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THE
STATE BANK
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No.
85/2000/QD-NHNN14
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Hanoi,
March 9, 2000
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DECISION
PROMULGATING THE REGULATION ON OPEN-MARKET OPERATIONS
THE STATE BANK GOVERNOR
Pursuant to December 12, 1997
Law No.01/1997/QH10 on the Vietnam State Bank and December 12, 1997 Law
No.02/1997/QH10 on Credit Institutions;
Pursuant to the Government’s Decree No.15/CP of March 2, 1993 on the tasks,
powers and State management responsibilities of the ministries and the
ministerial-level agencies;
At the proposal of the Director of the Credit Department,
DECIDES:
Article 1.-
To promulgate together with this Decree the Regulation on open-market
operations.
Article 2.- This
Decision takes effect 15 days after its signing.
Article 3.-
The Director of the Office, the Director of the Monetary Policy Department, the
Director of the State Bank’s Transaction Bureau, the Director of the Credit
Department, the heads of the relevant units under the State Bank, the directors
of the State Bank’s branches in the provinces and centrally-run cities, the
chairmen of the managing boards and the general directors (directors) of the
credit institutions participating in open-market operations shall have to implement
this Decision.
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STATE
BANK GOVERNOR
Le Duc Thuy
REGULATION
ON OPEN-MARKET OPERATIONS
(Promulgated together with the State Bank Governor’s Decision
No.85/2000/QD-NHNN14 of March 9, 2000)
Chapter I
GENERAL PROVISIONS
Article
1.- Regulation scope and application objects
This Regulation specifies the
purchase and sale of treasury bills, deposit certificates, State Bank credit
bills and other short-term valuable papers (hereinafter referred collectively
to as valuable papers) between the State Bank and credit institutions on the
monetary market, in order to realize the national monetary policy.
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1. Remaining term is the
remaining payment term of short-term valuable papers, counting from the date
such valuable papers are purchased or sold through open-market operations till
the due payment date.
2. Sale and redemption
commitment (called forward transaction for short) are undertakings
whereby the seller (the State Bank or a credit institution) sells and transfers
the ownership right over valuable papers to the buyer (a credit institution or
the State Bank), and at the same time commits to buy back such valuable papers
and receive back the ownership right thereover after a definite duration.
3. Definitive purchase or
sale is the purchase, sale and transfer of ownership right over valuable
papers from the seller to the purchaser, not accompanied by a commitment to buy
back or resell such valuable papers.
4. Volume bidding is the
determination of bid-winning volume of credit institutions participating in
open-market operations on the basis of tendering volume of such credit
institutions, volume of purchased or sold valuable papers, and interest rate(s)
notified by the State Bank.
5. Interest rate bidding
is the determination of bid-winning interest rate of credit institutions
participating in open-market operations on the basis of tendering interest
rates offered by such credit institutions, and volume of purchased or sold
valuable papers notified by the State Bank.
6. Notification date is
the date when the State Bank sends notices on the purchase or sale of valuable
papers.
7. Bidding date is the
date when credit institutions submit their tender applications, and the State
Bank organizes the bid evaluation and announces the bidding results.
8. Payment date is the
date when bid-winning credit institutions carry out the delivery, reception of
and payment for valuable papers with the State Bank, 2 days after the bidding
date.
Article
3.- The Board for Management of Open-Market Operations
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Article 4.-
Members participating in open-market operations
Members participating in
open-market operations are credit institutions established and operating under
the Law on Credit Institutions and fully meeting the conditions prescribed in
Article 5 of this Regulation.
Article 5.-
The conditions for participating in open markets
Credit institutions shall be
recognized as members participating in open-market operations when they fully
meet the following conditions:
1. Having deposit accounts at
the State Bank (the State Bank’s Transaction Bureau or its provincial/municipal
branches);
2. Having adequate facilities
necessary for participation in the open-market operations, including computer
networks hooked up with the State Bank’s, facsimiles and telephones for
transactions with the State Bank;
3. Having registered to
participate in the open-market operations.
Article 6.-
Recognition of members to participate in open-market operations
Credit institutions that fully
meet the conditions prescribed in Article 5 of this Regulation shall be
recognized in writing by the State Bank as the market’s members.
