Regulatory Alerts2016-04-18 | 18/4Added · Updated
On Amendments to the Regulations on the Procedure for Issuing Bank Guarantees by Commercial Banks
This resolution amends the Regulations on the Procedure for Issuing Bank Guarantees by Commercial Banks. It revises the documentation required from principals to include the latest accounting balance sheet, financial results report, and reconciliation acts for debts exceeding 90 days. The amendments also reclassify the principal's creditworthiness into "standard", "substandard", "unsatisfactory", "doubtful", and "hopeless" categories, and mandate the formation of a one percent reserve against potential losses for guarantees issued to principals with "standard" creditworthiness. This resolution entered into force on April 18, 2016, but subsequently lost its force on September 14, 2022.
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