Resolution of the Board of the National Bank of the Kyrgyz Republic No. 4/6 of February 8, 2006 on Amendments and Additions to the Regulation on Licensing of Credit Unions

LOST FORCE

in accordance with Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 23, 2015 No. 78/25

Registered in the Ministry of Justice of the Kyrgyz Republic

March 9, 2006. Registration number 20-06.

Bishkek

dated February 8, 2007 No. 4/6

RESOLUTION

OF THE BOARD OF THE NATIONAL BANK

OF THE KYRGYZ REPUBLIC

On Amendments and Additions to the Regulation

"On Licensing of Credit Unions"

In order to develop the system of regulation and supervision of credit

unions in the part of licensing operations for attracting deposits from

participants of credit unions, having considered the proposed changes and

additions to the Regulation "On Licensing of Credit Unions", the Board

of the National Bank of the Kyrgyz Republic resolves:

1. Approve the proposed changes and additions to the Regulation "On

Licensing of Credit Unions", approved by Resolution

of the Board of the NBRK dated May 4, 2005 No. 14/3 (reg. number of the MJ of the KR No. 75-05 dated

June 10, 2005) (attached).

2. The Department of Supervision and Licensing Methodology jointly with

the Legal Department shall, in the established manner, carry out the state

registration of this Resolution in the Ministry of Justice of the Kyrgyz

Republic.

3. This Resolution enters into force from the moment of official

publication after state registration in the Ministry of Justice of the

Kyrgyz Republic.

4. The Department of Supervision of Non-Banking Institutions shall bring

this Resolution to the attention of regional departments and

the Representation of the National Bank of the Kyrgyz Republic in

the Batken Region.

5. After the publication of the registered normative legal act,

inform the Ministry of Justice of the Kyrgyz Republic about

the source of publication (name of the edition, its number and date).

6. Control over the implementation of this Resolution is assigned to

the Deputy Chairman of the NBRK S.E. Zhanibekova.

Chairman of the Board Sarbanov U.K.

Approved

by Resolution

of the Board of the National Bank

of the Kyrgyz Republic

dated February 8, 2006 No. 4/6

CHANGES AND ADDITIONS

to the Regulation "On Licensing of Credit Unions"

Make the following changes and additions to the Regulation "On Licensing of Credit Unions",

approved by Resolution of the Board of the NBRK No. 14/3 dated May 4, 2005,

registered by the Ministry of Justice of the Kyrgyz Republic on June 10,

2005, registration number 75-05:

1. Redraft Subparagraph 4 of Paragraph 5.1 as follows:

"the ratio of the total debt on the principal amount of loans,

overdue on the principal and/or interest, to the loan portfolio

not more than 5%",

2. Redraft Subparagraph 5 of Paragraph 5.1 as follows:

"compliance with requirements and economic standards established

by normative legal acts of the NBRK".

3. Redraft Subparagraph 6 of Paragraph 5.1 as follows: "presence

of a deposit policy and a liquidity management policy".

4. Exclude Subparagraph 7 of Paragraph 5.1.

5. Redraft Paragraph 5.2 as follows: "Compliance

of the credit union with the requirements and standards of the NBRK is established on

the basis of the results of the inspection of the credit union, or results of the inspection

carried out within the last 6 months prior to the moment of submission by the credit union of an application for

obtaining a license for the right to attract deposits from its participants" may be taken into account".

6. Supplement Section 5 with a new Paragraph 5.3 of the following content: "Within

no more than two years from the date of obtaining the license for the right

to attract deposits from its participants, credit unions must

carry out the transition to the use of information systems, corresponding to the minimum requirements imposed by the NBRK. In the case

of violation of this requirement, measures of influence are applied to the credit union

in accordance with the normative legal acts of the NBRK";

paragraphs 5.3-5.9 are considered respectively as paragraphs 5.4-5.10.

7. In Subparagraph 6 of Paragraph 6.1, exclude the word "complex".