Financial Sector. 1. Completion by each of ICB, BIDV, VBARD and VCB of the 2002 loan loss provisioning target indicated in the respective restructuring plan approved by SBV, such target established in accordance with the IAS audit completed for 2000.
2. Completion by each of ICB, BIDV, VBARD and VCB of the 2002 target for resolution of non-performing loans, in accordance with the provisions of Instruction 355/CV-CLPT.
3. Approval by State Bank of Vietnam of the timetable for BIDV, ICB, VBARD and VCB to prepare and adopt their respective credit manuals.
(a) Completion of the 2001 audit of BIDV and VBARD, carried out in accordance with international accounting standards;
(b) In regard to the qualifications to the reports of said audit, (i) both BIDV and VBARD have moved from cash-based accounting to accrual-based accounting; (ii) VBARD has implemented the use of consolidated financial statements covering its affiliated entities; and established an action plan to enable it within 2003 to monitor and accurately reflect off-balance sheet items; and (iii) both BIDV and VBARD have established action plans to strengthen within 2003 their respective management information systems.
(a) Issuance of Instruction 04/CV-CLPT directing BIDV, ICB, VBARD and VCB to undertake and complete the re-evaluation of unsecured non-performing loans to SOEs during 2003-2004; and (b) establishment of a list of 80 SOEs with large unsecured non-performing loans for debt re-evaluation in accordance with said Instruction.
6. Formulation of recommendations to: (a) revise Circular 74/2002/TT- BTC to strengthen the creditor’s rights of BIDV, ICB, VBARD and VCB in the re- evaluation and resolution of SOE non-performing loans, and (b) coordinate the resolution of non-performing loans with the reform plans for SOEs.
Financial Sector. 3. Provision of adequate funding for Fiscal Year 2008, as reflected in the 2008 Recipient’s Budget Law and in an amount satisfactory to the Association, to the Micro-finance Supervision Unit.
Financial Sector. Submission to the Recipient’s Parliament of a micro-finance law, satisfactory to the Association.
Financial Sector. Reduction, to a level agreed upon with the Bank, of outstanding overdrafts issued by the State-Owned Commercial Banks to their customers, other than the Borrower.
Financial Sector. The Recipient has raised the net worth of the three banks under restructuring (BTCI, BIA Togo and UTB) to the WAEMU prudential ratio (Xxxxx ratio of 8 percent) by exchanging the banks’ non-performing loans with government-issued bonds.
Financial Sector. The Borrower has enacted the Social Security Code consolidating the Mandatory Social Insurance Code and the Voluntary Supplementary Pension Insurance Act and strengthened the governance of the private pension funds and the supervision capacity of the Financial Supervision Commission and introduced a general prohibition of related party activities.
Financial Sector. Rationalized system for issuing treasury bills established by December 31, 2005.” For the purpose of this Agreement, the provisions of the General Conditions are modified as follows:
1. Section 1.01 is modified to read:
Financial Sector. 4. Issuance of an invitation, in form and substance satisfactory to the Association, to the nine (9) concerned commercial banks for purposes of implementation of the recommendations of the Audit des créances en souffrance des établissements de credit (Audit of Non-Performing Loans of Credit Establishments) for improvement of lending procedures, in accordance with paragraph 27 of the LDP.
5. Carrying out of actions, in form and substance satisfactory to the Association, vis-à-vis said banks, to facilitate the recovery of bad debts, in accordance with paragraph 27 of the LDP.
6. Conduct of meetings, in form and substance satisfactory to the Association, with said commercial banks for purposes of reaching understanding on strategies for resolution of cases, in accordance with paragraph 27 of the LDP.
Financial Sector. The Parties shall promote the development of projects presented by entrepreneurs and/or cooperatives in the social economy framework, of Venezuelan and/or Argentine origin. To achieve the above, the Parties shall specify mechanisms establishing the corre- sponding financial instrument and conditions.
Financial Sector. 1. The Borrower has offered for sale Banca Comerciala Romana in accordance with applicable management, capital, ownership, legal and regulatory requirements of the National Bank of Romania, and has taken all necessary steps for completing the sale of the said bank.
2. The Borrower has submitted to the Bank evidence on satisfactory progress in implementation of the restructuring plan of the Savings Bank, as such plan has been agreed with the Bank.
