Circular No. 11/2009/TT-NHNN dated May 27, 2009 of the State Bank On the amendment of Paragraph 1 Article 7 of the Circular No. 03/2009/TT-NHNN dated 02 March 2009 regulating the provision of loan secured by the mortgage of valuable papers by the State Bank to banks

CIRCULAR

ON THE AMENDMENT OF PARAGRAPH 1 ARTICLE 7 OF THE CIRCULAR NO. 03/2009/TT-NHNN DATED 02 MARCH 2009 REGULATING THE PROVISION OF LOAN SECURED BY THE MORTGAGE OF VALUABLE PAPERS BY THE STATE BANK TO BANKS

OF GOVERNOR OF THE STATE BANK OF VIETNAM

-         Pursuant to the Law on the State Bank of Vietnam issued in 1997; the Law on the amendment, supplement of several articles of the Law on the State Bank of Vietnam issued in 2003;

-         Pursuant to the Law on Credit Institutions issued in 1997; the Law on the amendment, supplement of several articles of the Law on Credit Institutions issued in 2004;

-         Pursuant to the Decree No. 96/2008/ND-CP dated 26/8/2008 of the Government providing for the functions, duties, authorities and organizational structure of the State Bank of Vietnam;

The State Bank of Vietnam hereby amends the Circular No. 03/2009/TT-NHNN dated 02 March 2009 regulating the provision of loan secured by the mortgage of valuable papers by the State Bank of Vietnam to banks as follows:

Article 1. Paragraph 1 of Article 7 shall be amended as follows:

“1. Standards of valuable paper to be mortgaged:

a. To be authorized to transfer;

b. The valuable paper must be subject to the legal ownership of the borrowing bank;

c. Its remaining period is equal to the borrowing period at the minimum.

Article 2. Organization of implementation

1. This Circular shall be effective after 45 days since its signing date.

2. Director of Administrative Department, Director of the Credit Department and Head of units of the State Bank of Vietnam, Manager of State Bank Branches in provinces, cities under the central Government’s management, Board of Directors, General Manager (Manager) of banks shall be responsible for the implementation of this Circular.