- 1Decision No. 1077/2001/QD-NHNN of August 27, 2001, amending and supplementing a number of contents of The State Bank’s Circular No. 03/2000/TT-NHNN5 of March 16, 2000
- 2Circular No. 03/2000/TT-NHNN5 of March 16, 2000, guiding the implementation of The Governments Decree No.89/1999/ND-CP of September 1st , 1999 on deposit insurance
- 3Circular No. 12/2003/TT-NHNN of December 23, 2003, on the amendment, supplement of the Circular No. 03/2000/TT-NHNN5 dated 16 March, 2000 guiding the implementation of Decree No. 89/1999/ND-CP dated 01 September 1999 of the Government on deposit insurance
THE STATE BANK | SOCIALIST REPUBLIC OF VIET NAM |
No. 03/2006/TT-NHNN | Hanoi, April 25, 2006 |
Pursuant to the Government's Decree No. 89/1999/ ND-CP of September 1, 1999, on deposit insurance (the Government's Decree No. 89/1999/ND-CP), and Decree No. 109/2005/ND-CP of August 24, 2005, amending and supplementing a number of articles of Decree No. 89/1999/ND-CP of September 1,1999 (the Government's Decree No. 109/2005/ND-CP), the State Bank of Vietnam hereby guides the implementation of a number of contents of these Decrees as follows:
a/ Credit institutions and organizations other than credit institutions that are licensed to conduct a number of banking operations within the territory of the Socialist Republic of Vietnam under the provisions of the Law on Credit Institutions and take deposits from organizations or individuals must participate in compulsory deposit insurance (hereinafter referred to as the insured organizations). This Circular does not apply to deposit recipients that are allowed not to participate in deposit insurance by the Government;
b/ Clients eligible for deposit insurance are the subjects defined in Clause 2, Article 1 of the Government's Decree No. 109/2005/ND-CP that have money deposited at insured organizations (hereinafter referred to as depositors);
c/ Vietnam Deposit Insurance.
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a/ Deposits of shareholders owning more than 10% of the charter capital or holding more than 10% of the voting share capital of such insured organizations;
b/ Deposits of members of Managing Boards or Control Boards, general directors (directors), or deputy general directors (deputy directors) of such insured organizations;
c/ Deposits used as security for the performance of depositors' obligations;
d/ Deposits used for the purchase of non-bearer valuable papers issued by insured organizations.
Section II. ISSUANCE AND REVOCATION OF DEPOSIT INSURANCE CERTIFICATES
5. A dossier of registration for participation in deposit insurance comprises:
a/ The written registration for participation in deposit insurance, made according to a form set by Vietnam Deposit Insurance;
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c/ The business registration certificate;
d/ The organization and operation charter;
e/ The list of members of the Managing Board and Control Board, the general director (director), appointed or approved by a competent state management agency;
f/ The latest year's financial statement, certified by a competent state management agency or audited (if the organization has operated for one year or more). Particularly for financial statements of grassroots people's credit funds, the grassroots people's credit funds shall bear self-responsibility for the statements' truthfulness and accuracy;
g/ The organization and operation charter or regulation of the managing unit of which the insured organization is a member.
a/ Contents and scope of operation;
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c/ The organization and operation charter;
d/ The organization and operation charter or regulation of the managing unit of which the insured organization is a member.
a/ Past 3 months after the payment date, they still fail to fully pay the insurance premiums. In this case, Vietnam Deposit Insurance must send a written report thereon to the State Bank for the latter to immediately issue decisions on ceasing the mobilization of deposits by such insured organizations;
b/ The State Bank issues documents terminating the operation of taking deposits;
c/ Competent state agencies issue documents requesting the insured organizations to terminate transactions for liquidation of assets or the court decides to carry out procedures for asset liquidation.
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a/ Deposit insurance premiums shall be calculated and paid quarterly into Vietnam Deposit Insurance's account no later than the 20th day of the first month of the quarter when deposit insurance premiums are collected.
b/ The average deposit balance of all insured deposits of the quarter preceding the quarter when deposit insurance premiums are paid shall serve as a basis for calculation of deposit insurance premiums.
c/ The payable amount of quarterly deposit insurance premium shall be calculated according to the following formula:
P =
S0 + S3
+
S1 + S2
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2
x
0.15
3
100 x 4
- P is the amount of quarterly payable deposit insurance premium;
- S0 is the insured deposit balance at the beginning of the first month of the quarter preceding the quarter when deposit insurance premiums are collected;
- S, S2 and S3 are the insured deposit balance at the end of the first, second and third month of the quarter preceding the quarter when deposit insurance premiums are collected;
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100 x 4
is the ratio of the payable deposit insurance premium in a quarter of a year;
The amount of payable deposit insurance premium shall be rounded to the unit of a thousand Vietnam dong.