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General directors (directors) of
credit institutions shall decide and sign papers related to the open-market
operation transactions. General directors (directors) may authorize deputy
general directors (deputy directors) or directors of transaction offices or
directors of branches of credit institutions to implement their decisions and
sign documents for open-market operation transactions, and shall be responsible
for such authorization.
Article 8.-
Valuable papers which can be transacted through open markets include:
1. Treasury bills.
2. The State Bank’s credit
bills.
3. Other kinds of short-term
valuable papers specified by the State Bank Governor in each period.
Article 9.-
Modes of purchasing or selling valuable papers
The Board for Management of
Open-Market Operations shall decide upon each trading session that either of
the following modes shall apply:
- Sale and redemption commitment
(forward transactions)
- Definitive purchase or sale.
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Credit institutions recognized
by the State Bank as members participating in open-market operations shall be
granted codes and passwords for conducting transactions via computers and/or
facsimiles, as well as codes of signatures of representatives authorized by
such credit institutions to participate in transactions, in order to observe
the confidentiality regime for open-market operation transactions.
Article
11.- Transaction days and regular organization of performance of
open-market operations
1. Days for open-market
operation transactions shall be counted according to working days, excluding
weekends, public holidays and new year holidays.
2. Fixed time and date for
organizing the performance of open-market operations shall be specified by the
Board for Management of Open-Market Operations in each period.
Chapter II
SPECIFIC PROVISIONS
Article
12.- Conditions for valuable papers to be transacted through open markets
Valuable papers specified in
Article 8 of this Regulation shall be transacted through open-market operations
when they fully meet the following conditions:
1. Being transactable;
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3. Being registered at the State
Bank according to the State Bank’s regulations on registration of short-term
valuable papers;
4. Having a maximum remaining
term of 90 days, for valuable papers to be definitively purchased or sold.
Article
13.- Bidding modes
The purchase or sale of valuable
papers of all kinds between the State Bank and credit institutions shall be
effected by mode of volume bidding or interest rate bidding.
1. Volume bidding:
a/ The State Bank shall notify
credit institutions of the interest rates and the volumes of assorted valuable
papers that need to be purchased or sold.
b/ Credit institutions shall
make their tenders on the volume of assorted valuable papers that need to be
purchased or sold at the interest rate notified by the State Bank.
c/ In cases where the total
volume tendered by credit institutions is equal to or lower than the volume
that the State Bank needs to purchase or sell, the bid-winning volume of each
credit institution shall be its tendering volume.
d/ In cases where the total
volume tendered by credit institutions exceeds the volume that the State Bank
needs to purchase or sell, the bid-winning valuable paper volume shall be
distributed in proportion to the volumes tendered by such credit institutions,
and rounded up to 10 million dong.
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a/ The State Bank shall announce
the volume of valuable papers of various kinds that need to be purchased or
sold.
b/ Credit institutions shall
make their tenders upon different interest rates and volumes of valuable papers
that need to be purchased or sold respectively subject to such interest rates.
Tendering interest rates shall be calculated in percentage per year (%/year)
and shall be rounded up to decimals with 2 numerals following the decimal
point.
c/ Credit institutions’ tender
applications shall be put in order of tendering interest rates from higher to
lower ones for cases where the State Bank purchases valuable papers, or from
lower to higher ones for cases where the State Bank sells valuable papers.
d/ Bid-winning interest rate
shall be the lowest tendering interest rate (in cases where the State Bank
purchases valuable papers) or the highest tendering interest rate (in cases
where the State Bank sells valuable papers), provided that at such interest
rate, the volume of valuable papers that the State Bank need to purchase or
sell can be obtained.
e/ The bid-winning volume of
credit institutions is the total of tendering volumes with interest rates equal
to or higher than the bid-winning interest rate (in cases where the State Bank
purchases valuable papers) or with tendering interest rates equal to or lower
than the bid-winning interest rate (in cases where the State Bank sells
valuable papers).
f/ In each period, the Board for
Management of Open-Market Operations shall announce the application of the bid
evaluation mode according to the uniform interest rate or particular interest
rates.
- Unified interest rate: The
whole bid-winning volume shall be determined according to the bid-winning
interest rate.
