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THE
STATE BANK
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No:
1389/2001/QD-NHNN
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Hanoi, November 07, 2001
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DECISION
PROMULGATING THE
REGULATION ON THE ESTABLISHMENT OF DEBT MANAGEMENT AND ASSET EXPLOITATION
COMPANIES UNDER COMMERCIAL BANKS
THE STATE BANK GOVERNOR
Pursuant to Vietnam State Bank Law No.
01/1997/QH10 and Credit Institution Law No. 02/1997/QH10 of December 12, 1997;
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
ministerial-level agencies;
Pursuant to the Prime Minister’s Decision No. 150/2001/QD-TTg of October 5,
2001 on the establishment of debt management and asset exploitation companies
under commercial banks;
At the proposal of the Director of the Department for Banks and Non-Bank Credit
Institutions,
DECIDES:
Article 1.- To issue
together with this Decision the "Regulation on the establishment of debt
management and asset exploitation companies under commercial banks."
Article 2.- This Decision
takes effect 15 days after its signing and replaces the State Bank Governor’s
Decision No. 305/2000/QD-NHNN5 of September 15, 2000 promulgating the
Regulation on the establishment of debt management and mortgaged asset
exploitation companies of commercial banks.
Article 3.- The Director of
the Office, the Director of the Department for Banks and Non-Bank Credit
Institutions, the heads of the units under the State Bank, the managers 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 commercial
banks shall have to implement this Decision.
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FOR THE STATE BANK GOVERNOR
DEPUTY GOVERNOR
Tran Minh Tuan
REGULATION
ON THE
ESTABLISHMENT OF DEBT MANAGEMENT AND ASSET EXPLOITATION COMPANIES UNDER
COMMERCIAL BANKS
(Issued together with the State Bank Governor’s Decision
No.1389/2001/QD-NHNN of November 7, 2001)
Chapter I
GENERAL PROVISIONS
Article 1.-
1. Commercial banks may establish debt
management and asset exploitation companies under their management, which have
the legal person status and conduct independent cost-accounting with their own
capital.
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a/ State-run commercial banks;
b/ State- and people-run joint-stock commercial
banks (hereafter called joint-stock commercial banks).
Article 2.- The chairmen of
the managing boards of the commercial banks (hereafter called the chairmen of
the managing boards) shall decide on the establishment of debt management and
asset exploitation companies after obtaining the written approval of the State
Bank.
Chapter II
SPECIFIC PROVISIONS
Section I. CONDITIONS FOR THE ESTABLISHMENT
OF DEBT MANAGEMENT AND ASSET EXPLOITATION COMPANIES
Article 3.- Commercial
banks may establish debt management and asset exploitation companies according
to the provisions of Article 1 of this Regulation if they fully meet the
following conditions:
1. Having operated for at least 3 years since
the date of operation commencement;
2. Having demand for the establishment of debt
management and asset exploitation companies.
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Article 4.- Dossiers of
application for approval of the establishment of debt management and asset
exploitation companies comprise:
1. The document of the Managing Board’s chairman
or the person authorized by the Managing Board’s chairman, requesting the State
Bank Governor to approve the establishment of the debt management and asset
exploitation company of the bank, which briefly states the necessity, name,
location, contents and scope of operation of the debt management and asset
exploitation company;
2. The written authorization (in case of
authorization) of the Managing Board’s chairman;
3. The Shareholders General Assembly’s
resolution (for joint-stock commercial banks) on the establishment of the debt
management and asset exploitation company;
4. The scheme on establishment of the debt
management and asset exploitation company, signed by the chairman of the
Managing Board of the commercial bank or the authorized person, which clearly
states the necessity of establishment of the company, contents and scope of
operation, the projected organizational structure, and operation plans in the
first 3 years;
5. The draft charter on organization and
operation of the debt management and asset exploitation company;
6. The written opinions of the manager of the
State Bank’s branch in the province or city (for joint-stock commercial banks),
where the joint-stock commercial bank plans to locate the office of the debt management
and asset exploitation company, on the establishment of the debt management and
asset exploitation company of the bank (except the case where the joint-stock
commercial bank plans to locate the office of the debt management and asset
exploitation company in the same province or city where the joint-stock
commercial bank is headquartered).
Article 5.- Order and
procedures of application for the State Bank’s approval of the establishment of
debt management and asset exploitation companies:
1. The State-run commercial bank, which sets up
the debt management and asset exploitation company, shall make dossiers
according to the provisions of Article 4 of this Regulation and send them to
the State Bank (the Department for Banks and Non-Bank Credit Institutions).
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Within 15 working days after receiving the
complete dossiers, the State Bank�s branch in the province or city where the
joint-stock commercial bank is headquartered must give its written opinions on
the establishment conditions prescribed in Article 3, on the dossiers of
application for establishment prescribed in Article 4, of this Regulation, and
send them to the State Bank (the Department for Banks and Non-Bank Credit
Institutions).
3. Within 30 working days after receiving the
complete dossiers, the State Bank shall examine them and give its written
opinions approving or disapproving the establishment of the debt management and
asset exploitation company of the commercial bank.
Article 6.-
1. Within 12 months after obtaining the written
approval from the State Bank, the commercial bank must complete the necessary
procedures as prescribed by law in order to commence the operation of the debt
management and asset exploitation company.
2. Within 30 working days before the date the
debt management and asset exploitation company commences its operation, it must
make business registration and publish it on 3 consecutive issues of a central
and a local newspaper according to law provisions.
3. Within 15 working days before the date the
debt management and asset exploitation company commences its operation, it must
send the written certification of the ownership or the right to legally use its
office to the State Bank (the Department for Banks and Non-Bank Credit
Institutions).
Chapter III
IMPLEMENTATION PROVISIONS
Article 7.- Commercial
banks shall not have to carry out the procedures for requesting the State Bank
to re-approve the establishment for the debt management and mortgaged asset
exploitation companies set up under the State Bank Governor�s Decision No.
305/2000/QD-NHNN5 of September 15, 2000 promulgating the Regulation on the
establishment of debt management and mortgaged asset exploitation companies of
commercial banks.
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