Rules for Determining Systemically Important Credit Organizations

«Registered»
Ministry of Justice of the Republic of Tajikistan on December 24, 2018, No. 959 «Approved» By the Resolution of the Board of the National Bank of Tajikistan on November 30, 2018, No. 163 «Registered» Changes by the Ministry of Justice of the Republic of Tajikistan on June 3, 2026, No. 9591 «Approved» Changes by the Resolution of the Board of the National Bank of Tajikistan on May 28, 2026, No. 49

Rules for Determining Systemically Important Credit Organizations

The Rules for Determining Systemically Important Credit Organizations (hereinafter referred to as the "Rules") are developed in accordance with Part 6 of Article 29 of the Law of the Republic of Tajikistan "On Banking Activities" and establish the procedure for determining and including credit organizations in the list of systemically important credit organizations with the aim of effective implementation of macroprudential policy, banking regulation, and supervision.

CHAPTER 1. GENERAL PROVISIONS

1. The following main concepts are used in these Rules:

• credit organizations – legal entities (banks, non-bank credit organizations, including microfinance organizations) carrying out all or certain banking operations provided by law on the basis of a license from the National Bank of Tajikistan;
• systemically important credit organization – a credit organization whose stable functioning is essential for the stability of the entire financial system, in particular the country's banking system. In accordance with the methodology of the Basel Committee on Banking Supervision, the larger the credit organization, the greater the risk to the stability of the financial system and the country's economy in the event of its bankruptcy;
• financial organizations – economic entities engaged in providing non-banking financial services, including insurance, leasing, securities market services, pawnshops, investment and non-state pension funds;
• macroprudential policy – a set of preventive measures aimed at minimizing risks to the financial system;
• interconnectedness with other credit organizations and financial organizations – mutual relations of a credit organization with other credit organizations and financial organizations regarding the placement of funds, attraction of deposits and credit resources, and the influence of its activities on the interbank market;
• substitutability of credit organizations – the ability of credit organizations to replace the position in the banking system of another credit organization facing financial problems and difficulties in providing banking services. This ability is mainly determined based on indicators of the credit organization's share in the total volume of payments and the credit portfolio of the banking system;
• complexity (complexity) in conducting banking operations – represents the complexity of a credit organization in conducting banking operations due to changes in the market price of financial instruments, which are carried out through off-balance sheet accounts;
• off-balance sheet assets and liabilities – assets and liabilities that are not owned by the credit organization and are under its temporary control. Such assets and liabilities (such as unused credit lines, collateral items transferred to the credit organization, derivative operations, including forwards, currency and interest rate swaps, etc.) are not included in the balance sheet of the credit organization and are accounted for in off-balance sheet accounts.

2. The purpose of determining systemically important credit organizations is to ensure the effective implementation of the macroprudential policy of the National Bank of Tajikistan, supervision, and correct assessment of the banking system.

3. In order to ensure stability against the influence of various factors, prevent possible losses, and reduce potential risks to the banking system, the National Bank of Tajikistan establishes stricter regulatory requirements for systemically important credit organizations.

4. The following criteria are used to determine systemically important credit organizations:

• size of the credit organization;
• interconnectedness with other credit organizations and financial organizations;
• substitutability of credit organizations;
• complexity (complexity) in conducting banking operations.
  According to the methodology of the Basel Committee on Banking Supervision, for the above-mentioned criteria, depending on their significance in the assessment of credit organizations, a certain weight value is established.
  Systemically important credit organizations must meet quantitative indicators related to these criteria.

CHAPTER 2. QUANTITATIVE INDICATORS OF CREDIT ORGANIZATIONS

5. Quantitative indicators of credit organizations, depending on the criteria established in paragraph 4 of these Rules, as well as the level of assessment of financial stability, significance in the system, and social importance, are determined by individual indicators of the banking system.
   Quantitative indicators of credit organizations within the total weight of the corresponding criteria are assigned a weight value according to the Appendix to these Rules.

6. The quantitative indicators of the size of a credit organization are:

• share of assets in the total volume of assets of credit organizations (P1);
• share of liabilities in the total volume of liabilities of credit organizations (P2).

