Circular No. 41/2015/TT-NHNN dated December 31, 2015 of the State Bank of Vietnam amending, supplementing a number of Articles of the Circular No. 23/2013/TT-NHNN dated November 19, 2013 of the State Bank Governor providing for the State credit institutes’ maintenance of deposit balances at the Vietnam Bank for Social Policies

THE STATE BANK OF VIETNAM

Circular No. 41/2015/TT-NHNN dated December 31, 2015 of the State Bank of Vietnam amending, supplementing a number of Articles of the Circular No. 23/2013/TT-NHNN dated November 19, 2013 of the State Bank Governor providing for the State credit institutes’ maintenance of deposit balances at the Vietnam Bank for Social Policies

Pursuant to the Law on the Vietnam State Bank No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on credit institutions No. 47/2010/QH10 dated June 16, 2010;

Pursuant to the Decree No. 156/2013/ND-CP dated November 11, 2013 of the Government defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam

At the proposal of the Director of the Monetary Policy Department;

The State Bank Governor stipulates the Circular amending, supplementing a number of Articles of the Circular No. 23/2013/TT-NHNN dated November 19, 2013 of the State Bank Governor providing for the State credit institutes’ maintenance of deposit balances at the Vietnam Bank for Social Policies.

Article 1. To amend, supplement a number of articles of the Circular No. 23/2013/TT-NHNN dated November 19, 2013 of the State Bank Governor providing for the State credit institutions’ maintenance of deposit balances at the Vietnam Bank for Social Policies

1. To amend, supplement Clause 1 Article 2 as follows:

“1. The State credit institutions shall maintain deposit balances at the Vietnam Bank for Social Policies including Commercial Banks and Joint Stock Commercial Banks with the State ownership of over 50% working capital (hereinafter referred to as the State credit institutions). The State credit institutions shall not implement provisions maintaining deposit balances of 2% at the Vietnam Bank for social policies in the time of being under the special control”.

2. To amend, supplement Article 5 as follows:

“Article 5. Orders, procedures of depositing balances at the Vietnam Bank for social policies

1. The State credit institutions shall maintain balances at the Vietnam Bank for social policies according to the term deposit contract and appendixes signed between credit institutions and the Vietnam Bank for social policies.

2. Before January 15, the State credit institutions shall send the balances of mobilized capital and interest for each term in Vietnamese dong according to Appendix No. 01 attached together with this Circular to the Vietnam State Bank (Monetary Policy Department). The Vietnam State Bank (Monetary Policy Department) shall calculate and notify the interest rate of mobilized capital in Vietnamese dong of the State credit institutions and the Vietnam Bank for social policies before January 31 as a basis to determine the interest rate of deposit.

3. Before January 15, the State credit institutions shall send the deposit balances in the year according to the Appendix No. 02 attached together with this Circular to the Vietnam Bank for social policies, the State Bank of Vietnam (Banking Inspection and Supervision Department) and take responsible for the accuracy of data. No later than February 10, the State credit institutions and Vietnam Bank for social policies shall complete the supplement of appendixes for deposit contract, supplement or withdraw the deposit balances at the Vietnam Bank for social policies.

4. No later than February 15, the State credit institutions and the Vietnam Bank for social policies shall report the results on maintaining the deposit balance of 2% of the State credit institutions at the Vietnam Bank for social policies to the Vietnam State Bank (Banking Inspection and Supervision Department, Monetary Policy Department, Department of Credit for all economic sectors). Within 15 working days since the audit report, financial statements of the State credit institutions are done, based on financial statements that are audited, the state credit institutions and the Vietnam Bank for social policies shall review, adjust the deposit balances at the Vietnam Bank for social policies as stipulated under Clause 1 Article 3 of this Circular and report to the Vietnam State Bank (Banking Inspection and Supervision Department, Monetary Policy Department, Department of Credit for all economic sectors)”.

3. To supplement Article 5a as follows:

“Article 5a. Responsibilities of units under the management of the Vietnam State Bank

1. The Monetary Policy Department shall act as a focal point to handle with problems related to the maintenance of balance deposits of the State credit institutions at the Vietnam Bank for social policies during the implementation of this Circular.

2. The Department of Credit for all economic sectors shall coordinate to supervise the state credit institutions’ maintenance of balance deposit at the Vietnam Bank for all economic sectors to serve for the management, supervision and coordination with the Vietnam Bank for social policies to implement credit programs on state policies.

3. The Banking Supervision and Inspection Department shall:

a) To supervise, inspect the implementation of this Circular and handle with violations as stipulated by the law;

b) Based on the inspection conclusions, to notify violations and handle with violations as stipulated under this Circular (if any) to the related units under the management of the Vietnam State Bank for coordination”.

Article 2. Implementation provisions

1. This Circular takes effect on January 01, 2016.

2. The Head of the Office, director of Monetary Policy Department and heads of units under the management of the Vietnam State Bank, directors of the State Bank’s branches in provinces and cities under central Government s management; chairs of the Management Board; chair of Board of Members; General Directors (Directors) of the State credit institutions and Bank for social policies shall implement this Circular.

For The Governor

Deputy Governor

Nguyen Thi Hong