This afternoon, there will be a mandatory transfer of 2 banks CB and Ocean Bank.

ANTD.VN - Construction Bank (CB) will be transferred to Vietcombank , and Ocean Bank will be transferred to MB.

This is the information given by Mr. Nguyen Duc Long, Deputy Chief Inspector and Supervisor of Banking (State Bank) at the press conference to inform about the results of banking activities in the third quarter of 2023, this afternoon (October 17).

According to the representative of the State Bank, on the basis of legal regulations and policies of the Party and the State, the State Bank has developed plans and they have been approved. "This afternoon, the decision to transfer CB to Vietcombank and OceanBank to MB will be issued" - Mr. Nguyen Duc Long said.

The bank receiving the compulsory transfer will enjoy a number of prescribed mechanisms and policies, however, it must comply with current legal regulations and instructions on such legal regulations.

According to Mr. Long, the forced transfer of two weak banks will not affect the rights of depositors. Accordingly, deposits at these banks will be guaranteed before, during and after the transfer.

Regarding DongA Bank, the State Bank is reviewing and directing the transferee banks to implement the plans and is trying to complete them as soon as possible to submit to competent authorities.

Press conference scene at the State Bank

Sharing about the monetary policy management in the first 9 months of the year, Permanent Deputy Governor of the State Bank Dao Minh Tu said that in the first 9 months of 2024 and the third quarter of 2024, monetary policy management has contributed to stabilizing the macro -economy , controlling inflation, supporting liquidity for credit institutions (CIs), and maintaining stability in the monetary and foreign exchange markets.

Regarding interest rate management , the State Bank continues to maintain the operating interest rates to facilitate credit institutions to access capital sources from the State Bank at low costs, contributing to supporting the economy; directing credit institutions to continue to reduce costs to reduce the lending interest rate level, publicize average lending interest rates, the difference between average deposit and lending interest rates as well as information on lending interest rates of credit packages, programs, and products on the bank's website. Thanks to that, the interest rate level continues to decrease compared to the end of 2023.

Regarding exchange rate management, the State Bank of Vietnam manages the exchange rate flexibly and appropriately, contributing to absorbing external shocks; at the same time, synchronously coordinates monetary policy tools. Thanks to that, the foreign exchange market remains stable, foreign exchange liquidity is smooth, the economy's foreign exchange needs are fully met; the exchange rate moves flexibly in both directions, increasing/decreasing, in accordance with market conditions.

Many solutions, policies and credit programs have been implemented synchronously and drastically by the State Bank of Vietnam, ensuring adequate capital supply for the economy and promoting economic growth.

To facilitate credit institutions in providing credit capital for the economy, on December 31, 2023, the State Bank assigned all credit growth targets for 2024 to credit institutions and publicly announced the principles for determining credit growth so that credit institutions can proactively implement credit growth.

However, in the context of low credit growth in the economy; the credit growth of credit institutions is uneven, some credit institutions have low growth, even negative growth while some credit institutions have increased close to the target announced by the State Bank, on August 28, 2024, the State Bank announced the additional credit growth for credit institutions to ensure publicity and transparency.

Accordingly, from August 28, 2024, credit institutions with a credit growth rate in 2024 reaching 80% of the target announced by the State Bank in early 2024 will be proactively adjusted to increase credit balance based on the credit institution's rating score.

To date, credit across the system has increased by about 9% compared to the end of 2023, and by about 16% compared to the same period last year. Total economic mobilization is about 14.5 million billion VND, lending is about 14.7 million billion VND. With good liquidity and much room for credit growth, credit institutions currently have favorable conditions to provide lending capital to the economy.

In addition, the State Bank continues to direct credit institutions to promote the implementation of credit programs such as: The 120,000 billion VND program for loans for social housing, worker housing, apartment renovation and reconstruction projects; Credit program for forestry and fishery sectors...

In particular, the banking industry has promptly and promptly implemented solutions to support customers affected by storm No. 3.

The stability and safety of the credit institution system continues to be maintained, and the legitimate rights of depositors are guaranteed. Bad debts are focused on being handled and controlled in the context of economic and business difficulties, affecting the ability of enterprises to repay debts.

“Bad debt is positive, but also tends to increase, especially after storm No. 3. In addition, the amount of bad debt hidden in the restructured debt according to Circular 02 is also an issue that needs to be handled,” said the Deputy Governor.

Source: https://www.anninhthudo.vn/chieu-nay-se-chuyen-giao-bat-buoc-2-ngan-hang-cb-va-ocean-bank-post592846.antd