- Separate interest rates: Each bid-winning
volume shall be determined corresponding to each tendering interest rate.
g/ In cases where the total
tendering volume of credit institutions, at the bid-winning interest rate,
exceeds the volume of valuable papers that the State Bank needs to purchase or
sell, the bid-winning valuable paper volume of credit institutions at the
bid-winning interest rate shall be calculated in proportion to the volume
tendered by such credit institutions at such bid-winning interest rate and
rounded up to 10 million dong. In cases where there are various kinds of
valuable papers that need to be purchased or sold at the bid-winning interest
rate of a credit institution, the State Bank, when evaluating bids, shall put
such valuable papers in the following priority order:
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- Valuable papers with shorter
selling or purchasing terms (in case of definitive purchase or sale).
- Valuable papers with shorter
remaining terms.
Article
14.- Determination of volumes and terms of valuable papers that need to be
purchased or sold
1. From 08.00 hrs to 10.00 hrs
on the notification date, the Head of the Board for Management of Open-Market
Operations or Deputy-Head authorized by the Head shall meet with the Board’s
members to determine the following principal contents:
a/ Volume of assorted valuable
papers that need to be purchased or sold;
b/ Bidding mode;
c/ Bid evaluation mode (in case
of interest rate bidding);
d/ Terms of forward purchase or
sale transactions;
e/ Purchasing or selling
interest rates (in case of volume bidding)
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a/ Objectives of the monetary
policy;
b/ Predicted liquidity capital
amount;
c/ Bid-winning volumes and
interest rates of assorted short-term valuable papers already purchased or sold
by the State Bank through open-market operations at the latest bidding session;
d/ Reference to current interest
rates on the market;
e/ Situation on the State Bank’s
activities of reallocating capital to credit institutions.
3. At 11.30 hrs on the
notification date at the latest, the Board for Management of Open-Market
Operations shall notify the State Bank’s Transaction Bureau (the section for
open-market operations) of the contents specified in Clause 1 of this Article.
Article
15.- Notices on purchase or sale of valuable papers
From 13.00 hrs to 14.30 hrs on
the notification date, the State Bank’s Transaction Bureau shall send notices
on purchase or sale of valuable papers to credit institutions and the State
Bank’s branches via computer networks with the following principal contents:
1. Bidding date;
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3. Kinds of valuable papers that
need to be purchased or sold;
4. Terms of valuable papers;
5. Forms of valuable papers that
need to be purchased or sold (certificates or book entries);
6. Volume to be purchased or
sold (calculated according to the value of valuable papers when they are due
for payment);
7. Due payment date of each kind
of short-term valuable papers (in cases where the State Bank sells them);
8. Terms of forward
transactions;
9. Bidding mode;
10. Bid evaluation mode (in case
of interest rate bidding);
11. Purchase or sale modes;
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At each purchase or sale
transaction session, the State Bank shall apply only one uniform purchase or
sale term to different kinds of valuable papers and apply either mode of
interest rate bidding or volume bidding.
Article
16.- Submission of tender applications
From 08.00 hrs to 10.00 hrs on
the bidding date (immediately after the notification date), credit institutions
shall base themselves on the State Bank’s notices on purchase or sale of
valuable papers to submit tender applications for purchase or sale registration
with the State Bank’s Transaction Bureau (the section for open-market
operations) via the computer networks with the following contents:
1. Kinds of valuable papers that
need to be purchased or sold;
2. Terms of valuable papers;
3. Forms of valuable papers that
need to be purchased or sold (certificates or book entries);
4. Volume to be purchased or
sold (calculated according to the value of valuable papers when they are due for
payment);
5. Tendering interest rate of
each kind of valuable papers that need to be purchased or sold (in case of
interest rate bidding);
6. Due payment date of each
kind;
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8. Purchase or sale term of each
kind (number of days);
9. Codes of signatures of
transaction participants (table makers), controllers and competent persons.
Within the time limit for
submission of tender applications, credit institutions may change contents of
their tender applications to new ones or cancel their tender applications via
computer networks. Changes to contents of credit institutions’ tender
applications shall be effective only after the previous tender applications are
revoked.
The total volume of valuable
papers registered for purchase or sale by a credit institution in a tender
application must be at least 100 million dong.
