The proposed measures aim to improve ownership transparency, strengthen risk control, and prevent capital and lending concentration.
In particular, it is planned to introduce mandatory risk standards for credit unions and make adjustments to licensing rules. Organizations that do not accept deposits and do not have debts to the FCCU will be required to establish an internal limit on the maximum risk for a single borrower of no more than 25%.
Additionally, new rules regarding share ownership, requirements for funding sources, and restrictions on risk concentration for the FCCU will be developed. The following conditions have been defined:
- Shareholders can only be residents of Kyrgyzstan, including credit unions, individuals, and legal entities;
- The maximum share of one shareholder is limited to 15% of voting shares;
- The total share of shareholders who are not credit unions cannot exceed 49%.
Shareholders will be required to thoroughly confirm the sources of funds used for capital increases or share acquisitions. Legal entities will need to provide financial statements, declarations, and audit reports, while individuals will need to submit tax declarations, purchase agreements, inheritance documents, and other confirmations.
The National Bank reserves the right to request additional data in case of doubts.
The Financial Company of Credit Unions is a specialized organization created to support credit unions in Kyrgyzstan by providing them with financing, accepting funds, redistributing resources within the sector, and facilitating liquidity improvement.
