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SBV monitors implementation of IRSP nationwide
The State Bank of Vietnam (SBV) will commence on June 10 to monitor the credit institutions nationwide in terms of the implementation of the interest rate subsidy program (IRSP), the compliance of foreign exchange management and prudent regulations in their operations. The monitoring will be conducted regularly in all provinces and cities for the remainder of the year.
This banking monitoring aims at assessing the compliance by the credit institutions with the regulatory framework of the Government and SBV. By doing so, can SBV reveal and redress all shortcomings in a timely manner and strictly deal with arising violations so as to effectively implement the Government’s stimulus scheme while ensuring prudent operations of the credit institutions.
Specifically, from June 10 to July 25, SBV will establish unscheduled monitoring teams to oversee foreign exchange operations of credit institutions. These teams include representatives of the Financial Supervision Agency, the Monetary Policy Department, the Credit Department and the Foreign Exchange Department to directly inspect all the head-quarters and operation centers of the state-owned commercial banks (SOCBs).
The SBV Branches of Hanoi and Ho Chi Minh City will send their monitoring teams to head-quarters and operation centers of joint-stock commercial banks (JSCBs) and a number of branches of SOCBs and JSCBs based in their locations. Other provincial and municipal SBV branches will proactively inspect headquarters and operations centers of the JSCBs based in their locations and the branches of those credit institutions with large volume of foreign exchange operations. Up to July 30, the Financial Supervision Department will have to submit the monitoring report to the SBV Governor and continue the next monitoring missions thereafter..
For the interest rate subsidy program, the monitoring will be conducted in line with Plan No. 25/KH-TTR3 of March 19, 2009 of the Financial Supervision Department and other additional plans with a focus on the targeted clients.
In regard to prudent regulations compliance, the monitoring will be conducted in head-quarters of credit institutions together with the oversight of the interest rate subsidy program and foreign exchange management with a focus on three main areas, namely the internal control on financial risks, the investments in subsidiary and joint-venture companies, and the compliance of prudent ratios.
With the aim of ensuring the monitoring quality , the Governor has required all the monitoring teams to strictly fulfill all the assigned tasks under this comprehensive monitoring plan.
Thu Huong
SBV
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