THE STATE BANK OF
VIETNAM
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SOCIALIST REPUBLIC
OF VIETNAM
Independence- Freedom - Happiness
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No.
1452/2003/QD-NHNN
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Hanoi, November 03,
2003
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DECISION
ON
THE ISSUANCE OF THE REGULATION ON LENDING SECURED BY THE MORTGAGE OF VALUABLE
PAPER BY THE STATE BANK OF VIETNAM TO BANKS
THE GOVERNOR OF THE STATE BANK
- Pursuant to the Law on the State Bank of
Vietnam No. 01/1997/QH10 and the Law on Credit Institutions No. 02/1997/QH10
dated 12 December, 1997 and the Law on the amendment, supplement of several
Articles of the Law on the State Bank of Vietnam No. 10/2003/QH11 dated 17
June, 2003;
- Pursuant to the Decree No. 86/2002/ND-CP dated 05 November, 2002 of the
Government providing for the function, assignment, authority and organization
structure of the ministries and ministerial-level agencies;
- Upon the proposal of the Director of the Credit Department,
DECIDES:
Article 1. To
issue in conjunction with this Decisions the Regulation on lending secured by
the mortgage of valuable paper by the State Bank of Vietnam to banks.
Article 2. This
Decision shall be effective after 15 days from the date of publication in the
Official Gazette and replace the Regulation on refinancing in form of the
mortgage of short-term valuable paper by the State Bank of Vietnam to banks
issued in conjunction with the Decision No. 251/2001/QD-NHNN dated 30 March,
2001 of the Governor of the State Bank.
Article 3. Outstanding
refinancing loans made by the State Bank of Vietnam as of the effective date of
this Decision shall continue to be subject to signed agreements in debt
recognition documents until the full collection of debt by the State Bank.
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FOR THE GOVERNOR OF
THE STATE BANK
DEPUTY GOVERNOR
Nguyen Thi Kim Phung
REGULATION
ON
THE LENDING SECURED BY MORTGAGE OF VALUABLE PAPER BY THE STATE BANK OF VIETNAM
TO BANKS
(issued in conjunction with the Decision No. 1452/2003/QD-NHNN dated 03
November, 2003 of the Governor of the State Bank)
I. GENERAL PROVISIONS
Article 1. Governing
scope
This Regulation shall provide for the
refinancing in Vietnam Dong by the State Bank of Vietnam to banks in form of
lending secured by the mortgage of valuable paper in order to provide
short-term funds and liquidity to banks.
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Banks, which are entitled to borrow in
accordance with provisions of this Regulation, shall be banks, which are
established and operating in compliance with the Law on Credit Institutions
(hereinafter referred to as banks), including:
1- Commercial banks;
2- Development banks;
3- Investment banks;
4- Policy banks;
5- Cooperative banks
6- Joint-venture banks;
7- Foreign bank branches;
8- Other forms of banks, which are
established and operating in compliance with the Law on Credit Institutions.
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In this Regulation, following terms shall be
construed as follows:
1- Short-term valuable paper shall be
valuable paper with maturity of less than one year;
2- Long-term valuable paper shall be valuable
paper with maturity of one year onward, calculated from the date of issuance
until their expiration
3- Lending secured by the mortgage of
valuable paper (hereinafter referred to as mortgage lending) shall be a form of
lending made by the State Bank of Vietnam to borrowing banks on the basis of
the mortgage of valuable paper to secure the repayment obligations.
4- Limit of mortgage lending shall be the
total amount of mortgage lending that the State Bank may provide in a quarter
or a year.
5- Interest rate of the mortgage lending
shall be the refinancing rate, which are used to calculate and collect
interests on the actual principal, when the State Bank makes the mortgage
lending.
Article 4. Principles
of the mortgage lending
The State Bank's mortgage lending shall
ensure the compliance with following principles:
1- The credit provided must be secured;
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3- Principal and interests must be paid when
due.
Article 5. Conditions
of the mortgage lending
The State Bank of Vietnam shall consider and
decide on the mortgage lending, when banks satisfy fully following conditions:
1- They are banks stated in Article 2 of this
Regulation;
2- They are not in the special control
status;
3- They have applied for the mortgage
lending;
4- They do not have any overdue debt to the
State Bank;
5- They comply with provisions on the loan
security under this Regulation.
