Requirement to clearly define the responsibilities of the Board of Supervisors in credit institutions

The Government has just issued a Resolution on the thematic meeting on law making in December 2023.

Specifically, regarding the reception, revision and completion of the draft Law on Credit Institutions (amended), the Government highly appreciates the State Bank of Vietnam (State Bank), the Ministry of Public Security, the Ministry of Justice, the Government Office and relevant agencies for actively coordinating with the National Assembly agencies to research, explain and receive the opinions of National Assembly Deputies, opinions of agencies, organizations and individuals, to revise and complete the draft Law on Credit Institutions (amended).

The Government assigned the State Bank to continue researching and completing the draft document of the Government's opinions on the contents of explanation, acceptance and revision of the draft Law on Credit Institutions (amended).

In which, clearly stipulates the duties, powers and responsibilities of the Board of Supervisors in credit institutions, ensuring the independence and self-responsibility before the law of the Board of Supervisors when performing duties and powers according to regulations.

Requirements for regulations on the responsibilities of the Board of Supervisors in credit institutions. (Illustration photo).

At the same time, it is required to strengthen the management role of the State Bank, the tasks and powers of the Governor of the State Bank in controlling the operations of credit institutions to ensure state management and ensure monetary security.

Regarding the authority to decide on credit limits, the Government assigned the State Bank to study and stipulate in the draft Law in the direction of ensuring the Government's flexibility in managing and operating credit granting activities; stipulate principles in the draft Law, and a specific implementation roadmap according to the Government's regulations.

Regarding other opinions of Government members, the State Bank will study, explain, fully accept, and ensure that regulations on handling collateral assets of real estate projects before the Law on Credit Institutions (amended) takes effect ensure feasibility and convenience for capital mobilization activities of enterprises and credit activities of credit institutions.

The Government assigned Deputy Prime Minister Le Minh Khai to direct the revision and completion of this Law project.

Ngoc Vy

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