Circular 27/2011/TT-NHNN amending the Regulation on compulsory reserve for credit institutions together with Decision 581/2003/QD-NHNN issued by the State Bank of Vietnam

CIRCULAR

ON THE AMENDMENT, SUPPLEMENT SEVERAL ARTICLES OF THE REGULATION ON REQUIRED RESERVE APPLICABLE TO CREDIT INSTITUTIONS ISSUED IN CONJUNCTION WITH THE DECISION NO. 581/2003/QD-NHNN DATED 09 JUNE 2003 OF THE GOVERNOR OF THE STATE BANK

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

- Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated 16 June 2010;

- Pursuant to the Decree No. 96/2008/ND-CP dated 26 August 2008 of the Government providing for the functions, duties, authorities and organizational structure of the State Bank of Vietnam;

The State Bank of Vietnam hereby amends, supplements several Articles of the Regulation on required reserve applicable to credit institutions issued in conjunction with the Decision No. 581/2003/QD-NHNN dated 09 June 2003 of the Governor of the State Bank as follows:

Article 1. To amend, supplement several articles of the Regulation on required reserve applicable to credit institutions issued in conjunction with the Decision No. 581/2003/QD-NHNN dated 09 June 2003 of the Governor of the State Bank as follows:

1. To supplement to Item b Paragraph 1 Article 12 with contents as follows:

"- Deposit of overseas credit institutions."

2. To supplement reporting forms enclosed to this Circular: Form No. 1 - Report on the average balance of mobilized deposits which are subject to required reserve and Form No. 3 - General report on the performance of required reserve of credit institutions.

Article 2. Implementation effectiveness

1. This Circular shall be effective from 01 September 2011.

2. The Decision No. 187/QD-NHNN dated 16 January 2008 of the Governor of the State Bank on the adjustment of required reserve applicable to credit institutions shall be abolished.

3. Director of the Administrative Department, Director of the Banking Inspection and Supervision Department, Heads of units of the State Bank, General Managers of State Bank's branches in provinces, cities under the central Government's management; Chairman of Board of Members, Chairman of Board of Directors and General Directors (Directors) of credit institutions shall be responsible for the implementation of this Circular.

FORM No. 1

Credit institutions shall submit to the Banking Operation Department, State Bank branches in provinces, cities where their head offices are located

NAME OF CREDIT INSTITUTION REPORT

ON THE AVERAGE BALANCE OF MOBILIZED DEPOSITS WHICH ARE SUBJECT TO REQUIRED RESERVE OF MONTH … YEAR …..

Unit: VND million, USD/EURO/JPY/GBP/CHF thousand

FORM No. 3

- State Bank branches in provinces, cities shall submit to the Banking Operation Department

- The Banking Operation Department shall collect reports and send to the Governor with a copy to the Banking Inspection and Supervision Department, Monetary Policy Department

GENERAL REPORT ON THE PERFORMANCE OF REQUIRED RESERVE OF CREDIT INSTITUTIONS IN MONTH … YEAR ….

Unit: VND million, USD/EURO/JPY/GBP/CHF thousand

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