Resolution of the Board of the National Bank of the Kyrgyz Republic No. 2017-P-09/32-3-(NPA) of July 19, 2017 on Amendments and Additions to the Resolution on the Procedure for Conducting Credit Auctions

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of July 19, 2017 No. 2017-P-09/32-3-(NPA)

On Amendments and Additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On the Procedure for Conducting Credit Auctions by the National Bank of the Kyrgyz Republic for Refinancing and Liquidity Maintenance' dated November 27, 2013 No. 45/13"

In accordance with Articles 20 and 68 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic, Banks and Banking Activities", the Board of the National Bank of the Kyrgyz Republic

RESOLVES:

1. To make amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On the Procedure for Conducting Credit Auctions by the National Bank of the Kyrgyz Republic for Refinancing and Liquidity Maintenance' dated November 27, 2013 No. 45/13" (attached).

2. To the Legal Department:

• publish this resolution on the official website of the National Bank of the Kyrgyz Republic;

• after official publication, send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Regulatory Legal Acts of the Kyrgyz Republic.

3. This resolution enters into force after 15 days from the date of its official publication.

4. The Monetary Operations Department is to bring this resolution to the attention of commercial banks, relevant structural subdivisions of the National Bank of the Kyrgyz Republic, regional departments, and the branch of the National Bank of the Kyrgyz Republic in the Batken region.

5. Control over the execution of this resolution is entrusted to the Deputy Chairman of the National Bank of the Kyrgyz Republic, Zhenish N.

Chairman		T. Abdygulov

		Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated July 19, 2017 No. 2017-P-09/32-3-(NPA)

AMENDMENTS AND ADDITIONS in the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On the Procedure for Conducting Credit Auctions by the National Bank of the Kyrgyz Republic for Refinancing and Liquidity Maintenance' dated November 27, 2013 No. 45/13"

To make the following amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On the Procedure for Conducting Credit Auctions by the National Bank of the Kyrgyz Republic for Refinancing and Liquidity Maintenance' dated November 27, 2013 No. 45/13":

in the Regulation "On the Procedure for Conducting Credit Auctions by the National Bank of the Kyrgyz Republic for Refinancing and Liquidity Maintenance", approved by the aforementioned resolution:

• sub-item 2 of item 41 is to be worded as follows:

"2) State securities in the form of securities of the Government of the Kyrgyz Republic and notes of the National Bank (hereinafter - State Securities);";

in Appendix 1 to the Regulation:

• item 9.3 is to be worded as follows:

"9.3. This General Agreement is drawn up in 2 (two) original copies in the official language and in 2 (two) original copies in the state language for each of the Parties, having equal legal force.";

in Appendix 1 to the General Agreement on Credit Auction:

• the third paragraph is to be worded as follows:

"acting on the basis of ________________________, authorizes the below-listed persons to sign the bank's application for obtaining a loan and provide collateral for obtaining a loan from the National Bank based on the results of the credit auction:";

in Appendix 4 to the General Agreement on Credit Auction:

• in item 2.3, the words "on the next working day" are to be replaced with the words "no later than the next working day";

• item 5.3 is to be worded as follows:

"5.3. This Credit Agreement, including the notification and pledge agreement in the form of Appendix 3 and 5, 6, 7 (depending on the type of collateral), is an integral part of the General Agreement dated __________ year No. ________ on credit auction, concluded between the National Bank and the Bank, drawn up in 2 (two) original copies, one copy for each of the Parties. In case of a requirement to provide a copy to the authorized body carrying out pledge registration, an additional 1 (one) copy is drawn up. All copies have equal legal force.";

in Appendix 5 to the General Agreement on Credit Auction:

• item 2.1.5 is to be worded as follows:

"2.1.5. Ensure (with prior written notification to the Pledgee) the replacement of State Securities, for which the maturity date occurs before the end of the term of the Credit Agreement, with other equivalent State Securities with a later maturity date. In this case, the replacement of State Securities must be carried out 10 (ten) working days before the maturity date of the State Securities of the corresponding issue/ corresponding issues.";

• in the first sentence of item 3.2, the words "whose issuer is the Government of the Kyrgyz Republic," are to be excluded;

• in item 3.3, after the words "the sum of the nominal value of the specified State Securities", add the words ", including";

• item 6.6 is to be worded as follows:

"6.6. This Agreement is drawn up in 2 (two) original copies, having equal legal force, 1 (one) copy - for the Pledgor, 1 (one) copy - for storage in the National Bank of the Kyrgyz Republic. In case of a requirement to provide a copy to the authorized body carrying out pledge registration, an additional 1 (one) copy is drawn up. All copies have equal legal force.";

in Appendix 6 to the General Agreement on Credit Auction:

• item 6.9 is to be worded as follows:

"6.9. This Agreement is drawn up in 2 (two) original copies, having equal legal force, 1 (one) copy - for the Pledgor, 1 (one) copy - for storage in the National Bank of the Kyrgyz Republic. In case of a requirement to provide a copy to the authorized bodies carrying out pledge registration, an additional 1 (one) copy is drawn up. All copies have equal legal force.";

in Appendix 7 to the General Agreement on Credit Auction:

• in the third paragraph of item 4.2, the words and figures "5 (five) working days" are to be replaced with the words and figures "10 (ten) working days";

• item 7.11 is to be worded as follows:

"7.11. This Agreement is drawn up in 2 (two) original copies, having equal legal force, 1 (one) copy - for the Pledgor, 1 (one) copy - for storage in the National Bank of the Kyrgyz Republic. In case of a requirement to provide a copy to the authorized body carrying out pledge registration, an additional 1 (one) copy is drawn up. All copies have equal legal force.";

• Appendix 1 to the Pledge Agreement on Rights under Credit Agreements is to be worded as follows:

		"Appendix 1 to the Pledge Agreement on Rights under Credit Agreements dated "_" __________________ 20 year No. _______

This list must necessarily contain detailed information about the loan portfolio, including:

1. Client name;

2. Loan agreement number;

3. Loan agreement date;

4. Outstanding balance as of ________________;

5. Interest rate;

6. Maturity date;

7. Industry of the financed project;

8. Name of collateral;

9. Address of collateral;

10. Appraised value of collateral;

11. Other necessary information.

(*) The format of the appendix will be provided by the National Bank upon signing the Pledge Agreement.".