Decision No. 646/2002/QĐ-NHNN Regarding the amendment of Article 14 of the Special Supervision Regulation for Joint Stock Credit Institutions of Vietnam issued together with Decision No. 215/1998/QĐ-NHNN5 dated June 23, 1998

DECISION

Regarding the amendment to Article 14 of the Special Supervision Regulation for Joint Stock Credit Institutionsissued together with Decision No. 215/1998/QD-NHNN5 dated June 23, 1998

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 Institutions No. 02/1997/QH10 dated December 12, 1997;

Pursuant to Decree No. 15/CP dated March 2, 1993 of the Government on the tasks, powers, and responsibilities of state management by Ministries and equivalent agencies;

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

DECISION:

Article 1. Amend the provisions of Article 14 of the "Special Supervision Regulation for Joint Stock Credit Institutions" promulgated pursuant to Decision No. 215/1998/QD-NHNN5 dated June 23, 1998 of the Governor of the State Bank of Vietnam as follows:

Article 14.

1- The maximum period of special supervision shall be two years from the date the decision placing a joint stock credit institution under special supervision takes effect: The Governor of the State Bank of Vietnam shall decide the specific period of special supervision for each joint stock credit institution.

2- In cases where necessary, the Governor of the State Bank of Vietnam may review and decide to extend the period of special supervision. Each extension period shall not exceed the initial period during which the joint stock credit institution was placed under special supervision.

Article 2. This Decision shall take effect fifteen days from the date of signature.

Article 3. The Heads of the Office, Department Heads of the Departments of Banks and Non-Bank Financial Institutions, Heads of relevant units under the State Bank of Vietnam, Governors of the State Bank of Vietnam Branches in provinces and centrally-administered cities, Chairmen and members of the Management Councils, Heads and members of the Supervisory Boards, General Directors (Directors) of state-owned joint stock credit institutions, and citizens have the responsibility to implement this Decision./.