7. The quantitative indicators of interconnectedness with other credit organizations and financial organizations are:

• share of placed funds – the share of a credit organization's claims relative to other domestic and foreign credit organizations and financial organizations in the total volume of funds placed in domestic and foreign credit organizations and financial organizations. Also includes investments by the credit organization and acquisition of securities of other domestic and foreign credit organizations and financial organizations with an obligation to resell (REPO) (P3);
• share of attracted funds – the share of a credit organization's liabilities relative to other domestic and foreign credit organizations and financial organizations in the total volume of funds attracted from domestic and foreign credit organizations and financial organizations. Also includes the total amount of liabilities to the National Bank of Tajikistan, securities sold by the credit organization with an obligation for subsequent repurchase (REPO), and debt securities issued by the credit organization (P4);
• share of deposits – the share of funds in the credit organization placed by individuals and legal entities (excluding credit organizations) on the basis of a bank deposit (deposit) contract or bank account contract in the total volume of deposits (deposits) of individuals and legal entities (excluding credit organizations) placed in credit organizations (P5).

8. Quantitative indicators of substitutability of credit organizations:

• share of payments – the share of the total volume of payments of the credit organization, including payments made through correspondent accounts opened at the National Bank of Tajikistan (including operations in the payment card market) and direct correspondent sub-accounts, in the total volume of payments of credit organizations (P6);
• share of loans (gross) – the share of the credit organization's credit portfolio in the total volume of the credit portfolio of credit organizations (P7).

9. Quantitative indicator of complexity (complexity) in conducting banking operations:

• share of off-balance sheet assets of the credit organization in the total volume of off-balance sheet assets of credit organizations (P8);
• share of off-balance sheet liabilities of the credit organization in the total volume of off-balance sheet liabilities of credit organizations (P9).

10. Calculations of the quantitative indicators specified in paragraphs 6, 7, 8, and 9 of these Rules (except for the first paragraph of paragraph 8) are carried out as of the last date of each month. The first paragraph of paragraph 8 of these Rules shows the total volume of payments of the credit organization carried out during the year.

11. Based on the average monthly quantitative indicators (except for P6, which is calculated on an annual basis) for 12 months of the reporting year for each credit organization, a generalized quantitative indicator is calculated, on the basis of which a credit organization may be included in or excluded from the list of systemically important credit organizations.

12. The generalized quantitative indicator for one credit organization is calculated by the formula:
    OQP = ∑(Pi × Bi) where:
    OQP – generalized quantitative indicator;
    Pi – calculation of average monthly quantitative indicators in percent (from P1 to P9, except P6) for 12 months of the reporting year:
    Pi = 1/12 × (Pi1 + Pi2 + ... + Pi12)
    For P6, the total volume of payments of the credit organization for 12 months of the reporting year is calculated:
    P6 = P61 + P62 + ... + P612
    Bi – weight of the i-th indicator (Pi) in the total weight of the corresponding criteria of the credit organization.

13. A credit organization is included in the list of systemically important credit organizations if its generalized quantitative indicator, calculated in accordance with paragraph 12 of these Rules, constitutes 10 percent or more (Resolution of the Board of the NBT of May 28, 2026, No. 49).

14. If the generalized quantitative indicator of a credit organization exceeds 7 percent but is less than 10 percent, such a credit organization is included in the list of potential credit organizations that may be recognized as systemically important upon the results of the next assessment (Resolution of the Board of the NBT of May 28, 2026, No. 49).

CHAPTER 3. FORMATION OF THE LIST OF SYSTEMICALLY IMPORTANT CREDIT ORGANIZATIONS

15. The Financial Stability Department once a year in January, after finalizing the calculations of quantitative indicators, forms the list of systemically important credit organizations for the period from January 1 to December 31 of the upcoming year, and after coordinating this list with the Banking Supervision Department, submits it to the management of the National Bank of Tajikistan.

16. The list of credit organizations classified as systemically important credit organizations and potential credit organizations is approved by the Resolution of the Board of the National Bank of Tajikistan.

17. Information about the list of systemically important credit organizations and potential credit organizations is brought to the attention of these credit organizations no later than three working days from the date of approval of the list specified in paragraph 16 of these Rules and is published on the website of the National Bank of Tajikistan and in the journal "Banking. Development. Globalization."

Appendix to the Rules
for Determining Systemically Important Credit Organizations

Quantitative Indicators of Credit Organizations

Criteria | Weight of Criterion | Quantitative Indicators (Pi) | Weight of Indicator (Bi) --- | --- | --- | --- Size of the credit organization | 40% | assets 20% liabilities 20% | Interconnectedness with other credit organizations and financial organizations | 30% | placed funds 10% attracted funds 10% deposits 10% | Substitutability of credit organizations | 20% | payments 5% loans 15% | Complexity (complexity) in conducting banking operations | 10% | off-balance sheet assets 5% off-balance sheet liabilities 5% |

(Resolution of the Board of the NBT of May 28, 2026, No. 49)