Circular 11/2014 — Modifications to Circular 9/2014

Friday, June 27, 2014 OFFICIAL GAZETTE (First Section) BANK OF MEXICO CIRCULAR 11/2014 addressed to Credit Institutions, regarding Modifications to Circular 9/2014. At the margin a logo, which says: Bank of Mexico. CIRCULAR 11/2014 TO CREDIT INSTITUTIONS: SUBJECT: MODIFICATIONS TO CIRCULAR 9/2014 The Bank of Mexico, in order to regulate liquidity surpluses in the money market and to ensure adequate implementation of monetary policy, has resolved to increase the amount that credit institutions are obligated to constitute as monetary regulation deposits at this Central Bank. For the above reason, the Bank of Mexico, based on articles 28, paragraphs sixth and seventh, of the Political Constitution of the United Mexican States, 14, 24 and 28, of the Bank of Mexico Law, 22 of the Law for Transparency and Ordering of Financial Services, as well as 4, first paragraph, 8, first, fourth and seventh paragraphs, 10, first paragraph, 12, first paragraph, in relation to 19 Bis, fraction V, and 14 Bis, in relation to 17, fraction I, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the General Directorate of Central Bank Operations and the General Legal Directorate, respectively, as well as Second, fractions VI and X, of the Agreement on the Attachment of Administrative Units of the Bank of Mexico, has resolved to modify numeral 4 and add a numeral 3.1 Bis to the “Rules applicable to Monetary Regulation Deposits” contained in Circular 9/2014, to remain in the following terms:

RULES APPLICABLE TO MONETARY REGULATION DEPOSITS

“3.1 Bis Additional Amount In addition to what is provided in the previous numeral 3.1, Credit Institutions must constitute Monetary Regulation Deposits at the Bank for a total additional amount of $41,470’980,893.00 (FORTY-ONE MILLION FOUR HUNDRED SEVENTY MILLION NINE HUNDRED EIGHTY THOUSION EIGHT HUNDRED NINETY-THREE PESOS 00/100 M.N.) which must be added to that indicated in said numeral 3.1. The additional amount indicated in this numeral must be covered through four deposits, each of which must be equal to $10,367’745,223.25 (TEN MILLION THREE HUNDRED SIXTY-SEVEN MILLION SEVEN HUNDRED FORTY-FIVE THOUSION TWO HUNDRED TWENTY-THREE PESOS 25/100 M.N.), which Credit Institutions must make on August 14, September 11, October 9 and November 6, 2014. For the purposes of the above, each Credit Institution must deposit at the Bank, on each of the dates mentioned in said paragraph, the amount resulting from distributing, pro rata, among all Credit Institutions, the amount of $10,367’745,223.25 (TEN MILLION THREE HUNDRED SIXTY-SEVEN MILLION SEVEN HUNDRED FORTY-FIVE THOUSION TWO HUNDRED TWENTY-THREE PESOS 25/100 M.N.) previously stated. To calculate the amount corresponding to each Credit Institution according to the aforementioned distribution, the total amount of traditional national currency deposits of Credit Institutions corresponding to May 31, 2014, which Credit Institutions have reported to the National Banking and Securities Commission in accordance with the data registered as of June 25, 2014, under the regulatory report called “Reclassifications in the Balance Sheet” (field referring to the unconsolidated financial statement in national currency and Udis) and classified under series R10 A-1011, provided for in Annex 36 of the “General provisions applicable to Credit Institutions” issued by said Commission. For these purposes, traditional deposits shall be understood as defined in the accounting criteria applicable to Credit Institutions issued by the National Banking and Securities Commission. In accordance with the above, the Bank will inform in writing, through electronic means, no later than July 4, 2014, to each Credit Institution the amount it is required to deposit on each of the dates indicated in the first paragraph of this numeral. Without prejudice to the foregoing, each Credit Institution must send a representative, no later than July 10 of this same year, to the Financial System Information Directorate of the Bank, located at Avenida Cinco de Mayo number 1, second floor, Guardiola building, Centro Neighborhood, Mexico City, D.F., C.P. 06059, with telephone number 5237.26.11, in order to receive the original communication corresponding to it. The additional amount of Monetary Regulation Deposits that each Credit Institution is obligated to constitute under this numeral will be automatically charged by the Bank to the Single Account of each Credit Institution. Such charges will be made at the opening of operations of the SIAC-BANXICO on the dates indicated in the first paragraph of this numeral.”

4. COMPOSITION OF THE MONETARY REGULATION DEPOSIT “The amount that Credit Institutions are obligated to maintain deposited at the Bank for the concept of Monetary Regulation Deposit under these Rules, may be composed of cash, securities, or both, in the proportions and with the characteristics determined by the Bank itself.”

TRANSITORY SINGLE. This Circular will enter into force the day following its publication in the Official Gazette of the Federation. Mexico City, June 25, 2014.- The General Director of Central Bank Operations, Jaime José Cortina Morfín.- Signature.- The General Legal Director, Luis Urrutia Corral.- Signature.