d/ Vietnam Deposit Insurance shall have to examine the payment of deposit insurance premiums by insured organizations and, if detecting inaccuracy in premium calculation or payment, retrospectively collect the deficit premium amounts or refund the overpaid premium amounts within 15 working days after the detection. Insured organizations which violate regulations on the time limit for insurance premium payment shall, apart from paying the deficit premium amounts, be subject to a fine representing 0.1% (one thousandth) of the lately paid amount for each day of late payment.
a/ Request the State Bank (for credit institutions) or the State Treasury or credit institutions (for other organizations licensed to conduct a number of banking operations) where the insured organizations open their accounts to make via-account payment of insurance premiums and fines.
b/ Where the insured organizations' account balance is insufficient for the via-account payment mentioned above, Vietnam Deposit Insurance shall report thereon in writing to the Vietnam State Bank and, past the 3-month duration, if the insured organizations fail to fully pay the insurance premiums, handle such organizations according to the provisions of Point 9 of this Circular.
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a/ They meet with solvency deficiency: to report on causes of difficulties, expected consequences and remedies; structures and amounts of insured deposits; estimates of temporary deficit amounts for payment; proposals to Vietnam Deposit Insurance and competent state management agencies for supporting measures (if necessary).
b/ There is a change in members of Management Boards or Control Boards or general directors (directors).
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Section VI. MAKING PAYMENT TO INSURED DEPOSITORS
28. The payment of insurance sums to depositors shall be made as follows:
28.1. Vietnam Deposit Insurance shall have to immediately revoke the deposit insurance certificates;
28.2. Within 10 working days after obtaining documents of competent state management agencies or the court, insured organizations must submit to Vietnam Deposit Insurance dossiers of request for payment of insurance money. Such a dossier comprises a list of depositors and their respective deposit amounts at the insured organization; a list of depositors and their deposit amounts proposed for payment by Vietnam Deposit Insurance;
28.3. Within 5 working days after the insured organizations submit complete dossiers of request for payment of deposit insurance sums, Vietnam Deposit Insurance shall examine vouchers and books in order to determine accurately the payable amounts;
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28.5. Vietnam Deposit Insurance shall directly pay insurance sums to depositors or authorize credit institutions to do so on the basis of authorization contracts according to the provisions of law;
28.6. Authorization contracts for payment of insurance sums between Vietnam Deposit Insurance and credit institutions must be signed in accordance with the provisions of law. Such contracts must clearly define the responsibilities of credit institutions in the use of the money amounts transferred by Vietnam Deposit Insurance for timely payment with correct amounts. Credit institutions authorized by Vietnam Deposit Insurance to pay insurance sums must meet the following conditions:
a/ Being insured organizations;
b/ Having satisfied criteria of safety in banking operation for at least 6 latest months;
c/ Having their head offices or branches or transaction offices situated at locations convenient for payment of insurance sums.
a/ The balance of all deposits (including both principal and interest) of a qualified individual or organization insured under the provisions of law at an insured organization shall be aggregated to determine the deposit insurance sum;
b/ The insured deposits of account co-holders (including many individuals, one or many individuals and an organization, or many organizations) shall be considered the deposits of a depositor, and the maximum insurance sum payable to such deposits (including both principal and interest) shall be VND 50 million and equally divided to such account co-holders (except where the account co-holders make other commitments or agreements in accordance with the provisions of law on the use of accounts). If one of the above-said account co-holders has other deposits insured at the same insured organization, such deposits shall be added to the insurance sum into accounts of the co-holders to determine the insurance sum to be paid to such organizations or individuals;
c/ Depositors that have a total amount of insured deposits (including both principal and interest) at an insured organization being equal to or less than VND 50 million shall have all their deposits paid by Vietnam Deposit Insurance. Depositors that have a total amount of insured deposits (including both principal and interest) being over VND 50 million, the amount in excess of VND 50 million shall be paid in the course of liquidation of the insured organization's assets in accordance with the provisions of law on dissolution or bankruptcy;
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30. Insured depositors shall receive insurance money when they fully meet the following conditions:
a/ Being on lists of insured depositors, approved by the Management Board of Vietnam Deposit Insurance;
b/ Having written proposals enclosed with papers proving the lawful ownership of their deposits at the insured organizations, together with their identity cards or passports;
c/ Where insurance sums are paid to representatives (representatives at law or authorized representatives) or heirs of depositors, the misplaced persons must have papers proving their lawful ownership of the insured deposits; the recipients of deposit insurance sums must present all papers proving their right to receive insurance money and lawful ownership of insured deposits, passports or identity cards, etc., upon receipt of money.
d/ Vietnam Deposit Insurance shall specify the dossiers, procedures and order of paying deposit insurance to depositors.