Article 6. Interest
rate of the mortgage lending
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2- In case where the mortgage loan becomes
overdue since borrowing banks fail to have resources to pay due debts, it shall
be classified as overdue and subject to the penalty interest rate applicable to
overdue debt, which is equivalent to 150% of the periodical interest rate of
the mortgage lending.
II- SPECIFIC
PROVISIONS
Article 7- Mortgage
assets
Mortgage assets shall include:
1- The State Treasury's Bills;
2- Bills of the State Bank of Vietnam;
3- Government Bonds;
4- Treasury Bonds;
5- Government Bonds issued by the Ministry of
Finance;
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Article 8-
Conditions for acceptance of mortgage assets
Valuable paper shall be accepted by the State
Bank of Vietnam as mortgage assets, when they satisfy following conditions:
1- Borrowing banks are the beneficiary (in
case of non-bearer valuable paper) or the legal holder ( in case of the bearer
valuable paper);
2- They are those valuable paper provided for
in Article 7 of this Regulation.
3- They are entitled to be mortgaged at,
discharged to the State Bank of Vietnam as the third party in accordance with
provisions of applicable laws and commitments of the beneficiary.
4- In case where valuable paper are issued in
form of book-entry, they must be confirmed and ensured by the institutions,
which are responsible for the payment of those valuable paper, of their payment
to the State Bank of Vietnam when the borrowing bank (the beneficiary) fails to
pay its debt.
5- In case of long-term valuable paper, the
term to maturity of those valuable papers is not more than 2 years.
Article 9.
Application file for the mortgage lending
When there is a requirement for funds,
borrowing banks shall submit to the State Bank of Vietnam an application file
for the mortgage lending, which includes:
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2- The Balance sheet, attached with the
report on the source of funds and the use of funds at the borrowing time, which
evidences the shortage of funds to satisfy the short-term funds requirements
and the liquidity.
3- The list of the valuable papers proposed
to mortgage for borrowing from the State Bank according to the Form No. 01/CC;
4- Related documents to prove that the
mortgage assets satisfy conditions provided for in Article 8 of this
Regulation.
Article 10.
Acceptance of mortgage assets and approval of the mortgage lending
1- In case where applying banks satisfy
conditions provided for in Article 5 and their mortgage assets satisfy
conditions provided for in Article 8 of this Regulation, the State Bank of
Vietnam shall base on the value and the maturity of accepted valuable paper to
determine the value of the mortgage assets, the mortgage term and the lending
amount on the List of valuable papers, which are accepted as mortgage for
borrowing funds from the State Bank of Vietnam (Form No. 02/CC).
2- Within a maximum period of 02 working days
from the complete receipt of the application file in accordance with provisions
in Article 9 of this Regulation, the State Bank of Vietnam shall give notice to
applying banks of its approval (Form No. 03/CC) or non-approval (Form No.
04/CC) of the mortgage lending.
Article 11. Level of
the mortgage lending
1- The State Bank of Vietnam shall, based on
the borrowing requirement of banks, the limit of the mortgage lending
available, decide on the level of the mortgage lending on the List of valuable
paper, which are accepted as mortgage for borrowing funds from the State Bank
of Vietnam;
2- The maximum level of mortgage lending
shall not exceed the total payment from the mortgaged valuable paper, when due.
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The State Bank of Vietnam and borrowing funds
shall agree on the lending term and determine the repayment periods based on
the objective of the loan and the term to maturity of valuable papers accepted
as mortgage, but the maximum lending term shall not exceed one (1) year.
Article 13. Lending
performance
1- Upon receiving the notice of the approval
of the mortgage lending from the State Bank of Vietnam, the applying bank shall
make the contract of borrowing secured by the mortgage of valuable paper (4
original copies) according to the Form No. 05/CC and submit to the State Bank
of Vietnam.
