On the morning of June 27, with nearly 93% of delegates in favor, the National Assembly voted to pass the Law amending and supplementing a number of articles of the Law on Credit Institutions. The Law takes effect from October 15.
The new content of this law is to increase the decentralization of the decision-making power on special loans with 0% interest rate per year, without collateral, from the Prime Minister to the State Bank.
Explaining the acceptance before the National Assembly pressed the button, State Bank Governor Nguyen Thi Hong said the Government has adjusted this regulation to ensure that special loans from the State Budget are only made when credit institutions fall into liquidity difficulties, or to carry out compulsory recovery and transfer with the goal of ensuring system safety and depositors' rights.
Regarding the seizure of collateral, the opinions of National Assembly deputies suggested adding a coordination mechanism between the People's Committee at the commune level and the police agency at the commune level, to suit the legitimate interests of the person whose money is seized and to continue to inherit the two provisions of Resolution 42 on piloting the handling of bad debts of banks.
Governor Nguyen Thi Hong said the law only stipulates the participation of the People's Committee and the commune-level police in the process of confiscating assets. That is, it is basically consistent with the rearrangement of administrative units and two-level government.
According to the Law on Credit Institutions (amended), debt trading and handling units are entitled to seize collateral assets of bad debts. This can only be done when the credit institution has a prior agreement with the borrower. The collateral assets seized must not be disputed assets in a case that has been accepted but has not been resolved or is being resolved in court.
To avoid abusing this right to seize assets, the law stipulates that during the implementation process, credit institutions must not apply measures that violate the prohibitions of the law or social ethics. The secured assets must meet the conditions prescribed by the Government.
The State Bank will work with relevant agencies to study the conditions of collateral for bad debts that credit institutions are entitled to seize, in order to concretize the policy of developing the private economy according to Resolution 68.
HA (according to VnE)Source: https://baohaiduong.vn/ngan-hang-nha-nuoc-duoc-quyet-cho-vay-dac-biet-lai-suat-0-mot-nam-415081.html
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