Press Release on Issuance of Circular No.02/2016/TT-NHNN

Press Release on Issuance of Circular No.02/2016/TT-NHNN on asset preservation, credit institutions’ safe-deposit box for lease.

The State Bank of Vietnam (SBV) issued Circular No.02/2016/TT-NHNN on February 26th, 2016 on asset preservation, safe-deposit box for lease services provided by lisenced credit institutions. Circular No.02/2016/TT-NHNN includes 16 Articles with main contents as follows:

Governing scope:

The Circular guides on asset preservation, safe-deposit box for lease services of lisenced credit institutions and foreign banking branches.

Implementers:

Credit institutions and foreign banking branches are allowed to provide asset preservation, safe-deposit box for lease services.

Individuals, legal entities, other stake holders under the Civil Code are allowed to use asset preservation, safe-deposit box for lease services of lisenced credit institutions.

 

Specific provisions:

Principles to provide asset preservation, safe-deposit box for lease services; principles on granting licenses for the establishment and providing asset preservation services; internal regulations and process; warehouse; preservation means; surveillance camera and security control equipments.

The network of asset preservation, safe-deposit box for lease services includes: head offices, branches, transaction offices of lisenced credit institutions meeting the requirements on warehouse; preservation means; surveillence camera and security control equipments.

The assets included in the list of asset preservation, safe-deposit box for lease services are those not prohibited by laws, inflammable, inexplosable or undegradable substances.

The liscened credit institutions sign contracts of asset preservation, safe-deposit box for lease services with their customers to provide the services.

Duration of asset preservation, safe-deposit box for lease is negotiated and clearly stated in the contract between credit institutions and customers.

The process of conducting asset preservation services.

The process of conducting safe-deposit box for lease services.

Dealing with arising cases in the process of conducting asset preservation and safe-deposit box for lease services is carried out in accordance with the contract between credit institutions and customers, and the regulations of this Circular.

The fees for asset preservation, safe-deposit box for lease services are defined and public announced by credit institutions at the head offices, branches, transaction offices providing asset preservation services, safe-deposit box for lease.

Regulations on preserving assets, logistic, checking, stocking, handling redundant or deficient assets, inventory records and managing warehouse of safe-deposit boxes.

Responsibilities of SBV entities, credit institutions; and transition terms (transition duration is 12 months from the date this Circulation comes into effect); enforcement terms…

 

The Circular includes 03 appendices: Appendix 1 - Asset List, Appendix 2 - Minutes of handing over the assets; Appendix 3 - Minute of determining the package status of the assets.

The Circular will take effect from April the 9th, 2016.