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VIETNAM - Central Bank to Amend Regulation on Debt Trading
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VIETNAM - Central Bank to Amend Regulation on Debt Trading
by lexie Wed Nov 23, 2011 4:42 pm
November 23, 2011
Central Bank to Amend Regulation on Debt Trading
The State Bank of Vietnam (SBV) on Nov 22 publicized the draft of a new circular on debts trading by credit institutions developed by the central bank’s Credit Department to replace the out-dated Circular No. 59/2006/QD-NHNN.
The new regulation is expected to overcome the insufficiencies in the legal framework for debt trading activities in the local market and to enhance the responsibilities of involving parties.
Specifically, debt trading must not be carried out in case debt sellers are in dispute, the draft circular stipulated, emphasizing that debts purchasers will be considered as the lender of the sellers.
Credit institutions and branches of foreign banks will have to account for the purchased debts in their outstanding credits and are required to set aside sufficient provision for purchased recourse debts, the new draft regulation regulated, adding that the price of debts in category 1 (pass) shall not be lower than the debt value.
The draft circular added that branches of foreign banks are not allowed to purchase debts that credit institutions issued to non-residents in the international market. Debt purchasers licensed for foreign exchange trading are allowed to purchase debts in foreign currency.
http://www.vietfinancenews.com/2011/11/central-bank-to-amend-regulation-on.html
Central Bank to Amend Regulation on Debt Trading
The State Bank of Vietnam (SBV) on Nov 22 publicized the draft of a new circular on debts trading by credit institutions developed by the central bank’s Credit Department to replace the out-dated Circular No. 59/2006/QD-NHNN.
The new regulation is expected to overcome the insufficiencies in the legal framework for debt trading activities in the local market and to enhance the responsibilities of involving parties.
Specifically, debt trading must not be carried out in case debt sellers are in dispute, the draft circular stipulated, emphasizing that debts purchasers will be considered as the lender of the sellers.
Credit institutions and branches of foreign banks will have to account for the purchased debts in their outstanding credits and are required to set aside sufficient provision for purchased recourse debts, the new draft regulation regulated, adding that the price of debts in category 1 (pass) shall not be lower than the debt value.
The draft circular added that branches of foreign banks are not allowed to purchase debts that credit institutions issued to non-residents in the international market. Debt purchasers licensed for foreign exchange trading are allowed to purchase debts in foreign currency.
http://www.vietfinancenews.com/2011/11/central-bank-to-amend-regulation-on.html
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lexie- Elite Member
- Posts : 1812
Join date : 2011-06-24
Re: VIETNAM - Central Bank to Amend Regulation on Debt Trading
by HezekiaH Thu Nov 24, 2011 1:15 pm
Iexie
Thanks for your faithfulness in providing this info day after day after day.Your efforts sure make it easy for me to stay up to date on the Vietnam funds.
Thanks for your faithfulness in providing this info day after day after day.Your efforts sure make it easy for me to stay up to date on the Vietnam funds.
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Wealth is what you have when all your money is gone!!!
HezekiaH- VIP Member
- Posts : 1651
Join date : 2011-06-17
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Re: VIETNAM - Central Bank to Amend Regulation on Debt Trading
by lexie Thu Nov 24, 2011 4:18 pm
HezekiaH wrote:Iexie
Thanks for your faithfulness in providing this info day after day after day.Your efforts sure make it easy for me to stay up to date on the Vietnam funds.
You're very welcome,happy to help!!
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"WHEN THE POWER OF LOVE OVERCOMES THE LOVE OF POWER, THE WORLD WILL KNOW PEACE"
lexie- Elite Member
- Posts : 1812
Join date : 2011-06-24
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