TWO OTHER ASSETS TO BE USED AS COLLATERAL FOR THE SPECIAL LOAN
The State Bank of Vietnam issues the Circular No. 13/2022/TT-NHNN amending and supplementing a number of articles of the Circular No. 08/2021/TT-NHNN dated July 06, 2021 of the Governor of the State Bank of Vietnam on grant of special loans to credit institutions placed under special control on October 28, 2022.
Accordingly, in cases where the borrower has used up all the collateral specified in Clause 1, Article 12 of the Circular No. 08/2021/TT-NHNN, the borrower may use the following assets as collateral for the special loan, or special loan extension, or for the implementation of Clause 2 Article 6 of the Circular No. 08/2021/TT-NHNN and must not comply with Clauses 3, 4 and 5, Article 12 of the Circular No. 08/2021/TT-NHNN or special loans with outstanding debts: Mortgage of rights to claim credit extended by the borrower to its clients (except for credit institutions); Mortgage of property rights being interest receivable from the credit extended by the borrower to its clients (except for credit institutions).
Besides, in cases where the borrower earns money from exercising the rights to claim debts, interest receivable which are provided as collateral for the special loan (hereinafter referred to as “Collected Debts”), within the first 05 working days of the month, the borrower must repay the principal amount of the special loan in the chronological order of the signed indebtedness contracts with outstanding debts, the repaid amount shall be equal to the total Collected Debts in the previous month.
This Circular takes effect on October 28, 2022.