Article
17.- Invalid tender applications
A credit institution’s tender
application shall be considered invalid in the following cases:
1. The tender application is not
compatible with the prescribed code;
2. The code of the signature of
the credit institution’s representative in the tender application does not
match the signature code granted by the State Bank;
3. The tendering interest rate
has not yet been rounded up to decimals with two numerals after the decimal
point;
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5. The total volume of valuable
papers inscribed in a tender application is lower than 100 million dong;
6. The tender application’s
contents are not properly filled in according to provisions of this Regulation;
7. The credit institution sells
valuable papers but has no valuable papers registered at the State Bank as
prescribed. The remaining term of valuable papers registered for sale is
shorter than the term of contracts for sale and redemption.
For invalid tender applications,
the State Bank (the Transaction Bureau) shall notify the concerned credit
institutions thereof via computer networks or facsimile.
Article
18.- Organization of bid evaluation
1. From 10.00 hrs to 11.30 hrs
on the bidding date, the State Bank shall carry out the bid evaluation. The State
Bank Governor shall assign the Director of the State Bank’s Transaction Bureau
to organize the bid evaluation to the witness of members of the Board for
Management of Open-Market Operations to be decided by the Board’s Chairman.
2. The bid evaluation shall be
carried out according to the contents notified by the Board for Management of
Open-Market Operations and the procedural process for open-market operations
prescribed by the State Bank’s Transaction Bureau.
3. In cases where a valuable
paper-selling credit institution does not have enough valuable papers
registered at the State Bank or the remaining term of valuable papers
registered for sale is shorter than the term of the sale and redemption
contract, the State Bank shall only accept to carry out bid evaluation for a
volume equal to that of valuable papers already registered at the State Bank or
a volume of valuable papers with a term longer than that of the sale and
redemption contract.
Article
19.- Determination of purchasing price or selling price of valuable papers
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a/ The selling price between the
State Bank and credit institutions shall be determined according to the
following formula:
Gd
=
GT
1
+
L
x T
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Gd: Selling price;
GT: Value of valuable papers
when they are due for payment;
T: Remaining term of valuable
papers (number of days);
L: Unified interest rate or
separate interest rate (in case of interest rate bidding) or interest rate announced
by the State Bank (in case of volume bidding) at the bidding session,
calculated in percentage per year (%/year);
365: Conventional number of days
of a year.
b/ The re-purchase price between
the State Bank and credit institutions shall be determined according to the
following formula:
Gv
=
Gd
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1
+
L
x Tb
365
x 100
Gv: Re-purchase price;
Gd: Selling price;
L: Unified interest rate or
separate interest rate (in case of interest rate bidding) or interest rate announced
by the State Bank (in case of volume bidding) at the bidding session,
calculated in percentage per year (%/year);
Tb: Sale term (number of days);
365: Conventional number of days
of a year.
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Definitive purchase or sale
prices of valuable papers shall be determined according to the formula
prescribed in Clause 1, Paragraph a of this Article.
Article
20.- Notification of bidding results
1. At 14.00 hrs on the bidding
date at the latest, the State Bank shall notify the bidding results to credit
institutions participating in the bidding and the State Bank’s
provincial/municipal branches via the computer network. A bidding result notice
shall include the following principal contents:
a/ Bidding date;
b/ Bid-winning volume;
c/ Bid-failing volume;
d/ Bid-winning interest rate;
e/ Payment amount;
f/ Payment date.
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Article
21.- Making, hand-over and reception of sale and redemption contracts
1. Contracts for sale and
redemption of valuable papers shall be made by the sellers.
2. Upon receiving notices on the
bidding results sent by the State Bank, credit institutions that sell valuable
papers shall make sale and redemption contracts and send them to the State Bank
via computer networks and facsimile.
3. The State Bank (the
Transaction Bureau) shall make sale and redemption contracts in cases where the
State Bank sells valuable papers to credit institutions. Sale and redemption
contracts made by the State Bank shall be sent to the bid-winning credit
institutions via computer networks and facsimile.
4. Sale and redemption contracts
must be made and sent not later than 15.00 hrs on the bidding date.
5. Upon receiving sale and redemption
contracts, the competent persons of the bid-winning credit institutions or the
State Bank’s Transaction Bureau shall put their signatures and affix seals on
the facsimiled contracts, then send them to the sellers via computer networks
and facsimile not later than 15.30 hrs on the bidding date.
