Press release on the issuance of Circular No. 24/2019/TT-NHNN
On November 28, 2019, the Governor of the State Bank of Vietnam (SBV) issued Circular No.24/2019/TT-NHNN regulating the refinancing in the form of on-lendings based on credit dossiers applied for credit institutions.
Circular No. 24/2019/TT-NHNN is composed of 24 Articles with the following main substances:
- Scope of regulation and subjects of application; Refinancing currency; Provisions on preparing and submitting application dossiers for refinancing and extension of refinancing; Credit dossiers for refinancing and extension of refinancing.
- The Circular also provides specific provisions on: The purposes of refinancing; Criteria of a loan in the list of credit dossiers for refinancing, extension of refinancing; Conditions for refinancing and extension of refinancing; Amounts of refinancing, extension of refinancing; The interest rates and terms of refinancing, extension of refinancing; Repayment of refinancing loans, measures to handle when credit institutions fail to fully pay refinancing loans in due time; Procedures for considering refinancing and extension of refinancing; Responsibilities of credit institutions and units of the SBV; Sanctions against violations.
- This Circular takes effect from January 18, 2020 and shall annul Circular No. 15/2012/TT-NHNN dated May 4, 2012 of the SBV Governor regulating the refinancing in the form of on-lendings based on credit dossiers applied for credit institutions.
Translated by VA