of June 26, 2013 No. 20/13
About approval of the Provision "About Procedure for Carrying Out the Kyrgyz Republic of Credit Auctions by National Bank for the purposes of Refinancing and Maintenance of Liquidity"
According to articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides:
1. Approve the Provision "About Procedure for Carrying Out the Kyrgyz Republic of Credit Auctions by National Bank for the purposes of Refinancing and Maintenance of Liquidity" it (is applied).
2. Declare invalid the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Procedure for Carrying Out the Kyrgyz Republic of Credit Auctions by National Bank for the purposes of Refinancing and Maintenance of Liquidity" of April 24, 2013 No. 13/18.
3. To legal management to publish this resolution on the official site of National Bank of the Kyrgyz Republic.
4. This resolution becomes effective after 15 days after official publication.
5. After official publication to send to Legal management this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.
6. To management of monetary transactions to bring this resolution to the attention of commercial banks.
7. To impose control for execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Abdybala тегин Page.
Chairman
Z.Asankozhoyeva
Approved by the Resolution of Government of National Bank of the Kyrgyz Republic of June 26, 2013 No. 20/13
1. This Provision determines procedure for provision by National Bank of the Kyrgyz Republic (further - National Bank) to the commercial banks (further - Banks/banks) performing the activities based on the license of National Bank, borrowing facilities on auction basis for the purposes of refinancing and maintenance of liquidity.
2. The National Bank carries out credit auctions according to Articles 5, 20 and 28 Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" for the purpose of realization of monetary policy of National Bank.
3. The purpose of carrying out credit auctions is provision to Banks for certain term of credit resources for the purposes of refinancing and maintenance of short-term bank liquidity.
4. Credit resources are provided for a period of the 1st up to 6 months. Conditions of provision and amounts of borrowing facilities are determined by the decision of Committee of monetary control of National Bank (further - KDKR).
5. Participants of credit auctions are National Bank, on the one hand, and the Banks conforming to the requirements established by this Provision and regulatory legal acts of National Bank, on the other hand.
6. Credit auction is method of carrying out transactions of refinancing by National Bank in national currency with use of the auction mechanism, under mortgage providing.
7. Credit resources - the money in som provided by National Bank to Bank on the terms of urgency, the paid nature and recoverability on fixed interest rate, under mortgage providing.
8. The general agreement about credit auction (General agreement) - the agreement signed between National Bank and Bank determining general terms and procedure for provision by National Bank of credit resources to Bank on refinancing and maintenance of liquidity following the results of credit auction and procedure for regulation of the legal relationship arising at the same time. The general agreement is signed in the form specified in Appendix to this Provision and in case of compliance of Bank to the conditions specified in Item 26 of this provision.
9. The credit agreement - the agreement signed between National Bank and Bank within the General agreement following the results of credit auction and based on which the National Bank grants to Bank the loan. The agreement determines conditions of provision and procedure for loan repayment and is integral part of the General agreement.
10. The pledge agreement - the agreement signed between National Bank and Bank within the General agreement following the results of credit auction and based on which the obligation of Bank on return of borrowing facilities is provided with pledge. The agreement determines conditions and procedure for provision of mortgage providing and is integral part of the General agreement.
11. Loan term - and finishing the period expressed in calendar days and calculated since day of issuance of credit with day of complete obligation fulfillment on the credit, inclusive, and specified in the credit agreement.
12. Cutting off rate - rate on which the satisfaction of requests comes to an end.
13. Operational day - according to regulations of operational day of National Bank during period of time from 8:30 till 16:30 each working day.
14. The credit resources issued by National Bank for the purposes of refinancing have purpose and shall be used by Bank on crediting of the projects performed in the territory of the Kyrgyz Republic by the legal entities and physical persons which are residents of Kyrgyzstan in the following directions:
- the industry, at the same time eskportooriyentirovanny and import-substituting industries are priority;
- agricultural industry, procurements and conversion, including:
- livestock production;
- crop production;
- transport, communication and service industry;
- trade and commerce (for payment of deliveries of products under agreements and contracts of legal entities and physical persons);
- construction;
- tourist sphere.
