The purpose of this Law is to regulate relations in the field of protection of deposits of citizens of the Republic of Uzbekistan, foreign citizens and stateless persons (hereinafter — citizens) in banks of the Republic of Uzbekistan (hereinafter — banks).
Legislation on guarantees of protection of deposits of citizens in banks consists of this Law and other legislative acts.
If an international treaty of the Republic of Uzbekistan establishes other rules than those stipulated by the legislation of the Republic of Uzbekistan on guarantees of protection of deposits of citizens in banks, then the rules of the international treaty are applied.
in the deposits of citizens in banks, provided by a special procedure for guaranteeing by the legislation;
placed on the accounts of individuals engaged in entrepreneurial activities without forming a legal entity, if these accounts are opened in connection with the specified activity;
placed in deposits of citizens in banks, pledged as security for obligations to this bank or by third parties;
To realize the purpose of this Law, a Fund for guaranteeing deposits of citizens in banks shall be formed (hereinafter — the Fund).
The purpose of the Fund is to guarantee the payment of compensation for deposits of citizens in banks in the event that the Central Bank of the Republic of Uzbekistan revokes a bank license for the right to conduct banking operations (hereinafter — revocation of a license) on the conditions and in the amount provided for by this Law. Guaranteeing the payment by the Fund of compensation for deposits of citizens in banks does not apply to cases of license revocation in connection with the reorganization of the bank.
The property of the Fund is formed at the expense of mandatory contributions of banks, income received from the placement of funds, as well as other income in accordance with the law.
The income of the Fund received from the placement of its funds in government securities and other assets is not subject to taxation.
The management of the Fund is carried out by the Supervisory board of the Fund and the Executive body of the Fund.
The Fund cannot engage in the provision of financial assistance and charitable activities, as well as act as the founder of legal entities.
The composition of the Supervisory board of the Fund is approved by the Cabinet of Ministers of the Republic of Uzbekistan.
The Supervisory board of the Fund is authorized to make decisions if at least two thirds of its members are present at the meeting. The decision of the Supervisory board of the Fund is considered adopted if at least two-thirds of the votes of those present voted for it. If the votes are equal, the vote of the chairman of the Supervisory board of the Fund is decisive.
Meetings of the Supervisory board of the Fund are convened by its chairman or at least one third of the members of the Supervisory board of the Fund as necessary, but at least once a quarter.
approves the rates of calendar contributions of banks, the calculation procedure and the timing of their payment;
approves the procedure for the use of the Fund’s monetary funds, including estimates of expenses for current activities;
The Executive body of the Fund is the Management board of Fund, which carries out current management and is responsible for the activities of the Fund. The Management board of Fund includes a director, deputy director and chief accountant.
exercises control over the timeliness and completeness of the transfer of lump-sum and calendar contributions by banks;
The Director of the Fund takes part in meetings of the Supervisory board of the Fund with the right of consultative vote.
A lump-sum bank contribution to the Fund is 0.1 percent of the amount of the actually formed authorized capital of the bank.
The calendar contributions consist of the money transferred by the banks to the Fund on a quarterly basis. The size of calendar contributions is determined based on the actual balance of deposits of citizens to be guaranteed in accordance with this Law for the quarter in the amounts established by the Supervisory board of the Fund, but not more than 0.5 percent of the total amount of deposits.
Payment of calendar contributions by banks shall be suspended upon reaching the amount of paid calendar contributions of 5 percent of the total amount of balances of citizens' deposits in the bank. If you change the total amount of balances of deposits of citizens in the bank, the amount of calendar contributions paid to the Fund is subject to recalculation.
The introduction by the Central Bank of the Republic of Uzbekistan for banks of a ban on attracting citizens' money into deposits does not exempt the bank from paying calendar contributions to the Fund.
In case of a change in the rate of the calendar contribution, the Fund is obliged to inform banks about this no later than thirty days in advance.
When calculating the calendar contribution on citizens' deposits in banks in foreign currency, the calculation is carried out at the rate of the Central Bank of the Republic of Uzbekistan on the day preceding the transfer of the calendar contribution.
Mandatory bank contributions to the Fund are charged to banks, which are included in the cost of the services provided.
provide the Fund with data on the number and size of citizen deposits in banks subject to guarantee in accordance with this Law.
In the event of the bank's liquidation, the bank's liquidation commission is obliged to reimburse the Fund the difference between the amount of compensation for deposits of citizens in banks and the amount of the liquidated bank's contribution to the Fund, as well as the costs incurred in paying compensation for deposits.
Compensation for deposits of citizens shall be paid at the expense of the bank and the Fund in full on the basis of the balances of deposits reflected in the interim liquidation balance sheet of the bank, approved in the manner prescribed by law.
If the bank also acted in relation to the depositor as a creditor, the amount of compensation for deposits is determined as the difference between the amount of compensation for deposits payable to the depositor and the amount of the bank's counterclaims.
Compensation for deposits of citizens in banks in foreign currency is paid in the manner and amount established by this Law in national currency at the exchange rate of the Central Bank of the Republic of Uzbekistan on the day the license is revoked.
In order to pay compensation for deposits of citizens in banks, the liquidation commission of the bank within two months from the date of revocation of the license takes measures to identify creditors and receive receivables and funds deposited in the reserve fund of the Central Bank of the Republic of Uzbekistan. These funds are allocated, as a matter of priority, to repay the debt of the bank being liquidated on deposits of citizens.
After the expiration of the period specified in the first part of this article, the liquidation commission of the bank must submit to the Fund within ten days:
calculation of the need for the Fund’s monetary funds for the payment of compensation for deposits of citizens.
The Fund, within three days from the date of receipt of the interim liquidation balance sheet, publishes a message in the media about the procedure and timing of payment of compensation for deposits of citizens in banks.
The Fund is obliged to start paying compensation for deposits of citizens in banks within ten days from the date of publication of the message in the media. Payment is made by the bank (agent bank), determined by the Fund with the consent of the Central Bank of the Republic of Uzbekistan. When depositors apply for reimbursement of their deposits, the agent bank is obliged to pay the specified reimbursement upon presentation by the depositor of documents confirming his deposit and confirming his identity.
Compensation for deposits of citizens in banks is also paid to the legal representatives of depositors or their successors upon presentation of the relevant documents.
The receipt by the investor of the compensation for the deposit from the Fund does not exclude his rights to satisfy the requirements of the bank in an amount exceeding the compensation received for his deposit.
In case of insufficient funds of the Fund to pay compensation on deposits of citizens, by decision of the Cabinet of Ministers of the Republic of Uzbekistan, the Fund is granted a loan with its subsequent return at the expense of proceeds to the Fund.
The Fund and the Central Bank of the Republic of Uzbekistan constantly exchange information necessary for the Fund to exercise its powers.
In the event that the Fund discloses bank secrets, the bank and the depositor whose rights have been violated are entitled to demand compensation from the Fund for the damage caused to them.
Disputes related to guaranteeing deposits of citizens in banks are resolved in the manner prescribed by law.