2- The State Bank of Vietnam and the applying
bank shall, based on the List of valuable papers accepted as mortgage for
borrowing funds from the State Bank of Vietnam, the notice of the State Bank's
approval of the mortgage lending, complete procedures to enter into the
contract of borrowing secured by the mortgage of valuable paper (4 original
copies). Each shall keep 02 copies as the basis for accounting and the transfer
of lending funds.
3- The funds of mortgage lending shall be
transferred to the deposit account of the applying bank at the State Bank of
Vietnam.
Article 14. Payment
of principal and interests
1- Applying bank shall be responsible for
actively complying with commitments on borrowing and repayment to the State
Bank of Vietnam according to payment periods as stated in the contract of
lending secured by the mortgage of valuable paper.
2- The State Bank of Vietnam shall not
consider rescheduling the mortgage loans.
Article 15.
Compulsory debt collection
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1- To deduct the deposit account of the
borrowing bank at the State Bank of Vietnam to enforce the debt payment in each
payment period.
2- To collect debts from other sources (if
any) of the borrowing bank;
3- In case where the deduction of deposit
accounts of the borrowing bank at the State Bank of Vietnam and the collection
of debts from other sources of the borrowing bank can not be sufficient to
repay the debt, the State Bank of Vietnam shall classify the outstanding debt
(principal and interests), which is not yet recovered, as overdue and this debt
shall be subject to the overdue interest rate.
Article 16. Treatment
of mortgage assets in the event of compulsory debt collection
1- Collection of debt by payment of the
mortgaged valuable paper, which becomes matured, in case where the State Bank
of Vietnam is the issuer or authorized to pay to the beneficiary (the legal
owner);
2- Requesting the institution, which is
responsible for the payment of matured valuable paper, which are mortgaged at
the State Bank of Vietnam, to directly pay to the State Bank of Vietnam, as the
performance of the obligation the beneficiary (the legal owner) has committed
to.
III. ORGANIZATION OF
THE IMPLEMENTATION
Article 17. Authority
to perform the mortgage lending
The State Bank of Vietnam shall perform the
mortgage lending at the Banking Operations Department and State Bank branches
in provinces, cities under the central Government's management.
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2- General managers of the State Bank's
branches in provinces, cities under the central Government's management shall
perform the mortgage lending to banks with Head-offices in their respective
localities (except for Hanoi).
Article 18.
Responsibilities of borrowing banks
1- To provide sufficiently, timely files,
documents in accordance with provisions in this Regulation and be responsible
before the laws for the accuracy of the data and documents they have provided;
2- To comply with commitments they have made
to the State Bank of Vietnam under the contract of lending secured by the
mortgage of valuable paper and to timely repay, to use the mortgage lending
funds for the right purpose.
3- To deliver fully accepted valuable paper
when they borrow funds. To receive the entire mortgaged assets when they have
fully repaid (principal and interests) the State Bank of Vietnam.
Article 19.
Responsibilities of units of the State Bank of Vietnam
1- The Monetary Policy Department: To
determine the limit and interest rate of the mortgage lending in each period
for submission to the Governor for approval and to give notice to related units
of the State Bank for their performance.
2- The Credit Department shall be responsible
for
a- Giving notice of the limits of mortgage
lending, which can be used by the Banking Operation Department, State Bank'
branches in provinces, cities after they are approved by the Governor of the
State Bank.
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3- The Banking Operation Department shall be
responsible for:
a- Public announcement of interest rate of
the mortgage lending at the Banking Operation Department.
b- Receipt and verification of application
file for mortgage lending and performance of the mortgage lending in accordance
with provisions of this Regulation.
c- Receipt, keeping and maintenance, delivery
of mortgage assets, files, documents relating to the mortgage loan and
performance of the accounting in accordance with provisions of applicable laws;
d- Compilation of monthly information, data
of mortgage lending, timely discovery of obstacles, difficulties, which arise
during the implementation in order to report to the Governor of the State Bank
and send to the Credit Department, the Monetary Policy Department.
4- The Finance and Accounting Department
shall provide guidance on the accounting for the mortgage lending.
