THE STATE BANK
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SOCIALISTREPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No. 03/2006/TT-NHNN
Hanoi, April 25, 2006
 
CIRCULAR
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
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:
Section I. GENERAL PROVISIONS
1. Subjects of application:
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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2. Deposits to be insured shall be those in Vietnam dong deposited at insured organizations by individuals, households, cooperative groups, private enterprises or partnerships, except the following cases:
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
3. Vietnam Deposit Insurance shall issue deposit insurance certificates to, and revoke them from, insured organizations.
4. Insured organizations must complete the procedures for participation in deposit insurance before commencing their operation of taking deposits. Organizations which are engaged in the operation of taking deposits but have not yet participated in deposit insurance must complete the procedures for participation in deposit insurance within 30 days after the effective date of this Circular.
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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b/ The establishment decision and banking operation permit or the establishment and banking operation permit, issued by a competent state management agency;

 

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