Resolution of the Board of the National Bank of the Kyrgyz Republic No. 48/9 of 12 December 2012 on the Minimum Amount of Capital (Own Funds) of the Specialized Financial and Credit Institution OJSC "Financial Company of Credit Unions"

HAS LOST FORCE in accordance with resolution of the Board of the National Bank of the Kyrgyz Republic dated 22 February 2017 No. 6/3

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

dated 12 December 2012 No. 48/9

On the minimum amount of capital (own funds) of the specialized financial and credit institution OJSC "Financial Company of Credit Unions"

In order to ensure the effective and sustainable development of the specialized financial and credit institution OJSC "Financial Company of Credit Unions", to strengthen the reliability and security of the system of credit unions, in accordance with Article 31 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic" and Articles 11 and 39-1 of the Law of the Kyrgyz Republic "On Banks and Banking Activity in the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic

RESOLVES:

1. To establish the prudential standard for the minimum amount of capital (own funds) for the specialized financial and credit institution OJSC "Financial Company of Credit Unions" from 1 May 2013 in the amount of not less than 95 million som and from 1 May 2017 in the amount of not less than 150 million som.

2. To recognize as having lost force from 1 May 2013 resolution of the Board of the National Bank of the Kyrgyz Republic dated 18 January 2012 No. 2/3 "On the minimum amount of capital (own funds) of LLC "Financial Company for the Support and Development of Credit Unions in the Kyrgyz Republic".

3. The procedure for calculating the minimum amount of capital (own funds) shall be determined in accordance with the Instruction on determining capital adequacy standards for commercial banks of the Kyrgyz Republic, approved by resolution of the Board of the National Bank of the Kyrgyz Republic No. 18/2 dated 21 July 2004.

4. The specialized financial and credit institution OJSC "Financial Company of Credit Unions" shall:

by 1 February 2013, develop and submit an Action Plan for 2013-2017 on the phased bringing, by 1 May 2017, of the prudential standard for the minimum amount of capital (own funds) into compliance with the requirement specified in paragraph 1 of this resolution;

starting from 2014, annually, together with the annual report, provide information on bringing the prudential standard for the minimum amount of capital (own funds) into compliance with the values established in the Plan specified in this paragraph.

5. This resolution shall enter into force upon the expiry of 15 days after official publication.

6. After official publication, 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.

7. The Supervision and Licensing Methodology Department shall bring this resolution to the attention of the specialized financial and credit institution OJSC "Financial Company of Credit Unions".

8. Control over the implementation of this resolution shall be assigned to the Deputy Chairman of the National Bank Chokoev Z.L.

Chairman	Z. Asankozhoeva