Circular 1278: Extension of Deadline for Credit Restructuring in UDIS

Mexico City, November 6, 1995
CIRCULAR No. 1278
SUBJECT: CREDIT SUPPORT PROGRAM FOR STATES AND MUNICIPALITIES.- A new extension is granted to the deadline for credit restructuring in Investment Units (UDIs).

TO MULTIPLE BANKING INSTITUTIONS:

In relation to Circular No. 1237, which contains provisions applicable to credit restructuring in UDIs based on what is provided in the Agreement entered into between the Secretariat of Finance and Public Credit and the Association of Bankers of Mexico, A.C., by which the Credit Support Program for States and Municipalities was created, and with Circular No. 1256 through which the deadline for carrying out said restructuring was extended, and in consideration of the proposals made by those institutions, this National Banking and Securities Commission, based on articles 99 of the Credit Institutions Law and 4, sections III and XXXVI of the National Banking and Securities Commission Law, has resolved to extend the deadline provided for in section 1.1 of the aforementioned Circular 1237 until January 31, 1996.

Upon expiration of the mentioned extension, this Commission will evaluate the progress of the referred restructurations registered in each of those institutions. Based on said evaluation, the Commission itself may grant additional individual extensions or, if appropriate, declare the Program terminated for those institutions that are not channeling UDIs.

Sincerely,
NATIONAL BANKING AND SECURITIES COMMISSION
Eduardo Fernández García
President