Decision No. 646/2002/QĐ-NHNN amends Article 14 of the Special Supervision Regulation for Joint Stock Credit Institutions of Vietnam, stipulating that the maximum period of special supervision is two years and may be extended. The Governor of the State Bank of Vietnam decides the specific period of special supervision for each credit institution.
Scope of application
Joint Stock Credit Institutions of Vietnam
Key points
- The Governor of the State Bank of Vietnam decides that the maximum period of special supervision for Joint Stock Credit Institutions is two years, which can be extended in stages without exceeding the initial period set for special supervision.
🌐 Social impact of this document
- Positive impact: Helps the State Bank of Vietnam manage effectively credit institutions with high risk, protecting the rights of customers and investors.
- Negative impact: May impose financial and operational pressure on credit institutions under special supervision.
❓ Frequently asked questions
What is the maximum duration of special supervision?
The maximum duration of special supervision is two years from the date the decision takes effect, but the Governor of the State Bank of Vietnam may extend it in stages without exceeding the initial period set for special supervision.
How will the Governor of the State Bank of Vietnam decide the duration of special supervision?
The Governor of the State Bank of Vietnam will decide the specific duration of special supervision for each Joint Stock Credit Institution based on the actual situation of each unit.
How many times can the duration of special supervision be extended?
Each extension period shall not exceed the initial period set for special supervision, but there is no specific provision regarding the number of extensions.
Who is responsible for implementing this Decision?
The Director of the Office, Heads of 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 Board of Directors, Heads and members of the Supervisory Board, General Managers (Directors) of state-owned and people's Joint Stock Credit Institutions have the responsibility to implement this Decision.
When does this Decision take effect?
This Decision takes effect fifteen days after its signing date.
Full text
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./.
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