Decision No. 886/2003/QD-NHNN on amending and supplementing the joint financing regulation for credit institutions issued pursuant to Decision No. 286/2002/QD-NHNN dated April 3, 2002 of the Governor of the State Bank.

Pursuant to …;

OF THE HEAD OF THE STATE BANK

Regarding the amendment and supplementation of the Joint Financing Regulation for credit institutions issued pursuant to Decision No. 286/2002/QĐ-NHNN dated April 3, 2002 of the Governor of the State Bank of Vietnam 3/4/2002 of the Governor of the State Bank of Vietnam

GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam dated December 12, 1997; the Law Amending and Supplementing Certain Provisions of the Law on the State Bank of Vietnam dated June 17, 2003; the Law on Credit Institutions dated December 12, 1997;

Pursuant to Decree No. 86/2002/NĐ-CP dated 5/11/2002 of the Government stipulating the functions, tasks, powers, and organizational structure of Ministries and ministerial-level agencies;

At the proposal of the Director of the Credit Department,

DECIDES:

Article 1. Amend and supplement certain provisions of the Joint Financing Regulation for credit institutions issued pursuant to Decision No. 286/2002/QĐ-NHNN dated April 3, 2002 of the Governor of the State Bank of Vietnam as follows:

1. Amend and supplement Clause 4 of Article 2 as follows:

"4. The lead organization for joint financing: is one of the member credit institutions selected and entrusted with the responsibility of organizing joint financing based on the capacity of that credit institution; Central People's Credit Fund or local People's Credit Fund may only act as the lead organization when these organizations pool their funds together for lending. Financial companies under holding companies shall not act as the lead organization for joint financing."

2. Amending and supplementing Clause 4 as follows:

"Article 4. Organizations eligible to participate in joint financing.
1. Organizations eligible to participate in joint financing are credit institutions established and operating in accordance with the Law on Credit Institutions and authorized branches; 2. Local People's Credit Funds may only lend pooled funds with Central People's Credit Funds. In addition to implementing the Joint Financing Regulation, Central People's Credit Funds and local People's Credit Funds must comply with the regulations of the Government and guidelines of the State Bank of Vietnam regarding the organization and operation of these entities."

Article 2. This Decision shall take effect fifteen days from the date of publication in the Official Gazette.

Article 3. The Head of the Office, the 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 centrally administered cities, Chairmen of Management Boards, General Directors (Directors) of credit institutions, Chairmen of Management Boards, General Directors of Central People's Credit Funds and Directors of local People's Credit Funds are responsible for implementing this Decision./.