Approved by the Resolution of Board of National Bank of Tajikistan of March 2, 2006 No. 71

Regulations on temporary administration on management of credit institution

Chapter 1. General provisions

1.1. This Provision is developed according to the requirements established by the law "About National Bank of Tajikistan" and establishes procedure for appointment, the organization, implementation and termination of activities of temporary administration for management of credit institution (further - temporary administration).

According to Item 6 of article 48 of the law "About National Bank of Tajikistan" the temporary administration is appointed by National Bank of Tajikistan in credit institution for a period of up to six months. After response at credit institution of the license for banking operations (further - licenses) the temporary administration is effective until appointment of the liquidator or until appointment of the receiver.

1.2. Temporary administration, and also the representative of temporary administration appointed by temporary administration and authorized to represent its interests in branch (governing bodies of the affiliated organization) of credit institution (further - the representative of temporary administration), are effective according to the laws, this Provision and with other regulations of Tajikistan.

Chapter 2. The bases of appointment of temporary administration in the operating credit institution

In compliance of article 49 of the Law the Republic of Tajikistan "About National Bank of Tajikistan" National Bank of Tajikistan has the right to appoint temporary administration if:

1) the credit institution does not meet the requirement of certain creditors for monetary commitments and (or) does not fulfill duty on payment of obligatory payments in the terms exceeding seven days and more from the moment of approach of date of their satisfaction and (or) execution, due to the lack or insufficiency of money on correspondent accounts of credit institution;

2) the credit institution allows decrease in own means (capital) in comparison with their maximum size reached for the last 12 months, more than for 30 percent in case of simultaneous violation of one of the obligatory standard rates established by National Bank of Tajikistan;

3) the credit institution violates the standard rate of current liquidity established by National Bank of Tajikistan within the last month more than for 20 percent;

4) the cost of liabilities of credit institution exceeds asset cost calculated according to the standards ordered by National Bank of Tajikistan;

5) the credit institution does not perform the requirement of National Bank of Tajikistan about replacement of the head of credit institution, or about implementation of measures for financial improvement, or reorganization of credit institution at the scheduled time;

6) according to the Law of the Republic of Tajikistan "About banks and banking activity" the credit institution of the license has bases for response.

Chapter 3. Procedure for appointment of temporary administration

3.1. The decision on appointment of temporary administration is made on representation of Management of banking supervision of National Bank of Tajikistan and on the basis of board decision of National Bank of Tajikistan.

3.2. The petition for appointment of temporary administration shall contain:

- data on credit institution (corporate (complete official) and the abbreviated name of credit institution, registration number, registration date, the primary state registration number of credit institution according to the Unified State Register of Legal Entities, date of entering of record into the Unified State Register of Legal Entities, the location of credit institution, type, number and date of issue of the license);

- reasons for appointment of temporary administration according to the requirements established by the Law of the Republic of Tajikistan "About National Bank of Tajikistan";

- data on financial condition of credit institution (taking into account results of the last inspection check, assessment of the violations revealed in activities of credit institution and results of elimination of violations by which corrective actions were applied to credit institution earlier);

- offer on effective period of temporary administration;

- offer on structure of temporary administration: candidates for the head of temporary administration, the deputy manager of temporary administration (if necessary), members of temporary administration (with indication of the surname, name, middle name of each candidate held by him position on principle place of employment, compliance of its education and to the qualification requirements established by this Provision);

- the offer on powers of temporary administration and powers of executive bodies of credit institution (about restriction or about suspension of powers of executive bodies of credit institution);

- list of corresponding banks of credit institution;

- other data which territorial office and (or) and Management of banking supervision and licensing of National Bank of Tajikistan recognizes essential to reasons for the petition for appointment of temporary administration.

3.3. The decision on appointment of temporary administration is made by Board of National Bank of Tajikistan.

Behind Board decision of National Bank of Tajikistan about appointment of temporary administration shall contain:

- corporate (complete official) and the abbreviated name of credit institution, registration date, the primary state registration number of credit institution according to the Unified State Register of Legal Entities, the location of credit institution, number and date of issue of the license;

- the name of the law and the reference to Article (Item, the subitem) based on which the decision on appointment of temporary administration is made;

3.5. Board decision about appointment of temporary administration is carried to territorial offices of National Bank of Tajikistan according to the procedure, established by regulations and is published National by Bank of Tajikistan in "the Bulletin of National Bank of Tajikistan" within 10 days from the moment of its acceptance.

3.6. The head of temporary administration, the deputy manager of temporary administration and members of temporary administration are appointed by National Bank of Tajikistan according to the offer of Management of banking supervision and licensing, according to the legislation of the Republic of Tajikistan.

3.7. According to the offer of Management of banking supervision and licensing of National Bank of Tajikistan according to which petition the Temporary administration is appointed Board decision of National Bank of Tajikistan about appointment of Temporary administration can be changed and added regarding assignment of obligations of the head of Temporary administration on other person, and also regarding change of structure, effective period and powers of Temporary administration. Introduction of the specified changes and amendments is drawn up by Board decision of National Bank of Tajikistan and it is carried to territorial offices and credit institutions, and is published in the Bulletin of National Bank of Tajikistan.

3.8. Distribution of obligations between members of temporary administration is drawn up, the order of the head of temporary administration.

Chapter 4. Structure of temporary administration

4.1. The head of temporary administration, the deputy manager of temporary administration (if necessary) and members of temporary administration are part of temporary administration. The temporary administration is headed by the head of temporary administration. The quantitative structure of temporary administration is determined depending on availability at credit institution of branch network, and also from nature and amount of the forthcoming work.

4.2. The head of temporary administration (the deputy manager of temporary administration) shall have the higher economic or higher legal education, length of service in bank system at least three years.

4.3. Members of temporary administration shall have the higher economic or legal education, and in the absence of economic or legal higher education - the work experience in the field of banking activity is at least heels of years.

4.4. Cannot be part of temporary administration:

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