Thông tư 23/2015/TT-NHNN sửa quy chế dự trữ bắt buộc với tổ chức tín dụng

THE STATE BANK OF VIETNAM

Circular No. 23/2015/TT-NHNN dated December 04, 2015 of the State Bank amending, supplementing a number of articles of the Decree No.581/2003/QD-NHNNdatedJune 09, 2003of the State Bank Governor promulgating the regulation on compulsory reserves applicable to credit institutions

Pursuant totheState Bank Law No.46/2010/QH12 dated June 16, 2010;

Pursuant to theLaw on credit institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to the Government s DecreeNo. 156/2013/ND-CP of November 11, 2013, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

Pursuant to theDecision No. 48/2013/QD-TTg of August 1, 2013, on compulsory contribution of capital to or purchase of shares from credit institutions under special control;

Pursuant to theDecision No. 255/QD-TTg dated March 01, 2012 of the Prime Minister supplementing some measures to re-structure the credit organizations in the period 2011 -  2015;

At the proposal of the director of the Monetary Policy Department,

The State Bank Governor promulgates the Circular amending, supplementing a number of articles of the Decree No.581/2003/QD-NHNNdatedJune 09, 2003of the State Bank Governor promulgating the regulation on compulsory reserves applicable to credit institutions.

Article 1. To amend, supplement a number of articles of the regulation on compulsory reserves applicable to credit institutions promulgated together with the Decision No.581/2003/QD-NHNNdatedJune 09, 2003of the State Bank Governor (hereinafter referred to as the regulation on compulsory reserves) as follows:

1. To amend Article 3 as follows:

“Article 3.Subject to the application of the Compulsory Reserve Regulation are credit institutions, foreign banks’ branchesestablished and operating underthe Law on Credit Institutions (hereinafter referred to as credit institutions”.

2. To amend Article 6 as follows:

“Article 6.The payment of interests on compulsory reserves, excessivecompulsory-reserve of each type of credit institution and each type of deposit in each period shall be made according tothe State Bank’s regulations.”.

3. To amend Article 8 as follows:

“Article 8.

1.The notification of compulsory reserves andpayment ofinterests on compulsory reserves, excessivecompulsory-reservein Vietnam dong shall be carried out byState Bank s Transaction Office.

2.The notification of compulsory reservesand payment ofinterests on compulsory reserves, excessivecompulsory-reservein Vietnam dong shall be carried out bythe State Bank s branches in the provinces and cities where creditinstitutions are headquartered (excluding the case that credit institutions select State Bank s Transaction Office to transact and send the notification to State Bank s Transaction Office,the State Bank s branches in the provinces and cities where creditinstitutions are headquartered.)”.

4. To amend Article 10 as follows:

“Article 10

1.In cases where credit institutions are placed under the special control, the State Bank Governor shall consider and decide to reduce the compulsory-reserve rates applicable to such credit institutions to the minimum level of 0%.

2.In cases where credit institutions are placed under the approved re-structural plan, credit institutions are implementing to re-structure the poor credit institutions as requested, theState Bank Governor shall consider and decide to reduce the compulsory-reserve rates applicable to such credit institutions.

5. To amend Article 16 as follows:

“Article 16.Handling of compulsory-reserve deficit

The State Bank shallapply forms, handling with measures forcompulsory-reserve deficitas stipulated by the current regulations on sanctioning administrative violations in the field of monetary and banking and other related regulations.”.

6. To amend Article 19 as follows:

”Article 19.The State Bank s Transaction Office has the following responsibility:

1. Within the first 3 working days of every month, on the basis of the day-end balances of credit institutions payment deposit accounts, transmitted from the State Bank s branches in the provinces and cities, to synthesize and calculate the average balances of Vietnam-dong payment deposit accounts of credit institutions at the State Bank in the period of compulsory-reserve maintenanceof the preceding month;To transmit the average balances of Vietnam-dong payment deposit accounts of credit institutions at the State Bank in the period of compulsory-reserve maintenanceof the preceding monthto the State Bank s branches in the provinces or cities where such credit institutions are headquartered.

2. Within the first 5 working days of every month, on the basis of the average balances of mobilized deposit accounts subject to the compulsory reserves in the period of compulsory-reserve determination reported by credit institutions, to check, calculate and notify the compulsory reserves of the period of compulsory-reserve maintenance andreport the implementation of compulsory reserve in the period ofthe preceding month s compulsory-reserve maintenanceto credit institutions under its management according to Form 2 as attached.

3.Within the first7working days of every month, on the basis of the preceding month s average balances of payment deposit accounts of credit institutions at the State Bank in the period of compulsory-reserve maintenance,to report the implementation of compulsory reserve in the period ofthe preceding month s compulsory-reserve maintenance, to pay interests of compulsory reserve deposit, compulsory reserve surplus in the period ofthe preceding month s compulsory-reserve maintenanceto credit institutions under its management as stipulated under this regulation.

