Decision No. 1084/2003/QD-NHNN of September 16, 2003, on the adjustment of VND deposit mobilization ratio for foreign bank branches operating in Vietnam

DECISION

ON THE ADJUSTMENT OF VND DEPOSIT MOBILIZATION RATIO FOR FOREIGN BANK BRANCHES OPERATING IN VIETNAM

THE GOVERNOR OF THE STATE BANK

- Pursuant to the Law on the State Bank No. 01/1997/QH10 dated 12 December, 1997;
- Pursuant to the Law on the Credit Institutions No. 02/1997/QH10 dated 12 December, 1997;
- Pursuant to the Decree No. 86/2002/ND-CP dated 05 November, 2002 of the Government on the functions, assignment, authority and organizational structure of ministries and ministerial level agencies;
- Pursuant to the Decree No. 13/1999/ND-CP dated 17 March, 1999 of the Government on the organization, operation of foreign credit institutions, representative offices of foreign credit institutions operating in Vietnam;
- Upon the proposal of the Director of Banks and Non-bank Credit Institutions Department,

DECIDES:

Article 1.Foreign bank branches operating in Vietnam (except for the branches of American banks) shall be entitled to receive demand deposits, time deposits and saving deposits in VND from Vietnamese individuals who, and legal entities being Vietnamese organizations which do not have credit relation with them, up to the maximum of 50% of their appropriated capital.

Article 2.This Decision shall be effective from 1 October, 2003. Previous provisions which are in contrary with the provision in Article 1 of this Decision shall be repealed.

Article 3.The Director of the Administrative Department, the Director of Banks and Non-bank Credit Institutions Department, Heads of related units of the State Bank of Vietnam, General Managers (Managers) of the foreign bank branches (except for the branches of American banks) operating in Vietnam shall be responsible for the implementation of this Decision.