Board Resolution No. 027/2011

BOARD RESOLUTION NO. 027/2011

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 – 2010 AND 2011 MANAGEMENT PERIODS, APPROVED BY BOARD RESOLUTION NO. 23/2011.

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 Resolutions 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 – 2010 and 2011 Management Periods, and No. 026/2011 of March 2, 2011, which approves modifications to the Regulation for the Granting of Credit to Strategic National Public Enterprises within the Framework of the General State Budget – 2010 and 2011 Management Periods.

CONSIDERING:

That by Board Resolution No. 023/2011, of February 22, 2011, the Regulation for the Granting of Credit to Strategic National Public Enterprises within the Framework of the General State Budget – 2010 and 2011 Management Periods was approved.

That Board Resolution No. 026/2011 of March 2, 2011, approves the modifications to articles 2, 3, and 4 of the Regulation for the Granting of Credit to Strategic National Public Enterprises within the Framework of the General State Budget – 2010 and 2011 Management Periods.

That article 11, numeral 29 of the Statute of the BCB, concordant with article 54, clause o) of Law No. 1670, establishes that the Board 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.- Approve the modification of article 4, numeral 3) of the Regulation for the Granting of Credit to Strategic National Public Enterprises within the Framework of the General State Budget – 2010 and 2011 Management Periods, as follows:

SAYS:

Article 4.- (Guarantees)
The guarantee that serves to cover the payments of the principal and the interest of the credit may be constituted by all or some of the following alternatives:

3. In the event that the BCB does not accept the mentioned guarantees, it will communicate this circumstance to the sector head ministry, which may request before the Ministry of Economy and Public Finance, the issuance of value titles that guarantee the payment of the principal and the interest.

SHOULD SAY:

“Article 4.- (Guarantees)
The guarantee that serves to cover the payments of the principal and the interest of the credit may be constituted by all or some of the following alternatives:

3. In the event that the BCB does not accept the mentioned guarantees, it will communicate this circumstance to the sector head ministry; in this situation, the sector head ministry and the BCB must formalize their request for the issuance of Treasury Bonds to the Ministry of Economy and Public Finance, with the purpose that said value titles constitute a supporting guarantee for the payment of the principal and the interest.”

Article 2.- The modifications to the Regulation for the Granting of Credit to Strategic National Public Enterprises within the Framework of the General State Budget – 2010 and 2011 Management Periods will enter into effect from the date of approval of this Resolution.

Article 3.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.

La Paz, March 18, 2011

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Marcelo Zabalaga Estrada

_________________________ _________________________ Ernesto Yáñez Aguilar Rolando Marín Ibáñez

_________________________ _________________________ Hugo Dorado Araníbar Gustavo Blacutt Alcalá

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Rafael Boyán Téllez