6. The section for open-market
operations (the State Bank’s Transaction Bureau) shall send such sale and
redemption contracts via facsimile to the concerned sections of the Transaction
Bureau and the State Bank’s branches before 16.30 hrs on the same day.
7. Sale and redemption contracts
shall serve as basis for effecting the payment, delivery and reception of
valuable papers between the State Bank and credit institutions in case of
forward transactions.
Article
22.- Payment for and transfer of ownership right over valuable papers
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2. In cases where a bid-winning
credit institution that purchases valuable papers has not enough money to pay,
the State Bank (the Transaction Bureau) shall make deduction from such
bid-winning credit institution’s account at the State Bank to fully cover the
payment for the bid-wining volume. If such deduction is still not enough to
fully cover the payable amount, the State Bank shall cancel the unpaid
bid-winning part.
3. On the date when the sale and
redemption contract expires, the purchaser and seller shall effect the transfer
of ownership right over valuable papers and make payment according to the
parties’ commitments in such sale and redemption contract.
4. When the payment term is due,
and the credit institution that has sold and committed to buy back valuable
papers fails to make payment or fails to pay in full the payable amount, the
State Bank (the Transaction Bureau) shall make deduction from such credit
institution’s account at the State Bank to make up for the deficit. If after
the above-said measure is applied, the payable amount is still not fully
covered, the State Bank shall temporarily withhold the unpaid volume of
valuable papers in a separate account. If 10 days after the payment term is
due, the credit institution still fails to pay in full the payable amount, the
State Bank shall sell the withheld volume of valuable papers to recover their
capital. The payment shall be effected via the credit institution’s deposit
account at the State Bank.
Article
23.- Handling of violations
Credit institutions
participating in the bidding that commit for 3 consecutive times one of the
following breaches shall be temporarily suspended by the State Bank from
participating in the purchase and sale for a period of 3 months from the date
the notice on the 3rd breach is sent:
1. Failing to adequately
register a volume of valuable papers corresponding to that already registered
for bidding (for cases where credit institutions sell valuable papers);
2. Having not enough money to
pay for the bid-winning volume notified by the State Bank;
3. Failing to pay or failing to
pay in full the payable amount when the payment term is due for cases where
credit institutions sell and commit to buy back.
Article
24.- Reporting on the performance of open-market operations
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Monthly, quarterly and annually,
State Bank’s Transaction Bureau shall review and report on the performance of
open-market operations in the period to the State Bank Governor, the Board for
Management of Open-Market Operations and the concerned units.
Chapter
III
IMPLEMENTATION PROVISIONS
Article
25.- Responsibilities of the units attached to the State Bank
1. The Credit Department:
a/ To provide information on the
capital reallocation activities to the Board for Management of Open-Market
Operations and the section for management of liquidity capital.
b/ To coordinate with the State
Bank’s Transaction Bureau in determining the structure of valuable papers to be
transacted through open-market operations.
2. The Monetary Policy
Department:
a/ To manage, monitor and provide
the results of forecast on liquidity capital of credit institutions regularly
to the Board for Management of Open-Market Operations according to the
Regulation on management of liquidity capital.
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c/ To coordinate with the Credit
Department and the State Bank’s Transaction Bureau in proposing the State Bank
Governor to add new kinds of valuable papers to serve as instruments for
open-market operations, or cancel certain existing ones.
3. The State Bank’s Transaction
Bureau:
a/ To consider and recognize
credit institutions as members to participate in open-market operations; to
coordinate with the Banking Information Technology Department in providing for
codes and passwords for conducting transactions via computer networks,
facsimiles and codes of signatures of persons participating in transactions of
open-market operations.
b/ To conduct transactions of
purchasing or selling valuable papers with credit institutions.
c/ To carry out the
registration, management and monitoring of valuable papers.
d/ To make payments for valuable
papers.
e/ To promulgate and guide the
procedures for the performance of open-market operations.
f/ To coordinate with the Credit
Department and the Monetary Policy Department in providing advice to the Board for
Management of Open-Market Operations on determining the structure, purchase or
sale terms of valuable papers.
g/ To effect the delivery,
reception and custody of valuable papers and to conduct the accounting and
book-keeping activities according to regulations.
