Presenting a summary report on acceptance and explanation before the National Assembly passed the draft Law, Governor of the State Bank of Vietnam Nguyen Thi Hong said that the majority of National Assembly deputies agreed with the decentralization of authority to decide on special lending for loans with an interest rate of 0%/year and loans without collateral (TSBĐ) from the Prime Minister to the State Bank of Vietnam.
At the same time, continue to perfect regulations on special lending interest rates based on opinions of competent authorities, ensuring consistency with practice and monetary policy management mechanisms.
Governor Nguyen Thi Hong said that, implementing the opinions of competent authorities, the Government proposed to adjust Clause 1, Article 1 of the draft Law to ensure that special loans by the State Bank are only made when credit institutions fall into a very difficult liquidity situation or to implement a recovery plan or a compulsory transfer plan with the goal of protecting the legitimate rights of depositors and ensuring the safety of the credit institution system.
Specifically, Article 1 on amending and supplementing a number of articles of the Law on Credit Institutions, in which Clause 1, Article 193 is amended and supplemented as follows: “The State Bank shall decide to grant special loans with or without collateral to credit institutions in the cases specified in Clause 1, Article 192 of this Law. The collateral of special loans from the State Bank shall be as prescribed by the Governor of the State Bank. The interest rate for special loans of the State Bank is 0%/year”.
Governor Nguyen Thi Hong also reported on the thorough review, taking into account the opinions of National Assembly deputies and the agency in charge of the examination of regulations related to the conditions for the right to seize collateral of bad debts; clarifying the roles, responsibilities, and coordination mechanisms between the People's Committees at the commune level and the police at the commune level to ensure the legitimate rights and interests of the person whose collateral is seized and related parties. Continuing to inherit 2 regulations in Resolution No. 42/2017/QH14 dated June 21, 2017 of the National Assembly on piloting the handling of bad debts of credit institutions.
To ensure that the procedures for confiscating collateral are carried out strictly to both remove obstacles and minimize possible impacts, the Government proposes to amend the draft Law by adding Point d, Clause 2, Article 198a of the draft Law, stipulating that "collateral seized must meet the conditions prescribed by the Government".
On the basis of this supplementary regulation, the drafting agency will coordinate with relevant agencies, ministries and branches (Ministry of Public Security, Ministry of Justice, Ministry of Foreign Affairs, etc.) to study the conditions of collateral of bad debts that credit institutions are entitled to seize in order to concretize the policy of developing the private economy according to Resolution No. 68-NQ/TU.
Regarding the right to seize collateral (Article 198a) of the recently approved draft Law, credit institutions, foreign bank branches, debt trading and settlement organizations have the right to seize collateral of bad debts when meeting the following conditions:
When there is a case of handling collateral assets according to the provisions of Article 299 of the Civil Code; The guarantee contract has an agreement that the guarantor agrees to allow the secured party to have the right to seize the collateral assets of the bad debt when there is a case of handling collateral assets according to the provisions of law on securing the performance of obligations.
The security measure has taken effect against a third party according to the provisions of law on ensuring the performance of obligations; The secured assets are not disputed assets in a case that has been accepted but not yet resolved or is being resolved at a competent court; are not being subject to temporary emergency measures applied by the court; are not being seized or subject to measures to ensure enforcement of judgments according to the provisions of law; are not subject to temporary suspension of handling according to the provisions of law on bankruptcy...
The Draft Law also stipulates that at least 15 days before the date of seizure of real estate collateral, credit institutions, foreign bank branches, debt trading and settlement organizations must carry out procedures to publicly disclose information about the time and place of seizure of collateral, the collateral seized, and the reason for seizure.
Before seizing immovable property, credit institutions, foreign bank branches, debt trading and settlement organizations must carry out procedures to publicly disclose information about the immovable property to be seized and the reason for seizure.
Source: https://hanoimoi.vn/ngan-hang-nha-nuoc-duoc-quyet-dinh-cho-vay-dac-biet-doi-voi-khoan-vay-co-lai-suat-0-nam-706974.html
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