For a trillion-dollar loan to FLC, what are banks "holding" as collateral?

After Mr. Quyet was arrested, banks in turn spoke out about the loan of FLC Group Joint Stock Company. According to FLC's latest consolidated financial statements, total bank loans as of December 31, 2021 are about VND6,200 billion, accounting for nearly 26% of liabilities.

FLC's largest creditor as of December 31, 2021 is Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank - STB), with a total balance of short-term and long-term loans of more than VND 1,840 billion. Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV – BID) ranked second, lending about 1,747 billion VND to FLC. According to the consolidated financial statements for the fourth quarter of 2021 of Sacombank and BIDV, FLC's debt accounted for 0.48% and 0.12% of total outstanding loans, respectively. Compared to equity, this debt accounts for 5.4% and 2% respectively.



In addition, Orient Commercial Joint Stock Bank (OCB) loaned FLC nearly 1,400 billion VND, National Commercial Joint Stock Bank (NCB) more than 634 billion VND, Bank for Agriculture and Rural Development of Vietnam (Agribank) nearly 170 billion VND and other banks more than 273 billion dong… FLC also has more than 4.6 billion dong of long-term finance lease debt at the Vietnam Industry and Trade Joint Stock Commercial Bank for Finance Leasing Company. At the same time, FLC also has bonds issued to OCB and NCB with a value of more than 868 billion dong...

A representative of Sacombank said that according to the usual principles in credit granting for secured loans, in case of risks, the bank will actively apply measures to handle assets. ensure in accordance with the law for debt recovery.

Mr. Nguyen Dinh Tung, General Director of OCB, said that the total amount of collateral in shares of BAV (Bamboo Airways) that OCB received to secure the loan was only about 100 billion VND - mainly supplementing collateral assets. for working capital loans and increase corporate liability .

According to Mr. Tung, the bank's view has always been: real estate is always the key collateral, shares are just additional assets. If there is a risk, just handling the collateral is the bank guaranteeing the ability to recover the debt. Although the arrest of a key leader of the business is bad news, FLC's operation is currently quite good, the most difficult period is over.

NCB's representative said that NCB's credits to FLC are secured by assets. In the event of a risk arising, NCB will actively apply measures to handle security assets in accordance with the law to recover debts and ensure the safety of NCB's operations.

The NCB side said that the most difficult period has passed, tourism and aviation activities have gradually improved, business activities have returned to normal; enterprises have revenue and cash flow to reinvest themselves in business activities and fulfill obligations to the bank.

Recently, the State Bank (SBV) has issued an action plan of the banking industry to implement Resolution No. 11. In which, the State Bank requires banks not to relax credit granting conditions, and at the same time control tight credit to potential risky areas such as investment, real estate business, securities , BOT projects, BT traffic, corporate bonds.

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