Circular No. 11/2009/TT-NHNN amends the criteria for negotiable instruments eligible for pledge to secure loans from banks, requiring that the remaining term of the negotiable instrument be at least equal to the loan period. This Circular takes effect 45 days from the date of issuance.
Scope of application
Banks
Key points
- A bank requesting a loan must pledge negotiable instruments that have been permitted for transfer, legally owned by the bank, and have a remaining term at least equal to the loan period (Article 1).
🌐 Social impact of this document
- Positive impact: Reduces risk for banks when providing loans, increases transparency in the process of pledging negotiable instruments.
- Negative impact: May reduce some banks' access to capital due to requirements on the remaining term of negotiable instruments.
❓ Frequently asked questions
What is the duration of effectiveness of this Circular?
This Circular takes effect 45 days from the date of issuance (Article 2).
What conditions must a bank meet to pledge negotiable instruments?
The bank must ensure that the negotiable instruments have been permitted for transfer, are legally owned by the bank, and have a remaining term at least equal to the loan period (Article 1).
What is the minimum term of negotiable instruments when pledged?
The minimum remaining term of negotiable instruments when pledged must be equal to the loan period (Article 1).
Which banks does this Circular apply to?
This Circular applies to all banks (Article 2).
What is the duration of effectiveness of this Circular?
This Circular takes effect 45 days from the date of issuance (Article 2).
Full text
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STATE BANK OF VIETNAM |
SOCIALIST REPUBLIC OF VIET NAM |
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NUMBER: 11/2009/TT-NHNN |
HA NOI, MAY 27, 2009 |
CIRCULAR
AMENDING CLAUSE 1 OF ARTICLE 7 OF CIRCULAR NO. 03/2009/TT-NHNN DATED MARCH 2, 2009 ON LOANS SECURED BY PLEDGE OF NEGOTIABLE INSTRUMENTS ISSUED BY THE STATE BANK OF VIETNAM TO BANKS
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BASED ON THE LAW ON THE STATE BANK OF VIETNAM 1997 AND THE LAW AMENDING AND COMPLEMENTING CERTAIN PROVISIONS OF THE LAW ON THE STATE BANK OF VIETNAM 2003;
BASED ON THE LAW ON CREDIT ORGANIZATIONS 1997 AND THE LAW AMENDING AND COMPLEMENTING CERTAIN PROVISIONS OF THE LAW ON CREDIT ORGANIZATIONS 2004;
Pursuant to Decree No. 96/2008/NĐ-CP dated August 26, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;
THE STATE BANK OF VIETNAM AMENDS CIRCULAR NO. 03/2009/TT-NHNN DATED MARCH 2, 2009 ON LOANS SECURED BY PLEDGE OF NEGOTIABLE INSTRUMENTS ISSUED BY THE STATE BANK OF VIETNAM TO BANKS AS FOLLOWS:
Article 1. CLAUSE 1 OF ARTICLE 7 shall be amended as follows:
"1. CRITERIA FOR NEGOTIABLE INSTRUMENTS ELIGIBLE FOR PLEDGE:
a. PERMITTED TO BE TRANSFERRED;
b. THE NEGOTIABLE INSTRUMENTS MUST BE LEGALLY OWNED BY THE BANK SEEKING A LOAN;
c. THE REMAINING MATURITY MUST BE AT LEAST EQUAL TO THE LOAN PERIOD."
Article 2. Implementation
1. This Circular shall take effect 45 days from the date of signature.
2. THE HEAD OF THE OFFICE, DIRECTOR OF THE CREDIT DEPARTMENT, HEADS OF UNITS UNDER THE STATE BANK OF VIETNAM, GOVERNORS OF THE STATE BANK OF VIETNAM BRANCHES IN PROVINCES AND CITIES DIRECTLY UNDER THE CENTRAL GOVERNMENT, BOARD OF MANAGEMENT, CHIEF EXECUTIVES (DIRECTORS) OF BANKS SHALL BE RESPONSIBLE FOR IMPLEMENTING THIS CIRCULAR./.
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Place of Receipt: |
GOVERNOR |
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