Board Resolution No. 008/2014

BOARD RESOLUTION NO. 008/2014
SUBJECT: MONETARY OPERATIONS MANAGEMENT — APPROVES MODIFICATIONS TO THE REGULATION FOR THE GRANTING OF CREDIT TO STRATEGIC NATIONAL PUBLIC ENTERPRISES WITHIN THE FRAMEWORK OF THE GENERAL STATE BUDGET — FISCAL YEARS 2010, 2011, 2012, 2013 and 2014.

HAVING SEEN:

Law No. 1670, of October 31, 1995, of the Central Bank of Bolivia (BCB).

The Statute of the BCB, approved by Board Resolution No. 128/2005, of October 21, 2005, and its subsequent modifications.

Board Resolution No. 023/2011, of February 22, 2011, which approves the Regulation for the Granting of Credit to Strategic National Public Enterprises within the framework of the General State Budget — Fiscal Years 2010 and 2011, modified by Board Resolutions No. 026/2011 of March 2, 2011, No. 027/2011 of March 18, 2011, No. 030/2011 of March 22, 2011, No. 097/2011 of August 9, 2011, No. 039/2012 of March 23, 2012, No. 064/2012 of May 29, 2012 and No. 024/2013 of March 12, 2013.

Law No. 455 of December 11, 2013, which approves the General State Budget for the 2014 fiscal year (PGE-2014).

The Report from the Monetary Operations Management BCB-GOM-SOSP-DCE-INF-2014-8 of January 28, 2014.

The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2014-20 of January 28, 2014.

CONSIDERING:

That by Board Resolution No. 023/2011, the BCB Board of Directors approved the Regulation for the Granting of Credit to Strategic National Public Enterprises within the framework of the General State Budget — Fiscal Years 2010 and 2011, which was modified by Board Resolutions No. 026/2011, No. 027/2011, No. 030/2011, No. 097/2011, No. 039/2012, No. 064/2012 and No. 024/2013, with the objective of regulating the granting of credits in favor of Strategic National Public Enterprises (EPNE).

That Law No. 455, which approves the PGE-2014, in its articles 13 authorizes the granting of an extraordinary credit to the Bolivian Hydrocarbon Industrialization Company (EBIH); Article 124 expands the internal credit in favor of the National Electricity Company and in the second final provision, extends the validity of credits to the EPNE (Yacimientos Petrolíferos Fiscales Bolivianos (YPFB), third credit to the San Buenaventura Sugar Company (EASBA III), National Electricity Company (ENDE) and the third credit to the Bolivian Mining Corporation (COMIBOL) authorized by the laws of the PGE-2011, PGE-2012, PGE-2013 and their respective modifying laws.

That within the framework of what is provided by Law No. 455, for the consideration of new credit requests to be presented by the EPNE, it is necessary to adapt the Regulation for the Granting of Credit to Strategic National Public Enterprises within the framework of the General State Budget — Fiscal Years 2010, 2011, 2012 and 2013, incorporating the provisions of the aforementioned PGE-2014 Law.

That the Monetary Operations Management, through Report BCB-GOM-SOSP-DCE-INF-2014-8, concludes that it is necessary to adapt the Regulation for the Granting of Credit to Strategic National Public Enterprises, and recommends to the BCB Board of Directors to approve the modification of articles 1 and 2 of the aforementioned Regulation and its denomination.

That the Legal Affairs Management, through report BCB-GAL-SANO-INF-2014-20, concludes that the proposal to adapt the Regulation for the Approval of Credit to Strategic National Public Enterprises within the framework of the General State Budget — Fiscal Years 2010, 2011, 2012, 2013 and 2014, is legally appropriate, as it does not contravene the current legal framework, being the competence of the BCB Board of Directors to consider its approval by two-thirds of the votes of all its members, in accordance with what is established in article 54 subsection o) of Law No. 1670 and article 29 of the Institution's Statute, and recommends that it be submitted to the consideration of the Board of Directors.

That article 11 numeral 29 of the BCB Statute, concordant with article 54 subsection o) of Law No. 1670, establishes that the Board of Directors has the authority to approve, modify and interpret the Statute and regulations by two-thirds of the votes of its members, without the need for any additional administrative act.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Modify the denomination of the "Regulation for the Granting of Credit to Strategic National Public Enterprises within the framework of the General State Budget - Fiscal Years 2010, 2011, 2012 and 2013" in the following terms:

SAYS:
REGULATION FOR THE APPROVAL OF CREDIT TO STRATEGIC NATIONAL PUBLIC ENTERPRISES WITHIN THE FRAMEWORK OF THE GENERAL STATE BUDGET — FISCAL YEARS 2010, 2011, 2012 and 2013

SHOULD SAY:
"REGULATION FOR THE APPROVAL OF CREDIT TO STRATEGIC NATIONAL PUBLIC ENTERPRISES WITHIN THE FRAMEWORK OF THE GENERAL STATE BUDGET — FISCAL YEARS 2010, 2011, 2012, 2013 and 2014"

Article 2.- Modify article 1 of the Regulation for the Approval of Credit to Strategic National Public Enterprises within the framework of the General State Budget - Fiscal Years 2010, 2011, 2012, 2013 and 2014, in the following manner:

SAYS:
Article 1.- (Object)
This Regulation aims to regulate the granting of credits by the Central Bank of Bolivia (BCB) in favor of Strategic National Public Enterprises (EPNE), within the framework of what is provided in the General State Budget Fiscal Year 2010, reformulated by Law No. 50, of October 9, 2010 and the 2011 Budget approved by Law No. 62, of November 28, 2010, the 2012 Budget, approved by Law No. 211, of December 23, 2011 and the 2013 Budget approved by Law No. 317 of December 11, 2012.

SHOULD SAY:
"Article 1.- (Object)
This Regulation aims to regulate the granting of credits by the Central Bank of Bolivia (BCB) in favor of Strategic National Public Enterprises (EPNE), within the framework of what is provided in the General State Budget Fiscal Year 2010, reformulated by Law No. 50, of October 9, 2010 and the 2011 Budget approved by Law No. 62, of November 28, 2010, the 2012 Budget approved by Law No. 211, of December 23, 2011, the 2013 Budget approved by Law No. 317 of December 11, 2012 and the 2014 Budget approved by Law No. 455 of December 11, 2013."

Article 3.- Modify article 2 of the Regulation for the Approval of Credit to Strategic National Public Enterprises within the framework of the General State Budget — Fiscal Years 2010, 2011, 2012, 2013 and 2014, in the following manner:

SAYS:
Article 2.- (EPNE Credit Request)
Ministerial Resolution of the lead sector Ministry, must contain:

a) For the National Electricity Company, the Bolivian Mining Corporation and the San Buenaventura Sugar Company, the justification that the use and destination of the credit resources are of national priority within the framework of the National Development Plan."

SHOULD SAY:
"Article 2.- (EPNE Credit Request)
Ministerial Resolution of the lead sector Ministry, must contain:
a) For the National Electricity Company, the Bolivian Mining Corporation, the San Buenaventura Sugar Company and the Bolivian Hydrocarbon Industrialization Company, the justification that the use and destination of the credit resources are of national priority within the framework of the National Development Plan."

Article 4.- The adjustments to the Regulation for the Approval of Credit to Strategic National Public Enterprises within the framework of the General State Budget - Fiscal Years 2010, 2011, 2012, 2013 and 2014, will enter into effect from the date of approval of this Resolution.

Article 5.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.

[Signatures]
La Paz, January 28, 2014