Circular 1289: Extension of Deadline for Credit Restructuring in UDIS under the Credit Support Program for States and Municipalities

Mexico City, January 30, 1996.

Circular No. 1289

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 1237, which contains provisions applicable to credit restructuring in UDIS and their impact on trusts, based on the Credit Support Program for States and Municipalities, and Circulares 1256 and 1278, through which the deadline for carrying out the aforementioned restructuring was successively extended, and in light of the recently concluded Agreement between the Federal Government, represented by the Secretariat of Finance and Public Credit, and the Mexican Bankers Association, A.C., by which the deadline for debtors who are not current on their payments and who sign the Letter of Intent under the terms of the Immediate Support Agreement for Bank Debtors (ADE) by January 31 of the current year to sign the respective Restructuring Agreement and receive the benefits provided in the aforementioned ADE was extended until April 30, 1996, this National Banking and Securities Commission, pursuant to Article 4, fractions III and XXXVI of the Law of the National Banking and Securities Commission, has resolved to extend the deadline provided for in section 1.1 of the aforementioned Circular 1237 until April 30 of this year.

Sincerely,

NATIONAL BANKING AND SECURITIES COMMISSION

Lic. Eduardo Fernández García.
President.