4.Within the first10working days of every month,to sum up and report on the situationof compulsory reserve in the period ofthe preceding month s compulsory-reserve maintenanceof credit institutions under its management and credit institutions sent by the State bank’s branches in the provinces and cities to report to the State Bank Governor and the Banking Inspection and Supervision Department, Monetary Policy Department according to Form 3 as attached.”.

7. To amend Article 20 as follows:

“Article 20.The State Bank s branches in the provinces and cities where credit institutions are headquarteredshallhave the following responsibilities

1. Within the first 5 working days of every month, on the basis of the average balances of mobilized deposit accounts subject to the compulsory reserves in the period of compulsory-reserve determination reported by credit institutions, to check, calculate and notify the compulsory reservesin Vietnam dongof the period of compulsory-reserve maintenance andreport the implementation of compulsory reserves in the period ofthe preceding month s compulsory-reserve maintenanceto credit institutions under its management according to Form 2 as attached.

2. Within the first7working days of every month, on the basis of the preceding month s average balances of payment deposit accountsin Vietnam dongof credit institutions at the State Bank in the period of compulsory-reserve maintenance,to report the implementation of compulsory reserve in Vietnam dong in the period ofthe preceding month s compulsory-reserve maintenance, to pay interests of compulsory reserve deposit, compulsory reserve surplus in Vietnam dong in the period ofthe preceding month s compulsory-reserve maintenanceto credit institutions under its management as stipulated under this regulation.

3. Within the first7working days of every month,to sum up and report on the situationof compulsory reserve in the period ofthe preceding month s compulsory-reserve maintenanceof credit institutions under its management and to report to the State Bank (State Bank’s Transaction Office) according to Form 3 as attached.”

8. To amend Article 22 as follows:

“Article 22.The Monetary Policy Department has the following responsibility

1. Basing on themonetary policy objectives to submit to the State BankGovernor the following matters for consideration and decision:

a)compulsory-reserve rate applicable to each type of credit institution and each type of depositin each period;

b) Interest rateapplicable tocompulsory reserves, compulsory reserve surplus foreach type of credit institutionand each type of depositin each period;

2. Basing on the proposals of the Banking Inspection and Supervision Department, to submit to the State Bank Governor for decision on compulsory reserve rate applicable to credit institutions under special control, credit institutions that are implementing the approved re-structural plan, credit institutions that are participating in structuring poor credit institutions as assigned.”.

9. To amend Article 24 as follows:

“Article 24.TheBanking Inspection and Supervision Department shall havethe following responsibility:

1. Based on the plan of improving the organization and operation, re-structural plan, to propose the Monetary Policy Department on reducing compulsory reserve rate for credit institutions under special control, credit institutions that are implementing the approved re-structural plan, credit institutions that are participating in structuring poor credit institutions as assigned, of which to specifically propose the compulsory reserve rate, the period ofcompulsory-reserve maintenanceand time of application.

2. Within 15 working days since receiving the report of the State Bank’s transaction office on the situation of implementing compulsory reserve of credit institutions, to handle under its competence or propose to the State Bank Governor on measures of handling with credit institutions that have compulsory reserve deficit according to current regulations. To report the State Bank Governor and send to the Monetary Policy Department and the State Bank’s Transaction Office decisions on handling with credit institutions that have compulsory reserve deficit.

3. To inspect, supervise credit institutions in complying with regulations under this Regulation; handling under its competence or propose to the State Bank Governor on measures of handling with credit institutions that violate according to current regulations.”

Article 2

1. To annul Article 21 and Article 26 of the Regulation on compulsory reserve.

2. To replace the term “payment deposit account” into “payment account” under the regulation on compulsory reserve.

3. To replace the term “compulsory reserve surplus” into “excessive compulsory reserve” under the regulation on compulsory reserve.

4. To replace Form 2 promulgated together with the regulation on compulsory reserve by Form 2 promulgated under this Circular.

Article 3. Effect

1. This Circular takes effect on January 28, 2016.

2. The following regulations shall cease to be effective since the effective day of this Circular,

a) Article 4 of the Decision No. 923/QD-NHNN of July 20, 2004 on the interest rates applicable to the required reserve deposits of credit institutions.

b) The Decision No. 1130/2005/QD-NHNN of august 1, 2005, amending and supplementing a number of articles of the regulation on compulsory reserves applicable to credit institutions, issued together with Decision No. 581/2003/QD-NHNN of June 9, 2003, of the State Bank Governor;

Article 4. Organization of implementation

The director of the Office, the Director of the Monetary Policy Department, the heads of units under the management of the State Bank, the directors of the State Bank’s provincial/municipal branches, the chair of the Management Board, the chair of Members Council and General Directors (directors) of credit institutions, foreign bank’s branches shall implement this Circular.

For The Governor

Deputy Governor

Nguyen Thi Hong