Continue the program Extraordinary meeting For the 5th time, this afternoon (January 15) the National Assembly discussed the draft revised Law on Credit Institutions. Chairman of the National Assembly’s Economic Committee Vu Hong Thanh presented the Report explaining, absorbing and revising the draft Amended Law on Credit Institutions includes many contents.
| Chairman of the National Assembly’s Economic Committee Vu Hong Thanh presented a summary of the Report Summary of some major issues in receiving, explaining, and revising the draft Law on Credit Institutions (amended. |
A notable content is about entrustment and agency operations (Article 113), Chairman of the National Assembly’s Economic Committee Vu HongThanh said that, receiving comments from National Assembly delegates, the National Assembly Standing Committee would like to amend the draft Law in the direction of supplementing the provisions in Clause 2, Article 113 and similar articles corresponding to each type of credit institution (CI) such as following: “Commercial banks are allowed to carry out insurance agency activities in accordance with the provisions of law on insurance business, in accordance with the scope of insurance agency activities according to the regulations of the Governor of the State Bank ( SBV)”.
This is content that previously had different opinions. There are suggestions to consider allowing banks to act as insurance agents. There are suggestions to supplement the regulation: “Do not allow credit institutions to associate with insurance companies, assign bank staff to mobilize customers to buy insurance.”
There are suggestions that it is necessary to legislate the handling of violations against employees of credit institutions and banks who force people to buy insurance when they need to borrow money from banks.
Regarding the regulations on credit limit (Article 136), receiving comments from National Assembly deputies, the National Assembly Standing Committee has revised the draft Law in the direction of stipulating a specific roadmap in Clause 1, Article 136 of the draft Law with a gradually decreasing deadline. credit limit for 5 years from the date the Law takes effect until 2029 to ensure transparency and clarity, while avoiding sudden impacts on the operations of credit institutions and foreign bank branches. but still limits the concentration of credit on one customer and one group of customers, increasing credit access for other customers.
Receiving comments on the regulations on risk provisions (Article 147), the National Assembly Standing Committee has revised the draft Law in the direction of the Government regulating the level of risk provisions, methods of setting up risk provisions and the use of risk provisions. Using provisions to handle risks in the operations of credit institutions and foreign bank branches, because these contents are related to regulations on accounting regimes, corporate income taxes…
Therefore, it is necessary to have the participation of other ministries and branches; For asset classification which is a specialized content of the banking sector, it shall comply with the regulations of the Governor of the State Bank.
The National Assembly Standing Committee also explained and received regulations on special control of credit institutions (Chapter direction to assign authority to the State Bank to consider and decide to place credit institutions under special control when they fall into the cases specifically stipulated in the draft law.
At the same time, in order to have a basis for handling special situations that may arise, inheriting the current Law on Credit Institutions, the draft Law stipulates: “In cases where the purpose of ensuring the safety of the credit institution system, order and safety, When dealing with specially controlled credit institutions, the Government decides to apply special measures based on the proposal of the State Bank and reports to the National Assembly at the nearest meeting.
Regarding the function of banking inspection and supervision (Chapter Inspect, inspect and supervise credit institutions, foreign bank branches, foreign representative offices according to the provisions of the Law on the State Bank of Vietnam and other relevant laws” in Clause 1 of this Article. 1 Article 207.
At the same time, the National Assembly Standing Committee requests the Government, the State Bank of Vietnam, the Government Inspectorate, and relevant ministries and branches (the Ministry of Finance) to continue to have solutions to strengthen and improve the effectiveness of inspection, inspection and supervision. , ensuring that credit institutions operate healthily, increasing the effectiveness and efficiency of the Law when promulgated.
Regarding the provisions on Implementation Provisions (Chapter XV), the draft Law submitted to the National Assembly at the 6th Session stipulates that this Law will take effect from July 1, 2024.
However, the National Assembly Standing Committee found that the draft Law has many contents assigning detailed and specific instructions and regulations to the Government: 09 contents, the Prime Minister: 01 content, and the State Bank: 28 contents.
At the same time, so that credit institutions have time to prepare contents on governance, administration, and operations in accordance with the provisions of this Law after it is promulgated and synchronized with the enforcement of a number of related laws. like the Law on Real Estate Business (in Articles 200, 210), the National Assembly Committee would like to amend it towards the effective implementation of the Law from January 1, 2025.
>>> We invite readers to watch the video of delegate Huynh Thi Anh Suong (Quang Ngai delegation) commenting on the sidelines about the Land Law (amended) at the 5th Extraordinary Session, 15th National Assembly:
Video made by Knowledge and Life PV.