Borrowing by means of discounting valuable notes
(Updated at 10:52, 12/8/2010)
This service is only applicable to Operations Centre of the State Bank. The State Bank buys valuable notes that were bought by Agribank in primary market or repurchased in the secondary market.

Main features:

 

-          Agribank has to open a deposit account and put valuable notes at Operations Centre of the State bank.

-          Discount interest rate: stipulated by the state bank on a case by case basis.

-          Forms of discount:

o        Discount for all the time remained of valuable notes (not exceeding 91 days)

o        Time discount (the time remained must be priced higher than transaction time).

-          Types of valuable notes available: Treasury bonds, government bonds …

-          By 25th of the last month of the quarter, Operations Centre makes a request of offering discount limit for the next quarter from the State bank.

-          Operations Centre of the State bank receives the request and then makes a notice of approval or disapproval.

-           Agribank shall commit to repurchase the amount noticed by the state bank when request of discount limit is accepted.

-          On the discounting date, Operations Centre of the State bank shall make a payment for Agribank, transfer papers from deposit account of Agribank into deposit account of the State Bank of Vietnam (for discounting all of the remaining term of papers) or transfer into pledged account (for time discount).

 

Process:

 

-          Discount method: directly provide Operations Centre of the State bank with “Request of valuable notes discount”.

-          Transactions are completed through Reuters Dealing System, fax…

-          After transactions are approved, data will be entered into IPCAS by FX Managing Department

-          Stop loss limit in forex dealing of Agribank’s Operations Centre is decided by Chairman of Board of Directors.

-          Transaction principle: safe, effective, subject to FX dealing limit and ensure liquidity of the Agribank and maintain foreign currency balance adapted to the Sate bank’s rule for a certain period.

 

Distribution channel/ Contact:

 

-          Treasury Department of Agribank’s Operations Centre is the department in charge of rediscounting with the State Bank of Vietnam.

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