Circular 12/2013/TT-NHNN amending Circular 02/2013/TT-NHNN stipulating the classification of assets with deduction levels, methods of making provision for risks and the use of provisions to handle risks in banking activities of credit institutions, foreign bank branches issued by the State Bank of Vietnam

CIRCULAR

AMENDING A NUMBER OF ARTICLES OF THE CIRCULAR NO. 02/2013/TT-NHNN DATED 21/01/2013 OF THE GOVERNOR OF THE STATE BANK OF VIETNAM PROVIDING ON CLASSIFICATION OF ASSETS, LEVELS AND METHOD OF SETTING UP OF RISK PROVISIONS, AND USE OF PROVISIONS AGAINST CREDIT RISKS IN THE BANKING ACTIVITY OF CREDIT INSTITUTIONS, FOREIGN BANKS’ BRANCHES

Pursuant to the Law on the State bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on credit institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to the Government’s Decree No. 96/2008/ND-CP dated May 26, 2008, defining the functions, tasks, powers and organizational structure of the State bank of Vietnam;  

At the proposal of the Chief of banking Inspection and supervision;

The Governor of the State bank of Vietnam promulgates the Circular amending a number of articles of the Circular No. 02/2013/TT-NHNN dated 21/01/2013 of the Governor of the State Bank of Vietnam providing on classification of assets, levels and method of setting up of risk provisions, and use of provisions against credit risks in the banking activity of credit institutions, foreign banks’ branches (hereinafter referred to as the Circular No. 02/2013/TT-NHNN),

Article 1.  To amend clause 1 Article 25 of the Circular No. 02/2013/TT-NHNN as follows:

“1. This Circular takes effect on June 01, 2014”.

Article 2. Responsibilities for implementation organization

The Chief of office, the Chief of banking Inspection and supervision, heads of units of the State bank, directors of the State bank’s provincial branches, Chairpersons of Boards of Directors, chairpersons of Members' Councils and general directors (directors) of credit institutions, foreign banks’ branches shall implement this Circular.

Article 3. Implementation provisions

This Circular takes effect on June 01, 2013”.

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