33. Coordination in information exchange:
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- Quarterly supply of information related to the operations of insured organizations;
- Quarterly supply of information on insured organizations' observance of regulations on deposit insurance and safety in banking operations;
- Biannual supply of information on financial supports and payment of insurance sums to insured organizations;
- Annual plan on inspection of insured organizations' observance of the Government's regulations on deposit insurance;
- Results of annual classification and evaluation of insured organizations' observance of regulations on deposit insurance;
- Irregular information upon detecting that insured organizations are in danger of insolvency or have great losses in capital or assets, adversely and seriously affecting other credit institutions;
- Other information on insured organizations' operations and law observance, if necessary.
b/ The State Bank shall supply Vietnam Deposit Insurance with information related to insured organizations, specifically:
- The State Bank's Inspectorate shall supply results of inspection and supervision of insured organizations, including:
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+ Results of annual classification of insured organizations;
+ Irregular information on insured organizations' being in danger of insolvency or having high ratios of overdue debts or great losses in capital or assets, adversely and seriously affecting other credit institutions, within 10 days after the Inspectorate's conclusions, and under the State Bank Governor's permission.
The supply of information shall comply with the division of responsibilities for inspection and supervision of credit institutions' head offices provided for in Circular No. 04/2000/TT-NHNN3 of March 28, 2000, guiding the implementation of the Government's Decree No. 91/1999/ND-CP.
- The Department for Banks, the Department for Cooperative Credit Institutions and the State Bank's provincial/municipal branches shall have to:
+ Notify the establishment, and revocation of operation permits, of insured organizations (within 3 working days after the issuance of decisions on such establishment or revocation);
+ Notify the partial or full termination of operations of insured organizations (within 3 working days after the issuance of decisions on such termination);
+ Notify the separation, division, consolidation, merger and redemption of insured organizations;
+ Notify the placing of insured organizations under special control;
+ Supply all dossiers related to insured organizations when such organizations have their operation permits revoked by the State Bank.
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+ To coordinate in supplying data on operation of credit institutions under the State Bank Governor's permission;
+ To coordinate in supplying data related to insured organizations which are assessed to be in danger of insolvency.
Section VIII. IMPLEMENTATION PROVISIONS
37. The supplementation or amendment of this Circular shall be decided by the State Bank Governor.
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- 1Law No. 20/2004/QH11 of June 15, 2004 amending and supplementing a number of articles of The Law on credit institutions
- 2Law No. 10/2003/QH11 of June 17, 2003, amending and supplementing a number of articles of the Vietnam State Bank Law
- 3Decree of Government No.91/1999/ND-CP of September 4, 1999 on organization and operation of The Banking Inspectorate
- 4Law No. 06/1997/QH10 of December 12, 1997 on The State Bank of Vietnam
- 1Circular No. 03/2000/TT-NHNN5 of March 16, 2000, guiding the implementation of The Governments Decree No.89/1999/ND-CP of September 1st , 1999 on deposit insurance
- 2Circular No. 24/2014/TT-NHNN dated September 06, 2014, instructions on certain contents pertaining to the deposit insurance
- 3Circular No. 24/2014/TT-NHNN dated September 06, 2014, instructions on certain contents pertaining to the deposit insurance
- 1Official Dispatch No. 397/CV-BHTG8 dated August 11, 2006, On guidelines for determination and payment of premiums
- 2Decree No. 109/2005/ND-CP of August 24, 2005, on deposit insurance amending and adding to a number of articles of Decree 89/199/ND-CP of The Government dated 1 September 1999.
- 3Circular No. 04/2000/TT-NHNN3 of March 28, 2000, guiding the implementation of Decree No.91/1999/ND-CP dated 04/09/1999 of Government on organization and operation of the State Bank inspectorate.
- 4Decree of Government No.91/1999/ND-CP of September 4, 1999 on organization and operation of The Banking Inspectorate
- 5Law No. 06/1997/QH10 of December 12, 1997 on The State Bank of Vietnam
Circular No. 03/2006/TT-NHNN of April 25, 2006, guiding a number of contents of the government''s decree no. 89/1999/ND-CP of september 1, 1999, on deposit insurance, and decree no. 109/2005/ND-CP of august 24, 2005, amending and supplementing a number of articles of decree no. 89/1999/ND-CP
- Số hiệu: 03/2006/TT-NHNN
- Loại văn bản: Thông tư
- Ngày ban hành: 25/04/2006
- Nơi ban hành: Ngân hàng Nhà nước
- Người ký: Đặng Thanh Bình
- Ngày công báo: Đang cập nhật
- Số công báo: Đang cập nhật
- Ngày hiệu lực: 18/05/2006
- Ngày hết hiệu lực: 14/02/2017
- Tình trạng hiệu lực: Hết hiệu lực