SBV issues Circular on statistical report requirement for credit institutions

The Circular aims at simplifying the reporting system, reducing the overload of reports for credit institutions, applying  advanced technology to statistical reporting in line with the centralized reporting model and technology of credit institutions, and improving the quality of data reports in service of the SBV’s management in particular and meeting the requirements of renovating the national statistical system  in general. Following are the basic contents of the Circular:

1. The reporting entities include SBV departments, credit institutions, and foreign bank branches (Excluding micro-finance institutions) which have been established and operating within the territory of Vietnam in line with the 2010 Law on Credit Institutions. This is the revised item as compared to Decisions 477 and 1747 in line with the model of centralized statistical reporting.

2. Procedures of electronic reporting: In order to remove the intermediary role of SBV provincial and municipal branches in sending and receiving reports , to improve the timeliness of reported information, to enhance the responsibility of head offices of credit institutions in formulating, reviewing and comparing the consolidated data of each bank and data of each bank branch, and ensure the accuracy of data before being sent to the SBV, the Circular stipulates that head offices of credit institutions are responsible for sending consolidated reports as well as reports of their operation centers and branches to the SBV.

3. The Circular stipulates specific reporting periods in order to ensure the consistent implementation by credit institutions and lengthen certain  reporting periods to facilitate credit institutions  to double check their reports before sending them to the SBV.

4. The Circular stipulates the reviews of electronic reports by application of information technology for the SBV entities and credit institutions to improve their  reviews.

5. The procedures of reviewing written reports constitute a new item of the Circular in comparison with Decisions 477 and 1747 in order to heighten the responsibility of the reporting and reported entities.

6. In order to create favorable condition for automatic review of reports, criteria and forms for reporting non-arising issues are also stipulated in this Circular.

7. The Circular specifies the responsibilities of the  SBV entities for checking data in reports, and updating them in the SBV database. Moreover, the Circular also specifies the responsibility of the Information Technology Department for researching and developing software to support the SBV functional departments to check reports and prevent incorrect data to be updated to the SBV data base.

8. In order to ensure the quality of reports, the Circular specifies measures to deal with violations of entities  and individuals, especially credit institutions.

9. The Circular will take effect from July 1st , 2011.

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