5- State Bank's branches in provinces, cities
under the central Government's management
a- Public announcement of interest rate of
the mortgage lending at the office of the State Bank.
b- Receipt and verification of application
file for mortgage lending of banks in respective localities and performance of
the mortgage lending in accordance with provisions of this Regulation within
the limits approved by the Governor of the State Bank.
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d- Compilation of monthly information, data
of mortgage lending, timely discovery of obstacles, difficulties, which arise
during the implementation in order to report to the Governor of the State Bank
and send to the Credit Department, the Monetary Policy Department.
Article 20.
Implementing provision
The amendment, supplement of the content of
this Regulation shall be decided upon by the Governor of the State Bank.
FOR THE GOVERNOR OF
THE STATE BANK
DEPUTY GOVERNOR
Nguyen Thi Kim Phung
BANK:...............
No.:
............./DNCC
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LIST OF
VALUABLE PAPER PROPOSED FOR USE AS MORTGAGE ASSETSFOR BORROWING FUNDS FROM THE
STATE BANK
Unit: 1 VND
Order
Type of valuable
paper
Document number
Issuer
Issue date
Face value
Interest rate
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Payment value at
maturity
Note
(1)
(2)
(3)
(4)
(5)
(6)
(7)
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(9)
(10)
A
State Treasury Bills
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1
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2
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3
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B
State Bank Bills
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1
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2
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3
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C
Government Bonds
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D
Treasury Bonds
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DD
Government Bonds issued by the Ministry of
Finance
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Total
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in which
Treasury Bills:
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State Bank Bills:
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Government Bonds
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Treasury Bonds
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Government Bonds issued by the
Ministry of Finance
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Note: Paper of the same
maturity shall be grouped in column (2)
DRAWER
CONTROLLER
Date:---------------------------
GENERAL DIRECTOR (DIRECTOR)
(Sign and seal)
THE STATE BANK OF VIETNAM
OPERATION DEPARTMENT (BRANCH.......)
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Form
No. 02/CC
LIST OF
VALUABLE PAPERS ACCEPTED FOR USE AS MORTGAGE ASSETS FOR BORROWING FROM THE
STATE BANK
Unit: 1 VND
Order
Type of valuable
paper
Document number
Issuer
Issue date
Face value
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Maturity Date
Payment value at
maturity
Lending amount
Note
(1)
(2)
(3)
(4)
(5)
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(7)
(8)
(9)
(10)
A
Treasury Bills
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1
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2
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3
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State Bank Bills
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1
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2
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3
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C
Government Bonds
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D
Treasury Bonds
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DD
Government Bonds issued by the Ministry of
Finance
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Total
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in which
Treasury Bills:
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Government Bonds
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Treasury Bonds
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Government Bonds issued by the
Ministry of Finance
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Note: Paper of the same
maturity shall be grouped in column (2)
DRAWER
CONTROLLER
Date:---------------------------
AUTHORISED BY THE GOVERNOR OF THE STATE BANK
DIRECTOR...........
(Sign and seal)
Form
No. 03/CC
THE STATE BANK OF
VIETNAM
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No.: /TBCC
..............,
Date............
NOTICE
OF
THE APPROVAL OF LENDING SECURED BY THE MORTGAGE
OF VALUABLE PAPER BY THE STATE BANK OF VIETNAM TO THE BANK ...............
Pursuant to the Regulation on lending secured
by the mortgage of valuable paper by the State Bank of Vietnam to banks issued
in conjunction with the Decision No. 1452/2003/QD-NHNN dated 3 November, 2003
of the State Bank of Vietnam.
After considering the application file for
borrowing secured by the mortgage of valuable paper by the Bank...........
on..............., 200..., the State Bank of Vietnam accepts to perform the
lending secured by the mortgage of valuable paper to the bank ..............
with following contents:
1. Amount of mortgage lending:.............................................................................................
2. Mortgage lending interest rate:...........................................................................................
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3.1........................................................................................................................................
3.2........................................................................................................................................
3.3........................................................................................................................................
............................................................................................................................................
4. Valuable paper used for mortgage shall be
in accordance with the list of valuable papers accepted as mortgage at the
State Bank of Vietnam drawn by the bank.............on....................,
200..., No.:......
