In what cases is a special loan from the State Bank exempted from interest?

The State Bank is seeking comments on the Draft Circular on regulations on special loans.

Regarding the scope of regulation, the draft circular regulates special lending by the State Bank of Vietnam and/or other credit institutions to credit institutions. The special lending of Vietnam Deposit Insurance to credit institutions and the special lending of the State Bank to Vietnam Deposit Insurance shall comply with the provisions of the Law on Credit Institutions and regulations of law on deposit insurance.

Applicable subjects are (1) credit institutions; (2) other organizations and individuals involved in special lending.

THREE CASES OF SPECIAL LOANS

The draft stipulates that the State Bank provides special loans with money from performing the central bank’s function of issuing money in the following 3 cases.

One is, special loans to pay deposits to depositors for commercial banks, cooperative banks, people’s credit funds, and microfinance institutions that have suffered mass withdrawals.

Second, special loans to commercial banks, cooperative banks, finance companies, and specially controlled microfinance institutions to implement approved recovery plans

Third, special loans to specially controlled commercial banks to implement the approved mandatory transfer plan.

The State Bank decides to waive interest on special loans of specially controlled credit institutions at the State Bank when all the following conditions are met: a) Special loans are subject to interest rates 0% interest rate/year for part of the time the credit institution takes the special loan; b) The credit institution’s restructuring plan has a supportive measure of waiving interest on that special loan.

In case a credit institution amends or supplements the restructuring plan in the direction of extending the implementation time of the plan or fails to implement the approved restructuring plan, the credit institution must refund the amount. Special loan interest has been waived.

DO NOT USE SPECIAL LOANS TO PAY RELATED PERSONS

In case the borrower, especially a credit institution, has a mass withdrawal of money, the borrower can only use the special loan from the State Bank to pay for deposits in Vietnamese Dong of individual depositors at the State Bank. special borrower; The use of special loans to pay for deposits of other subjects is decided by the Governor of the State Bank in each specific credit institution case.

Credit institutions are not allowed to use special loans to pay: (1) related persons as prescribed in the Law on Credit Institutions 2024; (2) operators and managers (except for operators and managers appointed, designated or appointed by competent authorities); (3) related persons of managers, executives, capital contributing members or shareholders owning 5% or more of charter capital or voting share capital.

The State Bank proposes that this Circular take effect from July 1, 2024.

From the effective date of this Circular, the following 4 Circulars cease to be effective.

The first, Circular No. 08/2021/TT-NHNN dated July 6, 2021 of the Governor of the State Bank of Vietnam regulating special loans for specially controlled credit institutions.

Monday, Circular No. 02/2022/TT-NHNN dated March 31, 2022 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 08/2021/TT-NHNN dated July 6, 2021 of the Governor of the State Bank of Vietnam regulations on special loans for specially controlled credit institutions, effective from May 24, 2022;

Tuesday, Circular No. 13/2022/TT-NHNN dated October 28, 2022 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 08/2021/TT-NHNN dated July 6, 2021 of the Governor of the State Bank of Vietnam regulations on special loans for specially controlled credit institutions, effective from October 28, 2022. and Clause 8, Article 1 of Circular No. 14/ 2019/TT-NHNN dated August 30, 2019 of the Governor of the State Bank amending and supplementing a number of articles in Circulars regulating the periodic reporting regime of the State Bank.

Wednesday, Circular No. 01/2023/TT-NHNN dated January 19, 2023 of the Governor of the State Bank of Vietnam regulating special loans without collateral for specially controlled credit institutions in truly urgent case.

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