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4. The Accountancy and Finance
Department:
To guide the accounting and
book-keeping procedures related to the open-market operations.
5. The Banking Information
Technology Department:
To design software programs for
open-market operations and organize the loading of such programs in computers,
in order to ensure the safety and confidentiality of operations.
6. The State Bank’s branches:
a/ To effect the delivery,
reception and custody of valuable papers, and to conduct the payment,
accounting and book-keeping according to regulations.
b/ To notify the State Bank’s Transaction
Bureau of the balance of custody accounts of valuable papers of credit
institutions.
Article
26.- Amendments and supplements
The amendments and supplements
to this Regulation shall be decided by the State Bank Governor.
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APPENDIX NO. 01/TTM
NAME
OF THE BANK
SOCIALIST
REPUBLIC OF VIETNAM
Independence-freedom-happiness
No.
Date:--------------------
REGISTRATION FOR PARTICIPATING TO THE OPEN
MARKET OPERATION
To:
The State Bank of Vietnam (The Credit Department)
Name of the Bank: ------------------------------------------------------------------------------
Address:
------------------------------------------------------------------------------------------
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Telex:----------------------------------------------------------------------------------------------
VND deposit account:
--------------------------- at -------------------------------------------
hereby registers the
participation to the open market operation at the State Bank and undertakes to
comply fully with provisions of the Regulation on open market operation.
We introduce the signatures and
apply for the signature codes for following persons to participate to open
market transactions:
Position : Signature 1
Signature 2.
Competent persons:
1. Person:
2. Person:
Controller
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2. Controller:
Dealer:
1. Dealer:
2. Dealer:
GENERAL
DIRECTOR (DIRECTOR)
(Sign, seal)
(Full name)
APPENDIX NO. 02/TTM
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No.
-----------/TTM
NOTICE OF PURCHASE OF SHORT-TERM VALUABLE PAPER
Date:---------------------------------
To:-----------------------------------
Based on the Notice dated
------------ by the Executive Board of the open market operation, the Banking
Operation Department of the State Bank gives hereby the Notice of purchase of
short-term valuable paper with following main contents:
- Auction date:
- Mode of auction:
- Form of tender appraisal:
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Type
of short-term valuable paper
Term
of short-term valuable paper
Form
of short-term valuable paper
Volume
of short-term, valuable paper in terms of value at the payment date (VND
million)
Purchasing
interest rate (% per annum)
Mode
of Purchase
Outright
purchase (maximum remaining period of short-term valuable paper)
Term
purchase (purchase term)
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The Director of the Banking
Operation Department
(1) Interest rate announced by the
State Bank in the event of auction by volume.
APPENDIX NO. 03/TTM
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No.
-----------/TTM
NOTICE OF SALE OF SHORT-TERM VALUABLE PAPER
Date:---------------------------------.
To:-----------------------------------
Based on the Notice dated
------------ by the Executive Board of the open market operation, the Banking
Operation Department of the State Bank gives here by the Notice of sale of
short-term valuable paper with following main contents:
- Auction date:
- Mode of auction:
- Form of tender appraisal:
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Type
of short-term valuable paper
Term
of short-term valuable paper
Form
of short-term valuable paper
Volume
of short-term, valuable paper in terms of value at the payment date (VND
million)
Payment
date of short-term valuable paper
Selling
interest rate (% per annum)
Mode
of Sale
Outright
sale (maximum remaining period of short-term valuable paper)
Term
sale (sale term)
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The Director of the Banking
Operation Department
(1) Interest rate announced by
the State Bank in the event of auction by volume.
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APPENDIX NO. 04/TTM
STATE
BANK OF VIETNAM
OPERATION DEPARTMENT
------------
No.
