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STATE BANK OF VIETNAM |
THE SOCIALIST
REPUBLIC OF VIETNAM |
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No: 24/2024/TT-NHNN |
Hanoi, June 28, 2024 |
CIRCULAR
AMENDING CERTAIN ARTICLES OF CIRCULAR NO. 33/2015/TT-NHNN DATED DECEMBER 31, 2015 OF THE GOVERNOR OF STATE BANK OF VIETNAM ON PRUDENTIAL RATIOS OF MICROFINANCE INSTITUTIONS
Pursuant to Law on State Bank of Vietnam dated June 16, 2010;
Pursuant to Law on Credit Institutions dated January 18, 2024;
Pursuant to Decree No. 102/2022/ND-CP dated November 12, 2022 of Government on function, tasks, powers, and organizational structure of the State Bank of Vietnam;
At the request of Chief Bank Inspector;
Governor of the State Bank of Vietnam issues a Circular amending certain articles of Circular No. 33/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam on prudential ratios of microfinance institutions.
Article 1. Amendments to certain articles of Circular No. 33/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam on prudential ratios of microfinance institutions
1. Amendment to clause 1 of Article 1:
“1. This Circular provides for the limits and prudential ratios (hereinafter referred to as “prudential ratios”) of microfinance institutions, including:
a) Capital adequacy ratio;
b) Solvency ratio;
c) Credit extension to person who appraises and approves credit extension in accordance with Clause 3 of Article 135 of the Law on Credit Institutions.”.
2. Addition of point e to clause 2 to Article 5:
“e) Financial reserve fund.”.
3. Amendments to clauses 1, 2 and 4 of Article 6:
a) Amendment to point b of clause 1:
b) Balance of microfinance institutions’ checking accounts opened at State Bank of Vietnam;”.
b) Amendment to point a of clause 2:
“a) Deposits at microfinance institutions at credit institutions and foreign bank branches, except for deposits at credit institutions under special control as prescribed in Clause 9 of Article 174 of the Law on Credit Institutions;”.
c) Amendment to clause 4:
“4. Assets given a risk weight of 100% include:
Outstanding debts other than those of assets given a risk weight of 0%, 20% and 50%;
b) Other assets other than those of credit assets given a risk weight of 0%, 20% and 50%.”.
4. Amendment to Article 7:
Article 7. Internal regulations on liquidity management and credit extension to person who appraises and approves credit extension at microfinance institutions
1. Pursuant to this Circular, applicable regulations of the State Bank of Vietnam and based on the actual operating status, the Board of Members of the microfinance institutions shall promulgate internal regulations on liquidity management as prescribed in Clause 2 of this Article; review and amend such internal regulations at least once a year for the purposes of achieving the efficient and timely management of their liquidity.
2. Internal regulations on liquidity management include:
a) Assignment of official(s) to monitor the solvency of the microfinance institution;
b) Plans for payment of deposits (including voluntary deposits and compulsory savings) in case of failure to maintain the solvency ratio;
c) Regulations on management of budget, collections, payments, daily fund sources and holding of financial instruments which can be quickly converted into cash.
d) Procedures and limits for liquidity management.
3. Microfinance institutions must amend their internal regulations to comply with Clause 2 of this Article before December 31, 2024.
4. Within a period of 10 working days from the date of issuance or amendment, the microfinance institution must directly send or send via postal service the internal regulations on liquidity management to the State Bank of Vietnam (Banking Supervision Agency). The microfinance institution must submit a written report on the amended contents along with the internal regulations.
5. Microfinance institutions shall carry out credit extension to subjects stipulated in point dd of clause 1 of Article 135 of the Law on Credit Institutions as follows:
a) Issuance of internal regulations on credit extension to persons who appraise and approve credit extension at microfinance institutions to ensure compliance with applicable regulations of the State Bank of Vietnam on the total loan balance for a microfinance client, relevant regulations, and sending directly or via postal service the internal regulations as mentioned above to the State Bank of Vietnam (Banking Supervisory Agency);
b) Credit extension to persons who appraise and approve credit extension at microfinance institutions in accordance with the issued internal regulations;
c) Reporting to the owners, capital contributors on credit extended to the entities specified in point dd of clause 1 of Article 135 of the Law on Credit Institutions;
d) Reporting to the State Bank of Vietnam on credit extended to the entities specified in point dd of clause 1 of Article 135 of the Law on Credit Institutions.”
4. Amendment to Article 8:
“Article 8. Solvency ratio, cases where the microfinance institution is considered to have lost or be likely to lose solvency
1. Microfinance institutions must maintain the minimum solvency ratio of 20%.
2. The solvency ratio is determined by adopting the following formula:
Where:
A: Solvency ratio.
B:; cash, balance of microfinance institutions’ checking accounts opened the State Bank of Vietnam; deposits of microfinance institutions at credit institutions and foreign bank branches (if any).
C: the sum of voluntary deposits of customers.
3. The determinations of specific solvency ratio is guided in Appendix 02 attached to this Circular.
4. The microfinance institution is considered to be likely to lose solvency when there is a shortfall in the total of cash, the balance of the payment account of the microfinance institution opened at the State Bank of Vietnam, deposits of the microfinance institution at credit institutions, foreign bank branches exceeding 20% at the time of calculating the solvency ratio leading to failure to maintain the prescribed solvency ratio specified in this Circular continuously for 30 days.
5. The microfinance institution is considered to have lost solvency when they cannot fulfill debt obligations within 01 month from the due date.
6. Upon losing or being likely to lose solvency, the microfinance institution must promptly report to the State Bank of Vietnam on the situation, reasons, measures taken, proposed measures for recovery, and proposals (if any).
6. Amendment to Article 11:
"Article 11. Responsibilities of the Banking Supervision Agency
1. Inspect, supervise and handle violations of microfinance institutions in implementing prudential ratios prescribed in this Circular.
2. Receive internal regulations, documents amending internal regulations of microfinance institutions in accordance with this Circular.".
Article 1. Replacement, annulment of certain articles and appendices of Circular No. 33/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam on prudential ratios of microfinance institutions
1. Appendix No. 01 and Appendix No. 02 of Circular No. 33/2015/TT-NHNN are replaced with Appendix No. 01 and Appendix No. 02 attached to this Circular.
2. Point b of clause 3 of Article 5, point dd of clause 1 of Article 6 and Article 10 of Circular No. 33/2015/TT-NHNN are annulled.
Article 3. Responsibility for implementation
Chief of Office, Chief Bank Inspector, Heads of units affiliated to the State Bank, microfinance institutions, Chairmen of the Board of Members, General Directors of microfinance institutions and relevant organizations and individuals are responsible for organizing the implementation of this Circular.
Article 4. Implementation clause
This Circular comes into force from July 01, 2024.
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