Nghị định 109/2005/NĐ-CP sửa đổi Nghị định 89/1999/NĐ-CP về bảo hiểm tiền gửi

DECREE

ON DEPOSIT INSURANCE AMENDING AND ADDING TO A NUMBER OF ARTICLES OF DECREE 89/199/ND-CP OF THE GOVERNMENT DATED 1 SEPTEMBER 1999

THE GOVERNMENT

Pursuant to the Law on Organization of the Government dated 25 December 2001;
Pursuant to the Law on Credit Institutions No. 02/1997/QH10 dated 12 December 1997 and the Law amending the Law on Credit Institutions No. 20/2004/QH11 dated 15 June 2004; On the proposal of the Governor of the State Bank;

DECREES:

Article 1. To amend and add to a number of articles of Decree No. 89-1999-ND-CP of the Government dated 1 September 1999 on deposit insurance as follows:

1. To amend and add to article 2 as follows:

"1. It shall be mandatory for credit institutions and institutions other than credit institutions which are permitted to carry on a number of banking activities in accordance with the Law on Credit Institutions which receive deposits from organizations and individuals to participate in compulsory deposit insurance.

2. Institutions participating in deposit insurance shall publicly post notification of their deposit insurance at their head offices and transaction places."

2. To amend and add to article 3 as follows:

"Deposits to be insured shall be Vietnamese dong deposited by depositors being individuals, family households, co-operative groups, private enterprises and partnerships with institutions which participate in deposit insurance, except for the following cases:

(a) Deposits of depositors who are shareholders owning more than ten (10) per cent of the charter capital or holding more than ten (10) per cent of the shares with voting rights of the institution which participates in insurance of such deposits;

(b) Deposits of depositors who are members of the board of management, board of controllers, or who are the general director (director) or deputy general director (deputy director) of the institution which participates in insurance of such deposits;

(c) Deposits used as security for the discharge of obligations of depositors;

(d) Money used to purchase valuable papers, except a number of valuable papers pursuant to guidelines of the State Bank of Vietnam."

3. To amend and add to article 4 as follows:

"1. The maximum amount of insurance proceeds payable for all deposits (including principal and interest) of any one depositor (an individual or a legal representative) at any one institution participating in deposit insurance and falling within the category stipulated in article 3 of this Decree shall be fifty (50) million Vietnamese dong.

2. Any amendment of the maximum amount of insurance proceeds specified in clause 1 of this article shall be determined by the Prime Minister of the Government on the basis of a proposal from organizations insuring deposits and opinions from the State Bank of Vietnam and the Ministry of Finance."

4. To amend and add to article 6 as follows:

"1. A deposit premium means a sum of money which an institution participating in deposit insurance is obliged to pay to the organization insuring deposits in order to obtain insurance cover for the deposit of a customer. Deposit premium shall be accounted for in operational expenses of the institution participating in deposit insurance.

2. An institution participating in deposit insurance shall be required to pay a deposit premium at the rate of zero point fifteen (0.15) per cent per annum of the average deposit balance of all types of deposits at the institution participating in deposit insurance pursuant to the provision in article 3 of this Decree.

3. The rate of deposit premium stipulated in clause 2 of this article may be adjusted depending on the type of institution participating in deposit insurance on the basis of an assessment and classification made by the competent State body and in accordance with a decision of the Prime Minister of the Government based on the recommendations of organizations insuring deposits and the opinions of the State Bank of Vietnam and the Ministry of Finance."

5. To amend and add to article 14 as follows:

"1. An organization insuring deposits may provide financial support to institutions participating in deposit insurance in the forms of lending, providing guarantees, purchasing debts and other forms consistent with law.

2. The financial support referred to in clause 1 of this article shall be considered and decided by the board of management of the organization insuring deposits."

6. To amend and add to article 15 as follows:

"1. An organization insuring deposits shall only consider and make a decision on carrying out financial support measures for an institution participating in deposit insurance pursuant to article 14, after the State Bank of Vietnam has certified that the dissolution or bankruptcy of such institution participating in deposit insurance could have serious and broad repercussions n the security of the finance and banking system and on political and socio-economic stability.

