Hehe, the upstairs buddy is wrong. Allow rural credit cooperatives to go bankrupt and liquidate. After bankruptcy, assets (loans) will be taken away by the government, and you will be unreliable. Liabilities (deposits) will be paid by the government to depositors. The bankruptcy of a credit cooperative needs the approval of the State Council. I will give you an announcement (online) for your reference when Hami Rural Credit Cooperative in Xinjiang cancels.

Revocation announcement

Whereas Hami Rural Credit Cooperative Association (including Guangming Branch, Yuejin Branch, Zhongshan North Road Branch, Beicaiyuan Branch, Ai Guo South Road Branch, Xinmin Branch, Liushuquan Branch, Shengli Road Branch, Sandaoling Branch, Taojiagong Township Branch, Aya Branch, Wubao Township Branch, Dananhu Township Branch, Bauer Town Branch, Huayuan Township Branch, Huicheng Town Branch, Qin Cheng Town Branch), Hami Suburb Rural Credit Cooperative Association, Rural Credit Cooperative Association of Xishan Township Development Zone in Hami City, Rural Credit Cooperative Association of Daquanwan Township in Hami City and Gejing Branch under its jurisdiction (hereinafter referred to as revoked rural credit cooperatives) have illegal or poor management. If it is not revoked, it will seriously endanger the financial order and damage the public interest. With the approval of the State Council, China Banking Regulatory Commission decided to cancel it according to law. The revocation decision shall take effect as of the date of promulgation.

In order to maintain financial order, maintain social stability, protect the interests of small and medium-sized investors, and prevent moral hazard, the state will deal with the personal creditor's rights of the revoked rural credit cooperatives in accordance with the principle of "paying off according to law and properly purchasing" and purchase the legitimate principal and interest of personal savings deposits in full. That is, the state will ensure that the legitimate principal and interest of individual savings deposits are paid in full.

From June/0/5, 2007 to September/0/2, 2007, the cancelled liquidation group of rural credit cooperatives was responsible for the registration of creditor's rights (the specific registration method will be notified separately), and the registration period was 90 days. All creditors of the cancelled rural credit cooperatives shall declare their claims to the cancellation liquidation group during this period.

Personal creditor's rights within the scope of acquisition can only be paid off after legal procedures such as registration, screening and confirmation. Please obey the arrangement of the government and relevant departments, abide by all regulations, consciously maintain social order, and don't listen to and spread rumors. The government will punish those responsible for maliciously creating troubles and creating chaos according to law.

It is hereby announced

China Banking Regulatory Commission Xinjiang Supervision Bureau

Hami administrative office of Xinjiang Uygur Autonomous Region

June 4(th), 2007

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