Regulatory Alerts2020-07-31 | RESOLUCIONES DE DIRECTORIO Nº 071/2020Added · Updated
Board Resolution No. 071/2020 Amending the Legal Reserve Regulation for Financial Intermediation Entities
This resolution modifies the Single Transitional Provision of the Legal Reserve Regulation for Financial Intermediation Entities, requiring them to use Exceptional Funds (FE) from March 2020 to generate new gross portfolio for the non-financial private sector, Development Financial Institutions, and Savings and Credit Cooperatives between April 1 and July 31, 2020. Entities must meet monthly lending targets equivalent to 30% of FE by May, 60% by June, and 100% by July, or constitute a non-remunerated extraordinary legal reserve in cash equal to 100% of the shortfall. A temporary exemption from the extraordinary reserve for August and September 2020 is granted for loans backed by CAPROSEN Fund resources requested by August 5, 2020.
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