Thông tư 33/2016/TT-NHNN

CIRCULAR

ON RATIOS OF REVENUES OF ASSET MANAGEMENT COMPANY OF VIETNAMESE CREDIT INSTITUTIONS TO BAD DEBTS BOUGHT WITH SPECIAL BONDS

Pursuant to the Decree No. 156/2013/ND-CP dated November 11, 2013 by the Government defining the functions, tasks, entitlements and organizational structure of the State bank of Vietnam;

Pursuant to the Decree No. 53/2013/ND-CP dated May 18, 2013 by the Government providing for the establishment, organization and operation of Vietnam Asset Management Company which is amended and supplemented by the Decree No. 34/2015/ND-CP dated March 31, 2015 by the Government and the Decree No. 18/2016/ND-CP dated March 18, 2016 by the Government (hereinafter referred to as the Decree No. 53/2013/ND-CP);

At the request of the Chief of banking Inspection and supervision;

The Governor of the State bank of Vietnam hereby promulgates the Circular providing for the ratios of revenues of VAMC to bad debts bought with special bonds.

Article 1. Governing scope and regulated entities

1. This Circular provides for the rates of revenues of VAMC, including:

a) The ratios of revenues to the recovery of bad debts that the VAMC buys with special bonds specified in point i clause 1 Article 13 of the Decree No. 53/2013/ND-CP;

b) The ratios of revenues to the outstanding amount of bad debts bought by the VAMC with special bonds which are currently accounted on its balance sheet specified in point l clause 1 Article 13 of the Decree No. 53/2013/ND-CP.

2. Regulated entities of this Circular:

a) VAMC;

b) Vietnamese credit institutions selling bad debts to the VAMC and receiving special bonds (hereinafter referred to as debt-selling credit institutions);

c) Relevant organizations and individuals.

Article 2. Power, principle and basis for determination of rates of revenues

1. The Governor of the State bank of Vietnam shall decide the rates of revenues specified in clause 1 Article 1 of this Circular under the agreement with the Minister of Finance.

2. The rates of revenues shall be determined under the following rules:

a) Ensuring that the VAMC has sufficient revenues to make up for its operation expenses according to law and minimize the expenses of debt-selling credit institutions;

b) Boosting the settlement of bad debts.

3. Bases for the State bank of Vietnam to determine the rates of revenues include:

a) The financial plans of the fiscal year of the revenues whose rates are determined (hereinafter referred to as the fiscal year) of the VAMC, including:

(i) Plan on the amount recovered from bad debts bought by the VAMC with special bonds;

(ii) Plan on the outstanding amount of bad debts bought by the VAMC with special bonds which are accounted on its balance sheet;

(iii) The planned wage budget of VAMC.

b) The results of enterprise classification of the year immediately before the fiscal year of the VAMC.

Article 3. Procedures for determination of rates of revenues

1. Not later than the March 01 of a fiscal year, the VAMC shall report to the State bank of Vietnam (via the Department of Finance and Accounting) the planned rates of revenues on the basis of the financial plans of the fiscal year.

2. Within 05 days from the day on which the report from the VAMC is received, the Department of Finance and Accounting shall collect suggestions of the Bank Supervision and Inspection Agency and the Organization and Personnel Department.

3. Within 05 days from the day on which the request of the Department of Finance and Accounting is received, relevant units shall send written response to the Department of Finance and Accounting. The Organization and Personnel Department shall have suggestions about point a (iii) clause 3 Article 2 of this Circular and the Bank Supervision and Inspection Agency shall have suggestions about point b clause 3 Article 2 of this Circular.

4. Within 05 days from the day on which the suggestions from relevant units are received, the Department of Finance and Accounting shall request the Governor of the State bank of Vietnam to apply for collective suggestions of the Ministry of Finance within 10 days.

5. Within 05 days from the day on which the suggestions from the Ministry of Finance are received, the Department of Finance and Accounting shall request the Governor of the State bank of Vietnam to decide on rates of revenues of the fiscal year.

6. Not later than the March 31 of a fiscal year, the Governor of the State bank of Vietnam shall decide and notify the VAMC and debt-selling credit institutions the rates of revenues of the fiscal year.

Article 4. Effect

This Circular comes into force from February 15, 2017 and replaces the Circular No. 20/2014/TT-NHNN dated August 12, 2014 by the Governor of the State bank of Vietnam.

Article 5. Organization of implementation

The Chief officers, the Chief of banking Inspection and supervision, Heads of affiliates of the State bank of Vietnam, the Director of branches of the State Bank of provinces and central-affiliated cities, the President of the Board of Directors, the President of the Member assembly and the General Director (or Director) of Vietnamese credit institutions and the President of the Member assembly and the General Director of the VAMC are responsible for implementing this Circular./.