbekistan (further - the Central bank) decisions on revocation of license on the right of implementation of banking activity and involuntary liquidation of bank;
Fund of guaranteeing deposits (further - Fund) - the set of separately allocated funds managed by Agency on guaranteeing deposits according to the procedure, provided by this Law;
the investor - the physical person or legal entity which signed with bank bank deposit agreement or bank account agreement, or person for benefit of whom the contribution is made.
The agency on guaranteeing deposits (further - the Agency) is public institution which is considered authorized body in the field of guaranteeing protection of deposits in banks.
The main objectives of the Agency are:
management of Fund;
payment by fund of compensations according to this Law;
use of fund and fund of sanitation in case of sanitation of bank;
depositor protection, the subjects to guaranteeing which are owners;
increase in public trust to bank system and ensuring banking system stability.
The agency is independent when implementing the powers.
The agency opens accounts in the Central bank for storage of fund and fund of sanitation, and also in commercial bank for implementation of operating activiies of the Agency.
The agency cannot be engaged in financial assistance and charity, and also to act as the founder of the legal entities, except as specified, provided by the law.
To state bodies and their officials, and also legal entities, including banks, it is forbidden to interfere with activities of the Agency, except as specified, provided by this Law.
The acts of the legislation determining procedure for creation (reorganization) for public institutions, implementation and termination of their activities extend to activities of the Agency in the part which is not contradicting this Law.
The agency has the right:
demand from banks of timely and complete payment of the fees provided in part one of article 17 of this Law;
request from banks at any time data on subjects to guaranteeing in anonymous form, including information for determination of the amounts of subjects to guaranteeing and the guaranteed deposits, necessary for the Agency for accomplishment of the obligations, and also to require explanation according to information received;
request from the Central bank of the data and information, necessary for the Agency for accomplishment of the obligations;
establish payment of special fees;
obtain loans from legal entities, and also the grants and other borrowed funds provided by this Law for the purpose of replenishment of fund;
perform investing activities according to this Law;
sign credit agreements with the Central bank for ensuring liquidity in case of insufficiency of fund on security, acceptable for the Central bank;
demand from banks of informing the public on system of guaranteeing deposits;
send to banks of the instruction about elimination of the revealed violations of requirements of the legislation on guarantees of protection of deposits in banks;
participate in inspection (inspections) of banks which are carried out by the Central bank regarding observance by banks of the legislation on guarantees of protection of deposits in banks;
choose one or several banks for accomplishment of function of agent bank when implementing payment process of compensations;
request the additional information and data, including copies of documents from the liquidator of bank in which there came the warranty case (further - the liquidator), if information and data provided by the liquidator are insufficient for implementation of actions for payment of compensations.
The agency can have also other rights according to the legislation.
The agency shall:
keep the register of the banks participating in system of guaranteeing deposits;
establish rate of calendar fee;
exercise supervision of correctness of calculation, timeliness and completeness of transfer of the fees which are subject to payment by banks in Fund according to this Law;
use fund and fund of sanitation in case of sanitation of banks;
regularly, but at least once in three years to estimate the size of the guaranteed contribution and the target size of fund;
pay compensations according to the procedure, on conditions and in the sizes provided by this Law in case of approach of warranty case;
give to owners of subjects to guaranteeing access to the data concerning them in the register provided to the Agency for payment of compensations;
in case of approach of warranty case to publish on the official website up-to-date information about payment process of compensations, and also on requests of investors to provide information on their requirements;
inform the public on system of guaranteeing deposits according to requirements of this Law;
notify the Central bank on violation by banks of obligations, stipulated in Article 15 these Laws;
use information on banks and their investors which became known in process of accomplishment of the obligations it is exclusive for the purpose of accomplishment of the tasks assigned to the Agency;
ensure safety and confidentiality of the data including which are bank or trade secret or other secret protected by the law which became known to it in the course of accomplishment of the obligations or were provided according to this Law;
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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