Due to the systematic violations of the banking laws of the Kyrgyz Republic canceled, revoked certificates / licenses of the following NBFI  

1. From December 29, 2012 revoked a license of the CU “Bekbolsun-Ulan” No.446 dated January 20, 2004 on the basis of the Decree of the Supervisory Committee No.54/4/1 dated December 29, 2012. Legal address: ap.2, h.144, Togolok-Moldo st., Bishkek city; 

2. From December 29, 2012 revoked a license of the CU “Siyana” No.471 dated November 10, 2004 on the basis of the Decree of the Supervisory Committee No. 54/4/2 dated December 29, 2012. Legal address: 207, Kurmanjan-Datka st., Bishkek city; 

3. From December 29, 2012 revoked a license of the CU “Nazbiyke” No.157 dated September 24, 1999 on the basis of the Decree of the Supervisory Committee No. 54/4/3 dated December 29, 2012. Legal address: ap.2, h.29, Tynchtyk st., Kerben village, Aksy district, Djalal-Abad region; 

4. From December 29, 2012 revoked a license of the CU “El bulak” No.537 dated February 05, 2009 on the basis of the Decree of the Supervisory Committee No. 54/4/4 dated December 29, 2012. Legal address: No.138, Alaarchinskaya st., Novo-Pavlovka village, Sokuluk district, Chui region; 

5. From December 29, 2012 revoked a license of the CU “Aiyl shamy” No.545 dated October 19, 2009 on the basis of the Decree of the Supervisory Committee No. 54/4/5 dated December 29, 2012. Legal address: No.33, Zentralnaya st., Poltavka village, Jaiyl district, Chui region; 

6. From January 19, 2013 revoked a license of the CU “Ashim-Ata” No.376 dated April 26, 2002 on the basis of the General Meeting of Participants of the CU “Ashim-Ata” dated January 09, 2013 and the statement of the Chief Executive Officer of the Credit Union dated January 17, 2013. Legal address: n/n, Salieva st., Osh town (Osh district children’s hospital). 

The National Bank of the Kyrgyz Republic in the framework of the functions defined by the laws for regulation and supervision of the microfinance sector, reports on the application of following measures and sanctions to the microfinance organizations for the year 2012. 

In order to align the activities of the microfinance organizations in accordance with article 2 of the Law “On the Microfinance Organizations in the Kyrgyz Republic” and the regulations of the National Bank on the basis of the analysis of the microfinance organizations regulatory reporting as of December 31, 2011, June 30, 2012 and September 30, 2012, there requests were sent to the microfinance organizations to provide disclosure and justification of set interest rates on the loan products with their interpretation and copies of internal regulations (credit policies/guidelines and procedures). 

Upon review of the submitted reports and internal documents of the microfinance organizations - for the discrepancy of their content to the requirements of the regulatory legal acts, the National Bank assumes preventive measures of effect in accordance with the Regulations “On the preventive measures and sanctions imposed by the National Bank for the Microfinance Organizations”, with the requirement to bring its activities in accordance with the laws of the Kyrgyz Republic and the regulatory legal acts of the National Bank and to report on time. In order to assist to the microfinance organizations in preparation of the relevant internal documents for proper disclosure of the goal achievement of the microfinance organizations established by article 2 of the Law “On the Microfinance Organizations in the Kyrgyz Republic”, the National Bank has developed and sent “The Recommendations on minimum requirements for the credit policy of the MO without deposits”. 

From the analysis of reports of the microfinance organizations, submitted according to the applied preventive measures and sanctions NBKR, from 46 MO were revoked for failure to respect the requirements of article 2 of the Law “On the Microfinance Organizations in the Kyrgyz Republic” and the Recommendations on the minimum requirements for the credit policy of the microfinance organizations without deposits. Also these microfinance organizations did not fulfill the requirements of the regulatory legal acts NBKR. 

Due to the systematic violations of the laws and regulations of the National Bank (including non- providing of the Periodic Regulatory Report and non-fulfillment of orders), the National Bank has revoked the certificates of registration in 52 microfinance organizations. 

Below is a list of aforementioned revocation of the microfinance organizations by regions of the Kyrgyz Republic: 

The National Bank also reports that suspended the certificates at present in these microfinance organizations: 

Bishkek city and Chui region 

1. MC “Munduz Credit” LLC; 

2. MC “Credit Centre” LLC; 

3. MC “Beren Credit” LLC; 

4. MC “Grin Capital” LLC; 

5. MC “Fincredit” LLC; 

6. MC “Udobnyi-Credit” LLC; 

7. MC “Trust Company” LLC. 

Interbank settlements