Focus on implementing credit growth
Governor of the State Bank Nguyen Thi Hong has just issued Directive No. 02 to urge banks to implement the policy of restructuring debt repayment terms and maintaining debt groups to support customers facing difficulties according to the provisions of Circular 02/2023 issued on April 23, 2023.
Specifically, the Governor requested that banks focus on implementing solutions to increase credit growth safely and effectively, improve credit quality, and control and handle bad debt.
At the same time, commercial banks need to focus credit on priority sectors, production and business, and growth drivers to promptly meet the capital needs of people and businesses, contributing to the recovery and development of production and business.
In addition, continue to cut costs to reduce lending interest rates and fees to support businesses and people to recover and develop production and business.
Actively implement credit programs and policies for a number of sectors and fields under the direction of the Government and the Prime Minister; including a credit package of VND 120,000 billion for investors and home buyers of social housing projects, worker housing projects, and projects to renovate and rebuild old apartments according to Resolution 33 dated March 11, 2023 of the Government.
Along with that, deploy with the highest determination the program of interest rate support from the state budget for loans of enterprises, cooperatives, and business households according to Decree 31, not allowing any enterprise, cooperative, or business household that is subject to interest rate support and in need to not receive timely support.
The bank's Chairman and CEO directly direct the implementation of Circular 02.
Regarding the implementation of Circular 02/2023 issued on April 23, 2023, Governor Nguyen Thi Hong requested banks to promptly issue and immediately implement internal regulations on restructuring debt repayment terms and maintaining debt groups according to the provisions of this Circular.
In particular, it is strictly forbidden to cause difficulties, inconveniences, or issue additional conditions and procedures other than those prescribed in the Circular.
The Chairman of the Board of Members/Board of Directors and General Directors of credit institutions directly direct the implementation of debt restructuring and maintaining the debt group according to Circular 02 and are responsible to the Governor of the State Bank for the implementation results.
In addition, there are strict measures to handle units and individuals who are slow to implement, intentionally cause difficulties, lack responsibility, and do not comply with regulations.
Strengthen communication and publicity of documents and procedures for restructuring debt repayment terms and maintaining debt groups so that customers can grasp information and understand correctly and fully the policy.
Timely answer customers' questions about documents and procedures, create favorable conditions to support customers in completing documents and soon accessing support policies.
After restructuring, banks will have to set aside risk provisions according to the roadmap.
In addition, the organization implements the policy of restructuring debt repayment terms and maintaining the debt group in accordance with regulations; closely monitors, safely, prevents and stops the exploitation of restructuring debt repayment terms and maintaining the debt group to collude and take advantage of the policy.
Perform debt classification, risk provisioning and accrued interest accounting in accordance with legal regulations.
Timely and fully report the results of debt restructuring and maintaining the debt group in accordance with the regulations and instructions of the State Bank.
After restructuring, banks will have to set aside risk provisions according to the roadmap. In particular, additional provisions must be set aside for restructured debts in two phases, at least 50% by December 31, 2023 and additional provisions must be set aside to reach 100% by the end of 2024 .
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