Regulatory Alerts | 85035On the Minimum Size of the Authorized Capital of the Specialized Financial-Credit Institution JSC Financial Company of Credit Unions
The Board of the National Bank of the Kyrgyz Republic mandates that JSC Financial Company of Credit Unions must increase its minimum authorized capital to at least 300 million som by 2025. The institution is required to submit a phased implementation plan by March 15, 2017, and annually allocate at least 75% of its net profit to capital increases until the target is met. This regulation supersedes a 2012 decree and becomes effective fifteen days after official publication.
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Date of creation: 2018-02-02
DECISION OF THE BOARD OF THE NATIONAL BANK OF THE KYRGYZ REPUBLIC
Bishkek, February 22, 2017 No. 6/3
On the minimum size of the authorized capital of the specialized financial-credit institution JSC "Financial Company of Credit Unions"
In order to ensure the effective and sustainable development of the specialized financial-credit institution JSC "Financial Company of Credit Unions" (hereinafter referred to as JSC "FKKS"), strengthen the reliability and safety of the credit union system, in accordance with Article 31 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic" and Articles 11 and 39-1 of the Law of the Kyrgyz Republic "On Banks and Banking Activity in the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic decides:
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Establish for JSC "FKKS" a minimum size of authorized capital at the level of not less than 300 million som starting from 2025.
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To the Board of Directors of JSC "FKKS":
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by March 15, 2017, develop and submit to the External Supervision Department of the National Bank of the Kyrgyz Republic a plan of measures for 2017-2025, providing for a phased increase in the minimum size of the authorized capital of JSC "FKKS";
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starting from 2017, annually together with the annual report, provide information to the External Supervision Department on bringing the minimum size of the authorized capital of JSC "FKKS" into compliance with the values established in the plan specified in this paragraph.
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It is recommended that JSC "FKKS" annually direct to increase the authorized capital not less than 75% of the net profit received as a result of the year, until full fulfillment of the requirement of paragraph 1 of this decision.
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Recognize as having lost force the Decision of the Board of the National Bank of the Kyrgyz Republic "On the minimum size of capital (own funds) of the specialized financial-credit institution JSC "Financial Company of Credit Unions" dated December 12, 2012 No. 48/9.
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The External Supervision Department shall, within 5 working days, bring this decision to the attention of JSC "FKKS".
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To the Legal Department:
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publish this decision on the official website of the National Bank of the Kyrgyz Republic;
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after official publication, send this decision to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Regulatory Legal Acts of the Kyrgyz Republic.
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This decision shall enter into force upon the expiration of fifteen days from the date of official publication.
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Control over the implementation of this decision shall be entrusted to Board Member of the National Bank of the Kyrgyz Republic T.D. Jusupov.
Acting Chairman of the Board of the National Bank of the Kyrgyz Republic
N. Zhenish
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