On Amendments to the Regulations on the Procedure for Issuing Bank Guarantees by Commercial Banks

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 13.04.2016, registration number 2364-2

Effective date

18.04.2016

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14.09.2022

18.04.2016

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Document lost its force 14.09.2022

[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.22.00.00 Lending / 07.22.04.00 Ensuring Repayment of Bank Loans;
2.
21.00.00.00 Comprehensive Documents on Amendments and Additions / 21.04.00.00 Departmental Normative Legal Acts]
[TSZ:
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State and Social Structure / Legislative Initiative. Norm-creating Activity; 2.
Finance / Banks and other credit institutions. Loans]

Resolution

of the Board of the Central Bank of the Republic of Uzbekistan

On Amendments to the Regulations on the Procedure for Issuing Bank Guarantees by Commercial Banks

[Registered by the Ministry of Justice of the Republic of Uzbekistan on April 13, 2016, with registration number 2364-2]

This resolution lost its force based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/13 dated August 23, 2022, "On recognizing as having lost its force the Resolution "On approval of the Regulations on the Procedure for Issuing Bank Guarantees by Commercial Banks", as well as amendments and additions thereto" (registration number 2364-6, 14.09.2022).

In accordance with the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments shall be introduced to the Regulations on the Procedure for Issuing Bank Guarantees by Commercial Banks, approved by Resolution No. 10/1 of the Board of the Central Bank of the Republic of Uzbekistan dated March 24, 2012 (registration number 2364, May 15, 2012) (Collection of Legislation of the Republic of Uzbekistan, 2012, No. 20, Article 223), in accordance with the Annex.

2. This resolution shall enter into force from the day of its official publication.

Chairman of the Central Bank F. MULLAJONOV

Tashkent city,

March 26, 2016,

No. 8/14

ANNEX
to Resolution No. 8/14 of the Board of the Central Bank of the Republic of Uzbekistan dated March 26, 2016

Amendments to the Regulations on the Procedure for Issuing Bank Guarantees by Commercial Banks

1. The fourth indent of paragraph 8 shall be stated in the following wording:

"the accounting balance sheet (Form 1), the financial results report (Form 2) for the last reporting period submitted to the relevant state tax inspection, as well as reconciliation acts for debts overdue by more than 90 days;".

2. Paragraph 17 shall be stated in the following wording:

"17. The principal's creditworthiness is classified into "standard", "substandard", "unsatisfactory", "doubtful" and "hopeless" categories.".

3. In paragraph 18:

the word "good" in the first indent shall be replaced with the word "standard";

the word "funds" in the fourth indent shall be replaced with the words "cash flow".

the ninth indent shall be stated in the following wording:

"A reserve against potential losses in the amount of one percent of the guarantee amount issued to a principal whose creditworthiness is recognized as "standard" must be formed.".

4. In the first and fifth indents of paragraph 19, the word "standard" shall be replaced with the word "substandard".

5. In the first and fifth indents of paragraph 20, the word "substandard" shall be replaced with the word "unsatisfactory".

6. In the first and fourth indents of paragraph 21, the word "low" shall be replaced with the word "doubtful".

7. In the first and seventh indents of paragraph 22, the word "bad" shall be replaced with the word "hopeless".
   (Collection of Legislation of the Republic of Uzbekistan, 2016, No. 15, Article 157)