Requirements on Capital of Non-bank Credit Organizations to be Increased
Azerbaijan, Baku /corr. Trend I.Khalilova / Draft law on no-bank credit organizations is currently being coordinated with the ministries and administrations.
Rufat Aslanly, the Deputy Chairman of the Managing Board of the National Bank of Azerbaijan (NBA) announced that the non-bank organizations are deprived of a right of admitting deposits from population and will get restricted with implementing limited banking activities. The non-credit organizations can allot credit only at the expense of own capital or funds attracted from financial institutes.
The draft law envisages establishment of two types of institutes - commercial and non-commercial. "There is a definite difference between them. Some non-bank credit institutes can attract deposits (security funds). These are the funds provided a security by borrowers," Aslanly noted.
In accordance to the new legislation, a requirements on the capital of non-bank credit organizations will be increased (now it comprises 4,000 manats), but will differ from the amount of capital, established for the banking capital.