VietnameseDecision No. 26/2006/QD-NHNN of June 26, 2006, promulgating the regulation on bank guaranty
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ATTRIBUTE
Decision No. 26/2006/QD-NHNN of June 26, 2006, promulgating the regulation on bank guaranty
| Issuing body: | State Bank of Vietnam | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 26/2006/QD-NHNN | Signer: | Nguyen Dong Tien |
| Type: | Decision | Expiry date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Issuing date: | 26/06/2006 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Finance - Banking |
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THE STATE BANK ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------- |
No: 26/2006/QD-NHNN | Hanoi, June 26, 2006 |
DECISION
PROMULGATING THE REGULATION ON BANK GUARANTY
THE GOVERNOR OF THE STATE BANK
Pursuant to Civil Code No. 33/2005/QH11 of June 14, 2005;
Pursuant to December 12, 1997 Law No. 01/1997/QH10 on the State Bank of Vietnam and June 17, 2003 Law No. 10/2003/QH11 Amending and Supplementing a Number of Articles of the Law on the State Bank of Vietnam;
Pursuant to December 12, 1997 Law No. 02/1997/QH10 on Credit Institutions and June 15, 2004 Law No. 20/2004/QH11 Amending and Supplementing a Number of Articles of the Law on Credit Institutions;
Pursuant to December 13, 2005 Ordinance No. 28/2005/PL-UBTVQH11 on Foreign Exchange;
Pursuant to the Government's Decree No. 86/2002/ND-CP of November 5, 2002, defining the functions, tasks, powers and organizational structures of ministries and ministerial-level agencies;
Pursuant to the Government's Decree No. 52/2003/ND-CP of May 19, 2003, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
Pursuant to the Government's Decree No. 134/2005/ND-CP of November 1, 2005, promulgating the Regulation on foreign loans and payment of foreign debts,
At the proposal of the director of the Credit Department,
Pursuant to December 12, 1997 Law No. 01/1997/QH10 on the State Bank of Vietnam and June 17, 2003 Law No. 10/2003/QH11 Amending and Supplementing a Number of Articles of the Law on the State Bank of Vietnam;
Pursuant to December 12, 1997 Law No. 02/1997/QH10 on Credit Institutions and June 15, 2004 Law No. 20/2004/QH11 Amending and Supplementing a Number of Articles of the Law on Credit Institutions;
Pursuant to December 13, 2005 Ordinance No. 28/2005/PL-UBTVQH11 on Foreign Exchange;
Pursuant to the Government's Decree No. 86/2002/ND-CP of November 5, 2002, defining the functions, tasks, powers and organizational structures of ministries and ministerial-level agencies;
Pursuant to the Government's Decree No. 52/2003/ND-CP of May 19, 2003, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
Pursuant to the Government's Decree No. 134/2005/ND-CP of November 1, 2005, promulgating the Regulation on foreign loans and payment of foreign debts,
At the proposal of the director of the Credit Department,
DECIDES:
Article 1.- To promulgate together with this Decision the Regulation on bank guaranty.
Article 2.- This Decision takes effect 15 days after its publication in "CONG BAO."
This Decision replaces the State Bank Governor's Decision No. 283/2000/QD-NHNN14 of August 25, 2000, promulgating the Regulation on bank guaranty; Decision No. 386/2001/QD-NHNN of April 11, 2001, amending and supplementing a number of articles of the Regulation on bank guaranty, promulgated together with the State Bank Governor's Decision No. 283/2000/QD-NHNN14 of August 25, 2000; Decision No. 1348/2001/QD-NHNN of October 29, 2001, amending a number of provisions relating to the collection of guaranty charges by credit institutions; Decision No. 112/2003/QD-NHNN of February 11, 2003, amending and supplementing a number of articles of the Regulation on bank guaranty, promulgated together with the State Bank Governor's Decision No. 283/2000/QD-NHNN14 of August 25, 2000; and the State Bank Governor's Circular No. 02/TT-NHNN14 of April 16, 1999, guiding credit institutions' guaranty for payment of import tax on consumer goods.
Article 3.- The director of the Office, the director of the Legal Department, the director of the Credit Department, and heads of concerned units under the State Bank of Vietnam, directors of provincial/municipal State Bank branches, chairmen of Boards of Management and general directors (directors) of credit institutions shall have to implement this Decision.
FOR THE STATE BANK GOVERNOR DEPUTY GOVERNOR Nguyen Dong Tien |
REGULATION
ON BANK GUARANTY
(Promulgated together with the State Bank Governor's Decision No. 26/2006/QD-NHNN of June 26, 2006)
(Promulgated together with the State Bank Governor's Decision No. 26/2006/QD-NHNN of June 26, 2006)
Chapter I
GENERAL PROVISIONS
Article 1.- Scope of regulation
This Regulation shall apply to the performance of guaranty operations by credit institutions for their clients.
Article 2.- Interpretation of terms
In this Regulation, the terms below shall be construed as follows:
1. Bank guaranty means written undertaking made by a credit institution (guarantor) to the beneficiary (guarantee) to perform a financial obligation on behalf of a client (guaranteed) when the client fails to perform or improperly performs the obligation as committed to the guarantee. The client shall have to acknowledge the debt and repay to the credit institution the amount the latter has paid on the former's behalf.
2. Guaranty undertaking means written undertaking made by a credit institution, which may be in the form of:
a/ Letter of guaranty, which is a unilateral written undertaking made by a credit institution to perform a financial obligation on behalf of a client in case the client fails to perform or improperly performs the obligation as committed to the guarantee.
b/ Guaranty contract, which is a written agreement between a credit institution and the guarantee or between a credit institution, the guarantee, a client and related parties (if any) on the credit institution's performance of a financial obligation on behalf of the client when the client fails to perform or improperly performs the obligation as committed to the guarantee.
3. Guaranty issuance contract means a written agreement between a credit institution and a client and related parties (if any) on the rights and obligations of the parties in the making of guaranty by the credit institution for the client.
4. Guarantor means a credit institution performing guaranty operations defined in Article 3 of this Regulation.
5. Guaranteed means a client that is guaranteed by a credit institution defined in Article 4 of this Regulation.
6. Guarantee means an organization or individual at home or abroad that has the right to benefit from the guaranty issued by a credit institution.
7. Related parties mean parties related to the guaranty by a credit institution for its client, such as the counter-guarantor, the guaranty certifier, the party securing the obligation of a client to the guaranteeing credit institution and other parties (if any).
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