Finance

Finance

Azerbaijanâ€™s State Fund for Development of Information Technologies develops criterions for selection of the authorized credit institution

19 September 2013 08:51 (UTC +04:00)

Baku. Aynur Aliyeva – APA-Economics. The State Fund for Development of Information Technologies under the Ministry of Communications and Information Technologies has submitted initial variant of criterions for selection of the authorized credit institution to the Supervisory Board.

According to the document, Azerbaijan-based banks and non-banking institutions can partake in the selection: “Banking credit institutions must have license of CBA to conduct transactions in connection with lending. It should comply with prudential normatives set by the Central Bank, should realize regular activity associated with credit operations. Non-banking credit institutions should operate on a regular basis in connection with credit transactions during the last 3 years, fully comply with prudential norms set by the CBA in the all reporting quarters of the past 2 years, must be ready to meet the obligations.”

Capital of credit institution must be at amount of AZN 300,000 or much higher. The number of members should be at least 150 people and more, the number of members with a share of less than AZN 200 should not exceed 50% of all members.

The document notes that the institution should not have overdue debts, as well as authorized fund reserve ratio must be greater than 0.1,should have related software, appropriate computers and other electronic devices for drafting of document and development of reports. Its staff must have the ability to work independently with relevant structures and credits, the economic regulatory normatives (prudential norms) must be approved by the Central Bank.

Members of the Supervisory Board will familiarize with the criterions and express their opinions in the near future. Criterions will be approved within 15 days.