Circular No. 27/2011/TT-NHNN amends and supplements the provisions on compulsory reserves for credit institutions, applicable from September 1, 2011. The new provisions include foreign deposits of credit institutions in compulsory reserves and require detailed reporting.
Scope of application
Credit institutions
Key points
- Credit institution → must compulsorily reserve foreign deposits according to the new regulations.
- Credit institution → must report the average balance of deposits collected and consolidate the situation of compulsory reserve compliance according to the form issued together with the Circular.
🌐 Social impact of this document
- Positive impact: Enhance credit risk management, protect customer rights, and increase the stability of the banking system.
- Negative impact: May increase operational costs for credit institutions due to additional compliance with reporting requirements.
❓ Frequently asked questions
How should credit institutions compulsorily reserve foreign deposits according to this Circular?
According to the Circular, credit institutions must compulsorily reserve foreign deposits according to the new supplementary provision at Point b Clause 1 Article 12.
What necessary reports are required for compliance with this Circular?
According to the Circular, credit institutions must report the average balance of deposits collected and consolidate the situation of compulsory reserve compliance according to Form No. 1 - Report on the Average Balance of Deposits to be Compulsorily Reserved and Form No. 3 - Report on Consolidation of Compliance with Compulsory Reserves of Credit Institutions.
When does this Circular take effect?
This Circular takes effect from September 1, 2011.
How should credit institutions comply with these new regulations?
According to the Circular, credit institutions must comply with the regulations on compulsory reserve of foreign deposits and report according to the forms issued together with the Circular.
Which provisions does this Circular abolish?
According to Article 2, this Circular abolishes Decision No. 187/QĐ-NHNN dated January 16, 2008 of the Governor of the State Bank of Vietnam on adjusting compulsory reserves for credit institutions.
Full text
CIRCULAR
Amending and supplementing certain Articles of the Compulsory Reserve Ratio Regulations for Credit Institutions
issued together with Decision No. 581/2003/QĐ-NHNN dated June 9, 2003 of the Governor of the State Bank of Vietnam
The State
____________________
Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Credit Organizations No. 47/2010/QH12 dated June 16, 2010;
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 Governor of the State Bank of Vietnam amends and supplements certain Articles of the Compulsory Reserve Ratio Regulations for Credit Institutions issued together with Decision No. 581/2003/QĐ-NHNN dated June 9, 2003 of the Governor of the State Bank of Vietnam as follows:
Article 1. Amending and supplementing certain provisions of the Compulsory Reserve Ratio Regulations for Credit Institutions issued together with Decision No. 581/2003/QĐ-NHNN dated June 9, 2003 of the Governor of the State Bank of Vietnam as follows:
1. Supplementing Point b Clause 1 Article 12 with the following content:
"- Deposits of credit institutions abroad."
2. Supplementing the attached reporting forms of this Circular:
Form No. 1 - Report on average balance of deposits subject to compulsory reserve requirements and Form No. 3 - Summary report on compliance with compulsory reserve requirements of credit institutions.
Article 2. Effective Date
1. This Circular takes effect from September 1, 2011.
2. Abolishing Decision No. 187/QĐ-NHNN dated January 16, 2008 of the Governor of the State Bank of Vietnam on adjusting compulsory reserve requirements for credit institutions.
3. The Director of the Office, the Director of the Inspectorate and Supervision Department, Heads of units under the State Bank of Vietnam, Governors of the State Bank of Vietnam branches in provinces and centrally governed cities; Chairmen of the Board of Members, Chairmen of the Board of Directors and General Managers (Directors) of credit institutions are responsible for implementing this Circular./.
|
DIRECTOR
DEPUTY DIRECTOR
(Signed)
Nguyen Dong Tien
|
Original document (PDF)
Relations map
Click a document to open. A red border = a relation that changes validity.
Translations
This document is available in the following languages: