The above content was presented by State Bank Governor Nguyen Thi Hong at the morning meeting on June 10 of the National Assembly Standing Committee to receive opinions, explain and revise the draft Law amending and supplementing a number of articles of the Law on Credit Institutions.
Governor of the State Bank Nguyen Thi Hong.
Ms. Nguyen Thi Hong informed about the policy group transferring the authority to decide on special loans of the State Bank, with an interest rate of 0%/year, without collateral.
Regarding the source of funds for special loans as well as the mechanism for control, Governor Nguyen Thi Hong said that special loans are made by the State Bank from the source of funds performing the function of the Central Bank in issuing money, not using funds from the State budget.
" Therefore, the State Bank's special lending with an interest rate of 0%/year does not lead to the risk that the State budget has to compensate for interest, " said the Governor of the State Bank.
However, accepting the opinions of National Assembly deputies, the Government directed the presiding agency to continue reviewing and coordinating with relevant agencies to review regulations on handling special loans of the State Bank according to regulations on the financial regime of the State Bank.
According to Ms. Nguyen Thi Hong, special lending by the State Bank is only implemented in 2 cases:
One is that credit institutions are subject to massive withdrawals (to pay depositors).
Second, to implement the recovery plan, the compulsory transfer plan of credit institutions under special control and only applied after implementing the State Bank's operational measures such as recapitalization, open market operations...
" Thus, the State Bank's special lending activities are necessary to prevent mass withdrawals from credit institutions as well as limit the risk of spreading to other credit institutions or to support recovery plans, compulsory transfer plans, to restructure specially controlled credit institutions, " said Ms. Nguyen Thi Hong.
Governor Nguyen Thi Hong stated that special lending activities aim to ensure the safety of the credit institution system, security and order, and social safety, not to create competitive advantages for credit institutions receiving special loans.
Ms. Nguyen Thi Hong said that the Law on Credit Institutions 2024 assigned the Governor of the State Bank to specify details on special lending.
To implement this regulation, the Governor issued Circular 37 to detail special lending, which specifically stipulates the purpose, amount, term, collateral, collateral conditions, loan repayment, responsibilities of related parties, etc.
However, accepting the opinions of National Assembly deputies, Ms. Hong said that after the draft law is issued, the State Bank will study, review and amend Circular 37 related to criteria and conditions for special loans with 0% interest rate/year, no collateral, loan purpose, etc.
Source: https://vtcnews.vn/ngan-hang-cho-vay-dac-biet-lai-suat-0-khong-giay-rui-ro-ngan-sach-nha-nuoc-ar947042.html
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