15. The maximum term of provision of credit resources by National Bank for the purposes of refinancing - 6 months.
16. As mortgage providing for the credit resources issued by National Bank for the purposes of refinancing the assets specified in Item 38 of this provision can act.
17. The nominal annual interest rate on the credits issued by Bank at the expense of credit resources of National Bank shall not exceed the interest rates established within special programs of the Government of the Kyrgyz Republic for subsidizing. At the same time the Bank in case of issuance of credit at the expense of means of National Bank has no right to charge/charge from the borrowers the fees, charges or other additional payments which will influence directly and/or indirectly exceeding of the specified nominal interest rate in value term, except penalties for non-execution of credit obligations by borrowers that shall be stipulated in contracts with borrowers. Responsibility for the correct calculation and application of interest rate shall be assigned to Bank according to the agreement on provision of borrowing facilities.
18. Provision of credit resources by National Bank on maintenance of bank liquidity is performed for maintenance of short-term liquidity.
19. The maximum term of provision of credit resources by National Bank on maintenance of bank liquidity-3 months.
20. As mortgage providing for the credit resources issued by National Bank for liquidity maintenance only government securities and/or, non-cash foreign currency in the form of the rights of requirements of the money which is on the interest-free deposit account in National Bank can act.
21. The bank has no right to use the credit resources received from National Bank for carrying out transactions in the interbank market, the foreign exchange market and the security market, including the market of government securities, and also for carrying out transactions with the insiders or affiliates. The bank shall use the received credit resources of National Bank only on the purposes stipulated in Items 14, 18 and 22 this provision.
22. The bank has the right to use the credit resources received on credit auction for the subsequent crediting of non-bank financial credit institutes, such as microfinance companies and the microcredit companies according to the conditions specified in Item 23 this provision.
23. If credit resources go Bank to the purposes designated in Item 22 this provision, following provisions shall be observed:
· Banks in day of provision of credit resources NFKU in writing notify on it National Bank with provision of the copy of the credit agreement between Bank and NFKU;
· The margin of Bank by provision of credit resources NFKU shall not exceed % 0,2;
· The credit agreement between Bank and NFKU shall contain the following items:
- the credit resources provided by NFKU Bank shall have purpose and NFKU on crediting of the projects performed in the territory of the Kyrgyz Republic by the legal entities and physical persons which are residents of Kyrgyzstan in the directions specified in Item 14 of this provision shall be used and also to answer the purpose specified in article 2 of the Law of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic";
- the restrictions on use of the credit resources provided by NFKU Bank, specified in Item of 21 this provision also extend to NFKU;
- NFKU has no right to use the credit resources received from Banks for refinancing of non-bank financial credit institutes, including credit unions, microfinance companies, the microcredit companies and the mikrocreditny agencies and other NFKU, including pawnshops;
- NFKU which received credit resources from Banks shall provide on monthly basis the report on use of credit resources in National Bank;
- Banks have the right to make replacement of the mortgage providing specified in the Pledge agreement to the Credit agreement. At the same time as mortgage providing GTsB and/or non-cash foreign currency in the form of the rights of requirements of the money which is on the interest-free deposit account in National Bank, belonging on NFKU property right - to the receiver of credit resources can act;
- in case of replacement of mortgage providing and provision by Bank as mortgage providing GTsB and/or non-cash foreign currency, belonging on NFKU property right - to the receiver of credit resources, the Bank shall provide in National Bank the consent of NFKU to replacement of the GTsB and/or non-cash foreign currency, in the form of rights to claim on the money which is on the interest-free deposit account in National Bank.
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The document ceased to be valid since December 25, 2013 according to Item 2 of the Resolution of Board of National Bank of the Kyrgyz Republic of November 27, 2013 No. 45/13.