Decision No. 1389/2001/QD-NHNN Issuing Regulations on the establishment of Debt Management and Asset Recovery Companies under commercial banks

Pursuant to …;

Issuing Regulations on the establishment of Debt Management and Asset Exploitation Companies under Commercial Banks

and Exploitation of Assets Subordinate to Commercial Banks

GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 and the Law on Credit Organizations No. 02/1997/QH10 dated December 12, 1997;

Pursuant to the Government Decree No. 15/CP dated March 2, 1993 on the tasks, powers, and responsibilities of state management of ministries and ministerial-level agencies;

Pursuant to Decision No. 150/2001/QĐ-TTg dated October 5, 2001 of the Prime Minister regarding the establishment of Debt Management and Asset Exploitation Companies under commercial banks;

Issued herewith are the Regulations on Loan Classification, Provisioning, and Utilization for Credit Risk Management in Banking Activities of Credit Institutions.

DECISION:

Article 1. This Decision promulgates the "Regulations on the establishment of Debt Management and Asset Exploitation Companies under commercial banks" attached hereto.

Article 2. This Decision takes effect fifteen days from the date of signature and replaces Decision No. 305/2000/QĐ-NHNN5 dated September 15, 2000 of the Governor of the State Bank of Vietnam promulgating the Regulations on the establishment of Debt Management and Asset Exploitation Companies of commercial banks.

Article 3. The Director of the Office, Heads of Departments of Banking and Non-Bank Credit Institutions, Heads of Units under the State Bank of Vietnam, Governors of Provincial Branches of the State Bank of Vietnam under central cities, Chairmen of Boards of Directors, General Managers (Directors) of commercial banks are responsible for implementing this Decision./.