|
THE STATE BANK OF VIETNAM
------------
|
SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom - Happiness
--------------------
|
|
No.
12/2008/QD-NHNN
|
Hanoi, April 29, 2008
|
DECISION
ON
THE AMENDMENT OF SEVERAL ARTICLES OF THE REGULATION ON THE DISCOUNT, REDISCOUNT
OF VALUABLE PAPERS OF THE STATE BANK FOR BANKS, ISSUED IN CONJUNCTION WITH THE
DECISION NO. 898/2003/QD-NHNN DATED 12 AUGUST 2003
THE GOVERNOR OF THE STATE BANK
DECIDES:
Article 1. To amend several articles of the Regulation on the
discount, rediscount of valuable papers of the State Bank for banks issued in
conjunction with the Decision No. 898/2003/QD-NHNN dated 12 August 2003 as
follows:
1. Paragraph 1 of Article 1 is
amended as follows
“Article 1. Governing scope and
subjects of application
1. This Regulation provides for
the performance of the discount, rediscount operation of the State Bank for
banks with the view to making contribution to speeding up socio-economic
development and implementing national monetary policy.
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
2. Article 2 is amended as
follows:
“The discount, rediscount
(hereinafter referred to as discount) of valuable paper of banks means the
short term purchase of undue valuable papers by the State Bank, which have been
traded in the primary market or in the secondary market.”
3. Article 6 is amended as
follows:
“Article 6. The discount limit
The discount limit is determined
on quarterly basis and is the maximum balance which the State Bank is entitled
to perform the discount for valuable papers of a bank at any time in a quarter.
1. Based on the objectives of
the national monetary policy and the total approved amount of money supply, the
Governor of the State Bank shall decide the total limits for the discount
operation from time to time.
2. Based on the total discount
limits and the objective of giving priority to credit investment from time to
time, the State Bank shall allocate the discount limit to each bank.
3. On the 15th of the first
month of the following quarter at the latest, banks shall send their
application file for the notice of discount limit of valuable papers to the
State Bank (the Credit Department) to make basis for determination and notice
of the discount limit to the banks in the quarter.
4. The State Bank shall only
allocate and announce the discount limit to banks which send the request for
the notice of discount limit to the State Bank in accordance with the
stipulated time (according to the post stamp or fax). The State Bank shall not
allocate and announce the discount limits to he banks which send the request
for the notice of the discount limits to the State Bank after the stipulated
time.”
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
“Article 12. The formula to
determine the amount payable upon discounting valuable papers of banks
1. In case of discounting the
whole remaining term
1.1. For valuable papers of
which interests are paid immediately upon issuance:
1.1.1. For short term valuable
papers of which interests are paid immediately upon issuance:
G
=
MG
1
+
L
x T
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
365
Of which:
G : The amount payable by the
State Bank upon discounting valuable paper.
MG : Face value of valuable
paper
T : The remaining term (number
of days) of valuable paper. The remaining term is calculated from the discount
date to the maturity date of the valuable paper.
L : The discount interest rate
at the time of discount by the State Bank (% per year).
365 : The conventional number of
days of a year.
1.1.2. For long term valuable
papers of which interests are paid immediately upon issuance
G
=
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
(1
+ L) T/ 365
Of which:
G : The amount payable by the
State Bank upon discounting valuable paper.
MG : Face value of valuable
paper
T : The remaining term (number
of days) of valuable paper. The remaining term is calculated from the discount
date to the maturity date of the valuable paper.
L : The discount interest rate
at the time of discount by the State Bank (% per year).
365 : The conventional number of
days of a year.
1.2. For valuable papers of
which principals, interests are paid once upon maturity:
1.2.1. For short term valuable
papers of which principals, interests are paid once upon maturity
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
GT
1
+
L
x T
365
Of which
GT = MG
x ( 1 +
Ls
x n
)
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
G : The amount payable by the
State Bank upon discounting valuable paper.
GT : Value of the valuable paper
upon maturity, including its face value and interests;
MG : Face value of valuable
paper
T : The remaining term (number
of days) of valuable paper. The remaining term is calculated from the discount
date to the maturity date of the valuable paper.
L : The discount interest rate
at the time of discount by the State Bank (% per year).
365 : The conventional number of
days of a year.
Ls : Issuing interest rate of
valuable paper (%/ annum)
n : period of valuable paper
1.2.2. For long term valuable
papers of which principals, interests are paid once upon maturity (interests
are not added to principal)
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
GT
1
+
L
x T
365
Of which:
GT
= MG x { 1 + ( Ls x n ) }
G : The amount payable by the
State Bank upon discounting valuable paper
GT : Value of the valuable paper
upon its maturity, including its face value and interests;
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
T : The remaining term (number
of days) of valuable paper. The remaining term is calculated from the discount
date to the maturity date of the valuable paper.
L : The discount interest rate
at the time of discount by the State Bank (% per year).
365 : The conventional number of
days of a year.
Ls : Issuing interest rate of
valuable paper (%/ annum)
n : period of valuable paper
1.2.3. For long term valuable
papers of which principals, interests are paid once upon maturity (interests
are added to the principal)
G
=
GT
(1
+ L) T/ 365
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
GT
= MG x ( 1 + Ls )n
G : The amount payable by the
State Bank upon discounting valuable paper
GT : Value of the valuable paper
upon maturity, including its face value and interests;
MG : Face value of valuable
paper
T : The remaining term (number
of days) of valuable paper. The remaining term is calculated from the discount
date to the maturity date of the valuable paper.
L : The discount interest rate
at the time of discount by the State Bank (% per year).
365 : The conventional number of
days of a year.
Ls : Issuing interest rate of
valuable paper (%/ annum)
n : period of valuable paper
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
G
= ∑i
Ci
(
1 +
L
)
(Ti x k) /365
k
Of which
G : The amount payable by the
State Bank upon discounting valuable paper
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
i : The ith time of interest,
principal payment;
L : The discount interest rate
at the time of discount by the State Bank (% per year).
365: The conventional number of
days of a year.
k : Number of times of interest
payment in a year;
Ti : Term commencing from the
discount date to the ith payment date of interests, principal (number of days);
2. In case of time discount
2.1. The formula to determine
the amount payable by the State Bank to banks upon discounting valuable papers
(discount price): to be calculated in line with the formula, which is provided
for in paragraph 1 of this Article.
2.2. The formula to determine
the amount payable by banks to the State Bank upon the expiry of discount term
(repurchase price):
Gv
= G x (1 +
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
)
365
Of which:
Gv : Amount payable by banks to
the State Bank upon the expiry of discount term;
G : Amount payable by the State
Bank upon discounting valuable paper
L : The discount interest rate
at the time of discount of the State Bank (% per year)
Tb : The discount term (days) of
the State Bank
5. Paragraph 5 of Article 13 is
amended as follows:
“2. Upon the expiry of the
discount term (in case of the time discount), banks shall make payment for the
repurchase of valuable papers to the State Bank and get back valuable papers in
accordance with the commitment. After 1 working day since the expiry of the
discount term, if Banks fail to make payment to the State Bank and get back
valuable papers, the State Bank shall deduct from their deposit accounts at the
State Bank for payment.
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
Article 2. This Decision shall be effective after 15 days since its
publication in the Official Gazette.
Article 3. The Director of Administrative Department, Director of Credit
Department, Head of units of the State Bank, Chairman of the Board of Directors
and General Manager (Manager) of banks shall be responsible for the
implementation of this Decision.
FOR THE GOVERNOR OF THE STATE BANK OF
VIETNAM
DEPUTY GOVERNOR
Nguyen Dong Tien