2. The implementation of financial support measures referred to in clause 1 of this article shall be deemed to be application by the organization insuring deposits of special asset measures in order to remedy business operations of the institution participating in deposit insurance. Priority shall be given to the refund of this item of financial support in preference to all other debts of the institution participating in deposit insurance."

7. To amend and add to article 16 as follows:

"1. If the competent State body certifies that an institution participating in deposit insurance is no longer able to pay its due debts, then within a period of sixty (60) days from the date the competent State body issues a written request to the said institution to terminate transactions in order to conduct liquidation of assets, or from the date a court notifies its decision to commence proceedings for the liquidation of assets in accordance with the Law on Bankruptcy, the organization insuring deposits shall be responsible to pay insurance proceeds to depositors with the said institution in accordance with the principles stipulated in article 4 of this Decree and at the same time shall conduct procedures to issue a decision on termination of deposit insurance cover.

2. Any amount of deposit (including principal and interest) in excess of the maximum amount payable by the organization insuring deposits shall be paid to depositors during the process of liquidation of assets of the institution participating in deposit insurance in accordance with the provisions of the laws on dissolution and bankruptcy."

8. To amend and add to article 17 as follows:

"The payment of insurance proceeds to depositors shall be implemented directly by the organization insuring deposits, or shall be conducted by a credit institution on the basis of authority given to the credit institution pursuant to a power of attorney in accordance with law."

9. To amend and add to article 18 as follows:

"1. The payment of insurance proceeds to depositors, to their legally authorized proxies or to their heirs at law shall be based on the list of depositors which is prepared by the institution participating in deposit insurance and which is approved by the organization insuring deposits on the basis of proper source documents.

2. If any item of insurance proceeds remains unclaimed after a period of ten (10) years from the date the organization insuring deposits provides its initial notification of payment of insurance proceeds, such item shall be paid into the operating capital of the organization insuring deposits and the person with the right of ownership to the insured proceeds shall no longer have the right to make a claim on the organization insuring deposits to pay such sum to the owner.

3. Organizations insuring deposits shall be responsible to issue their own rules on application files, and the order and procedures for payment of insurance proceeds."

10. To amend and add to article 19 as follows:

"In cases where the operating capital of an organization insuring deposits is temporarily insufficient to provide support to an institution participating in deposit insurance which is encountering difficulties with respect to solvency or ability to pay insurance proceeds to depositors at an institution articipating in deposit insurance which is compulsorily dissolved due to inability to pay due debts or which is declared bankrupt in accordance with article 16 of this Decree, the organization insuring deposits may raise capital in the following forms:

(a) A loan or receipt of special assistance funds from the Government;

(b) Issuance of bonds in accordance with the law on issuance of bonds;

(c) A loan from a credit institution or other institution which is guaranteed by the Government."

11. To amend and add to article 20 as follows:

"The organization insuring deposits shall become a creditor of the institution participating in deposit insurance with respect to the amount of money being the insurance proceeds which the former has paid. The organization insuring deposits shall be permitted to divide the value of assets in accordance with the order of payment the same as applicable to depositors in a case where the institution participating in deposit insurance is compulsorily dissolved as a result of its inability to pay due debts or is dissolved in accordance with the laws on dissolution and bankruptcy. The organization insuring deposits shall be entitled to participate in the process of managing and liquidating the assets of the institution participating in deposit insurance as provided for by law."

12. To replace the expression "bankrupt institutions" in the heading to section 5 and in article 21 by the expression "institutions which are compulsorily dissolved as a result of inability to pay due debts or1 "

Article 2.

1. This Decree shall be of full force and effect after fifteen (15) days from the date of its proclamation in the Official Gazette.

2. The State Bank shall be responsible to provide guidelines for the implementation of this Decree.

3. Ministers, heads of ministerial equivalent bodies, heads of Government bodies, chairmen of peoples committees of provinces and cities under central authority, and the chairmen of boards of management of organizations insuring deposits and of institutions participating in deposit insurance shall be responsible for the implementation of this Decree.

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