Press Release on issuance of Circular No.14/2015/TT-NHNN
The Governor of the State Bank of Vietnam (SBV) issued Circular No. 14/2015/TT-NHNN on August 28 on revising several articles of Circular No.19/2013/TT-NHNN on trading and resolution of NPLs by Vietnam Asset Management Company (VAMC).
The Circular revises several substances of trading and resolution of NPLs by VAMC in line with Decree No.34/2015/ND–CP dated March 31, 2015 on revising several articles of Decree No.53/2013/ND-CP dated May 18, 2013 on establishment, organization and operations of VAMC.
The Circular includes 3 articles stipulating key substances as follows:
Supplementing regulation on issuance, utilization and settlement of VAMC’s bonds in order to purchase NPLs at the market price; revising regulations on issuance, utilization, risk provisioning and settlement of VAMC’s special bonds.
Supplementing regulation on forex management of NPL trading by VAMC.
Revising and supplementing regulation on purchasing NPLs at the market price; debt rescheduling and selling purchased NPLs.
Revising and supplementing regulations on risk provisioning and utilization of risk provisioning for special bonds by credit institutions; risk provisioning and utilization of risk provisioning for resolving purchased NPLs at the market price by VAMC.
About responsibilities of relevant individuals and institutions: the Circular supplements responsibilities of VAMC and credit institutions in accordance with relevant revised substances.
The Circular will take effect from October 15, 2015.
Translated by LH