Headlines 19/07/2021 17:43 CH

Tightened regulations on special lending transactions with credit institutions under special control

Ngọc Ánh

On July 6, 2021, the Governor of the State Bank promulgates the Circular No. 08/2021/TT-NHNN prescribing special lending transactions with credit institutions under special control.

According to this Circular, regulations on special lending transactions with credit institutions under special control are tightened as follows:

- Regarding the term of special loan for support for liquidity granted to credit institutions that are in danger of becoming insolvent or fall into insolvency, threatening the stability of their system when they are under special control:

This term will be considered and decided by the State Bank, but less than 12 months.

 (Currently, the maximum term is 02 years (24 months)).

(This regulation also applies to credit institutions implementing approved business restructuring or ownership transfer plans).

- Regarding credit institutions that are in danger of becoming insolvent or fall into insolvency, threatening the stability of their system when they are under special control:

The Circular No. 08/2021 adds the regulation under which borrowers must provide collateral in priority order.

Circular No. 08/2021/TT-NHNN is entering into force as of October 27, 2021, replacing the Circular No. 01/2018/TT-NHNN dated January 26, 2018.

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