Regulatory Alerts2020-12-28 | ASFI/CC-8840/2020Added · Updated
ASFI Circular Letter CC-8840 2020 of December 28, 2020
Multiple Banks, SME Banks, Development Financial Institutions, and Housing Financial Entities must capitalize one hundred percent of their net profits from the 2020 fiscal year. This mandatory equity strengthening applies after the establishment of pertinent legal and regulatory reserves. The directive is issued under Article 425 of Financial Services Law No. 393 to support economic reactivation and preserve financial system stability.
[Logo: ASFI - FINANCIAL SYSTEM SUPERVISION AUTHORITY - PLURINATIONAL STATE OF BOLIVIA]
La Paz, December 28, 2020 CIRCULAR LETTER/ASFI/DNP/CC-8840/2020
To Whom It May Concern
Present
REF: PROCESS NO. T-2107067658 EQUITY STRENGTHENING
Gentlemen:
Within the framework of what is established in Paragraph II of Article 425 of Financial Services Law No. 393, and considering the need for equity strengthening that accompanies the reactivation and growth of the economy, with the purpose of preserving the stability of the financial system, it is instructed to Multiple Banks, SME Banks, Development Financial Institutions, and Housing Financial Entities, after establishing the pertinent legal and regulatory reserves, to capitalize one hundred percent (100%) of the net profits corresponding to the 2020 fiscal year.
Sincerely.
[Signature] Lic. Reynaldo Yujra Segales EXECUTIVE GENERAL DIRECTOR a.i. Financial System Supervision Authority
[Seal: PLURINATIONAL STATE OF BOLIVIA - Financial System Supervision Authority]
JQR/AGL/VRC/JZL/Cesar Daza C.
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