The State Bank of Vietnam would like to
inform for the knowledge of the bank...........and its implementation.
AUTHORISED BY THE
GOVERNOR OF THE STATE BANK OF VIETNAM
DIRECTOR............
(Sign, state full name and seal)
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THE STATE BANK OF
VIETNAM
---------
SOCIALIST REPUBLIC
OF VIETNAM
Independence - Freedom - Happiness
----------------------
No.: /TBCC
..............,
Date............
NOTICE
OF
THE NON-APPROVAL OF LENDING SECURED BY THE MORTGAGE
OF VALUABLE PAPER BY THE STATE BANK TO THE BANK ...............
Pursuant to the Regulation on lending secured
by the mortgage of valuable paper by the State Bank of Vietnam to banks issued
in conjunction with the Decision No. 1452/2003/QD-NHNN dated 3 November, 2003
of the State Bank of Vietnam.
After considering the proposal file for
mortgage by the Bank........... on..............., 200..., the State Bank of
Vietnam does not accepts to perform the lending secured by the mortgage of
valuable paper to the bank .............. with following reasons:
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............................................................................................................................................
2. ........................................................................................................................................
............................................................................................................................................
3. ........................................................................................................................................
............................................................................................................................................
The State Bank of Vietnam would like to
inform for the knowledge of the bank........................
AUTHORISED BY THE
GOVERNOR OF THE STATE BANK OF VIETNAM
DIRECTOR............
(Sign, state full name and seal)
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Form
No. 05/CC
THE STATE BANK OF
VIETNAM
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SOCIALIST REPUBLIC
OF VIETNAM
Independence - Freedom - Happiness
----------------------
No.: /TBCC
..............,
Date............
CONTRACT
ON LENDING SECURED
BY MORTGAGE OF VALUABLE PAPER
No. ......................................................................................................................................
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Address:...............................................................................................................................
Number of deposit account:..................................................................................................
Number of loan account:.......................................................................................................
Maintained at:.......................................................................................................................
Based on the application for borrowing
secured by mortgage of valuable paper stated in the Official Dispatch
No………dated……/……/200… of ………..that has been accepted in accordance with the
content of the Notice of the State Bank No…….. dated ………/……/200….. together
with the List of valuable papers accepted for use as mortgage assets
No................ dated ....../....../200... of ............... the State Bank
of Vietnam, the Bank……….recognizes the debt secured by mortgage of valuable
paper at the State Bank of Vietnam with following contents:
- Amount of mortgage loan:...................................................................................................
- In words:.............................................................................................................................
- Interest rate of mortgage borrowing:.....................................................................................
- Term of mortgage borrowing:…………..from the
date of the debt recognition and broken down into repayment periods stated in
the back of this contract.
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The applicant Bank commits to correctly
comply with the Regulation on the lending secured by mortgage of valuable paper
of the State Bank to banks issued in conjunction with the Decision No.
1452/2003/QD-NHNN dated 3 November, 2003 of the Governor of the State Bank of
Vietnam.
APPLICANT BANK
----, date--------
THE CHIEF OF THE
DIVISION
(Sign and full name)
GENERAL DIRECTOR
(DIRECTOR)
(Sign, full name and seal)
ACCEPTANCE BY STATE BANK OF LENDING
SECURED BY THE MORTGAGE OF VALUABLE PAPER
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In words:...............................................................................................................................
Interest rate on mortgage lending:..........................................................................................
Term of mortgage lending:.....................................................................................................
Types of paper accepted for use as mortgage
assets:............................................................
Purpose of mortgage lending:...............................................................................................
LENDING BANK
...........,
date.............
THE CHIEF OF THE
DIVISION
(Sign
and full name)
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DISBURSEMENT OF
BORROWING AMOUNT AND REPAYMENT PERIODS
Disbursement of
borrowing amount (mortgaged)
Repayment periods
Date
Mortgaged Amount
Sign for
certification
(seal)
Date
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FOLLOWING UP
REPAYMENT PERFORMANCE AND OVERDUE DEBT
Date
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Amount classified
as overdue
Outstanding debt
Total
Overdue
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