Circular No. 15/2022/TT-NHNN dated November 30th, 2022 of the State Bank on prescribing the refinancing of loans based on special bonds of Vietnam Asset Management Company

This Circular provides for the refinancing of loans granted to credit institutions based on special bonds to support working capital of credit institutions during the settlement of bad debts under the Decree No. 53/2013/ND-CP .

Accordingly, in order to be granted refinancing of loans by the State Bank of Vietnam, a credit institution must meet these conditions:

- It is not being placed under special control or incurring penalties for violations as prescribed in Article 15 of this Circular.;

- It has set aside the risk provision for all special bonds under its ownership for a period of 12 consecutive months before the date of the application for refinancing.

- It has strictly complied with the prudential ratio requirement set out in Clause 1 Article 130 of the Law on Credit Institutions for a period of 12 consecutive months before the date of the application for refinancing.

- Special bonds used as the basis for refinancing or refinancing extension must meet the conditions regulated at Article 4 of this Circular (such as they are not special bonds of which the settlement is in progress; the remaining term to maturity of these special bonds is at least 06 months greater than the requested term or extended duration of the refinanced loan).

This Circular takes effect from January 17th, 2023 and replaces Circular No. 18/2015/TT-NHNN dated October 22nd, 2015.