Resolution of the Board of the National Bank of the Kyrgyz Republic No. 39/8 of 30 September 2009 on Amendments to Resolution of the Board of the National Bank of the Kyrgyz Republic No. 38/11 of 22 August 2007 "On the Instruction on the Procedure for Making Payments in the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic", registered with the Ministry of Justice of the Kyrgyz Republic on 4 October 2007, registration number 88-07

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of 30 September 2009 No. 39/8

On Amendments to Resolution of the Board of the National Bank of the Kyrgyz Republic No. 38/11 of 22 August 2007 "On the Instruction on the Procedure for Making Payments in the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic", registered with the Ministry of Justice of the Kyrgyz Republic on 4 October 2007, registration number 88-07

In accordance with Articles 7 and 43 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic

RESOLVES:

1. To introduce into Resolution of the Board of the National Bank of the Kyrgyz Republic No. 38/11 of 22 August 2007 "On the Instruction on the Procedure for Making Payments in the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic", registered with the Ministry of Justice of the Kyrgyz Republic on 4 October 2007, registration number 88-07, the amendments and additions in accordance with the annex to this resolution.

2. The Banking Settlements Department shall bring this resolution to the attention of commercial banks, regional departments and the representative office of the National Bank of the Kyrgyz Republic in Batken Oblast.

3. This resolution enters into force upon the expiry of 1 month after official publication.

Published in the journal "Normative Acts of the National Bank of the Kyrgyz Republic", No. 2009/11

4. The Legal Department shall send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Normative Legal Acts of the Kyrgyz Republic.

5. Control over the execution of this resolution shall be assigned to the Deputy Chairman of the National Bank of the Kyrgyz Republic Chokoev Z.L.

Chairman of the Board of the National Bank	M. Alapaev

	Annex to Resolution of the Board of the National Bank of the Kyrgyz Republic of 30 September 2009 No. 39/8

AMENDMENTS AND ADDITIONS

to the Instruction "On the Procedure for Making Payments in the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic"

To the Instruction "On the Procedure for Making Payments in the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic", approved by Resolution of the Board of the National Bank of the Kyrgyz Republic of 22 August 2007, No. 38/11, registered with the Ministry of Justice of the Kyrgyz Republic on 4 October 2007, registration number 88-07, the following amendments and additions shall be introduced:

1. Throughout the text, the words "gross settlement system" shall be replaced by the word "GSRV" in the corresponding cases.

2. In clause 6.2.2, the sentence "Within the limits of the settlement limits, preliminary net positions of participants are calculated" shall be excluded.

3. In clause 6.2.3, the sentence "Participants of the system receive information on the change of the limit online without a request to the system" shall be excluded.

4. To supplement with clause 6.2.4 as follows:

"6.2.4. The value of the established settlement limit(s) of the participant(s) may change by the value of the reserve(s) based on information from the GSRV. Participants of the system receive information on the change of the settlement limit or reserve online without a request to the system. Within the limits of the settlement limits or reserves, preliminary net positions of participants are calculated".

5. In clause 6.3.7, in the second and third sentences, after the words "settlement limit", the words "or reserve" shall be added.

6. In clause 6.4.2, the word "LDNP" shall be replaced by the words "settlement limit or reserve".

7. In clause 6.5.2, the words "limits of debit net positions" shall be replaced by the word "reserves".

8. In clause 6.6.2, the words "(annex 1 (point 1) to this Instruction)" shall be replaced by the words "(annex 1 (point 2) to this Instruction)".

9. Point 2 of annex 1 shall be set out as follows:

"2. Rules for checking the debit NNP for exceeding the settlement limit or reserve

Upon receipt of a payment document, the system calculates the participant's NNP and checks whether its settlement limit or reserve has been reached. In the event of exceeding 80% of the established settlement limit or reserve from the participant's debit NNP, the system sends the participant a corresponding warning.

In the event of the participant's debit NNP reaching 100% of the established settlement limit or reserve, payment packages debiting the account of this participant are accepted into the system with the status "Inactive" and are not included in the calculation of the NNP. A message on the status of these payments is sent to the participant. If during the period of receipt and processing of EPD files and messages the participant's position improves (as a result of establishing a new reserve or the participant receiving payments crediting its account), the packages with the status "Inactive" are automatically included in the calculation of the NNP by priority and on the "FIFO" principle. A notification on the change of status of each package included in the calculation is sent to the participant. Inclusion in the calculation of the NNP of packages with the status "Inactive" is also possible through the participant establishing a new reserve".