To: Credit Institutions

In order to ensure that credit institutions (CIs) perform the charter capital increase in compliance with provisions of the Decree No.141/2006/ND-CP dated 22/11/2006 of the Government on the issuance of the list of legal capital level of CIs (Decree No.141), the Governor of the State Bank hereby requires CIs whose charter capital level has not met the legal capital level in 2010 as stipulated in the Decree No.141:

1. On 30/06/2010 at the latest, to submit an application file for capital increase approval to the State Bank (with a view to ensuring the legal capital level as provided for in the Decree No.141) in accordance with current provisions of applicable laws.

After the above time limit, any CI that fails to submit application file to the State Bank for approval to the charter capital increase, the State Bank shall not consider its application for network expansion (subsidiary, transaction center, branch, transaction office, Savings fund, ATM, point of sales) or application for supplement of operating contents of the CI.

2. For CIs which have already obtained approval from the State Bank for the increase of charter capital to ensure the legal capital level as provided for in the Decree No.141: Periodically on the fifth day of every month, such CIs shall make a written report on the increase of their charter capital to the State Bank Branch in province, city (for joint stock CIs) or to the Banking Inspection and Supervision Agency (for CIs other than joint stock CIs), in which all difficulties, queries (if any) should be stated clearly.

3. For CI which fails to submit to the State Bank for approval to the charter capital increase or cannot obtain approval from the State Bank for the increase of charter capital to ensure the legal capital level as provided for in the Decree No.141: On 30/9/2010 at the latest, the CI must prepare a plan on the termination of its legal capacity in accordance with applicable laws (including merger, integration, acquisition, dissolution…) and submit to the State Bank Branch in province, city (for joint stock CIs) or to the Banking Inspection and Supervision Agency (for CIs other than joint stock CIs).

4. It is required for CIs to seriously implement contents stipulated in Point 1, Point 2 and Point 3 of this Official Dispatch.

...

...

...

FOR THE GOVERNOR OF THE STATE BANK OF VIETNAM
DEPUTY GOVERNOR




Tran Minh Tuan