-----------/TTM
REGISTRATION FOR THE PURCHASE OF SHORT-TERM
VALUABLE PAPER
Date:---------------------------------
To:
Banking Operation Department
Based on the Notice of sale of
short-term valuable paper No. ----------dated-------------of the Banking
Operation Department, ------------(name of the credit institution) gives hereby
the Registration for the purchase of short-term valuable paper as follows:
Type
of short-term valuable paper
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Form
of short-term valuable paper
Volume
of short-term, valuable paper in terms of value at the payment date (VND
million)
Payment
date of short-term valuable paper
Interest
of auction (% per annum)
Mode
of Purchase
Outright
purchase (maximum remaining period of short-term valuable paper)
Term
purchase (purchase term)
Purchase
price
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In
number
In
words
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DEALER
(Signed)
CONTROLLER
(Signed)
GENERAL
DIRECTOR (DIRECTOR)
(Signed)
(1) Auction for interest rate.
(2) Auction by volume
APPENDIX NO. 05/TTM
STATE
BANK OF VIETNAM
OPERATION DEPARTMENT
------------
No.
-----------/TTM
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REGISTRATION FOR THE SALE OF SHORT-TERM VALUABLE
PAPER
Date:---------------------------------
To:
Banking Operation Department
Based on the Notice of purchase
of short-term valuable paper No. ----------dated-------------of the Banking
Operation Department, ------------(name of the credit institution) gives hereby
the Registration for the sale of short-term valuable paper as follows:
Type
of short-term valuable paper
Term
of short-term valuable paper
Form
of short-term valuable paper
Volume
of short-term, valuable paper in terms of value at the payment date (VND
million)
Payment
date of short-term valuable paper
...
...
...
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Mode
of Sale
Sale
price
Outright
sale (maximum remaining period of short-term valuable paper)
Term
sale (sale term)
In
number
In
words
...
...
...
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...
...
...
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DEALER
(Signed)
CONTROLLER
(Signed)
GENERAL
DIRECTOR (DIRECTOR)
(Signed)
(1) Auction for interest rate.
(2) Auction by volume
...
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APPENDIX 06/TTM
(prepared by the selling party)
SOCIALIST
REPUBLIC OF VIETNAM
Independence-freedom-happiness
THE SALE AND REPURCHASE AGREEMENT FOR SHORT-TERM
VALUABLE PAPER
Date:---------------------------------
Based on the Decision No.
85/2000/QD-NHNN14 of the Governor of the State Bank on the issuance of the
Regulation on the open market operation and the announcement of the winning
results of the auction by the Banking Operation Department dated 9 March 2000.
The selling
party:------------------------------------(hereinafter referred to as party A)
Address:
-------------------------------------------------------------------------------------------
Tel:------------------------------------------------------Fax:--------------------------------------
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The purchasing
party:------------------------------------(hereinafter referred to as party B)
Address:
-------------------------------------------------------------------------------------------
Tel:------------------------------------------------------Fax:-------------------------------------
Account No.
--------------------------------------------------------------------------------------
The parties hereto agree on the
contents of the Agreement as follows (Form attached):
1. Party A agrees to sell
short-term valuable to party B at the price of -----------(amount) for a period
of-------. Party A shall be responsible for the delivery of short-term valuable
paper to Party B and Party B shall be responsible to make full payment of the
short-term valuable paper to Party A on-------------(date of payment).
2. Party A commits to repurchase
above-mentioned short-term valuable paper at the repurchase price of
--------------(amount) at the expiration of the Agreement. Party B shall be
responsible to deliver above-mentioned short-term valuable paper to Party A and
Party A shall be responsible to make full payment of the repurchase of the
short-term valuable paper at----------------(the expiry date of the Agreement)
3. This Agreement shall be
effective from ----------------. The two parties commit to comply with the
agreed contents of this Agreements and provisions of the Regulation on open
market operation issued in conjunction with the Decision No. 85/2000/QD-NHNN14
dated 9 March 2000 of the Governor of the State Bank.
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REPRESENTATIVE
OF SELLING PARTY
(Party B)
Form attached to the Appendix
No. 06/TTM
Type
of short-term valuable paper
Term
of short-term valuable paper
Form
of short-term valuable paper
Volume
of short-term, valuable paper in terms of value at the payment date (VND
million)
Term
of the term transaction
Uniform
interest rate or single interest rate or interest rate announced by the State
Bank (% per annum)
...
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Reselling
price
Date
of delivery, receipt and payment upon the expiration of the sale and
repurchase agreement
(1)
(2)
(3)
(4)
(5)
(6)
(7)
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(9)
Note: Seal on the Fax copy