Derogation of Applicable Regulations for the Production Development Bank

Resolution CD-SIBOIF-1069-2-AUG23-2018
Dated August 23, 2018
DEROGATION OF APPLICABLE REGULATIONS FOR THE PRODUCTION DEVELOPMENT BANK

The Board of Directors of the Superintendence of Banks and Other Financial Institutions.

CONSIDERING

I
That on November 6, 2007, Law 640, the Law Creating the Production Development Bank (Banco Produzcamos), was approved, published in La Gaceta, Official Journal No. 223 of November 20, 2007.

II
That through Law No. 866, Law Reforming Law No. 640, “Law Creating the Production Development Bank,” Banco Produzcamos was authorized to perform the functions, activities, banking operations, and investments typical of commercial banks, and must comply with the respective provisions contained in Law No. 561, “General Law of Banks, Non-Bank Financial Institutions and Financial Groups,” Law No. 316, “Law of the Superintendence of Banks and Other Financial Institutions,” and current banking regulations.

III
That by virtue of the legal provisions mentioned above, it is necessary to adjust the regulatory framework applicable to Banco Produzcamos, taking into consideration the new powers referred to in the previous consideration, as well as the particular characteristics of the bank as an entity for the promotion, development, and support of national production in its various expressions and stages of the productive process.

IV
In accordance with the considerations set forth above and based on Article 3, numeral 13), and Article 10, numeral 1) of Law 316, Law of the Superintendence of Banks and Other Financial Institutions, and its reforms.

THEREFORE

The Board of Directors of the Superintendence of Banks and Other Financial Institutions, in the exercise of its powers,

HAS ISSUED

The following:

Resolution CD-SIBOIF-1069-2-AUG23-2018
DEROGATION OF APPLICABLE REGULATIONS FOR THE PRODUCTION DEVELOPMENT BANK

First: The following norms issued for Banco Produzcamos are hereby repealed:

1) Norm on the Application of the Uniform Chart of Accounts for Banking and Financial Institutions to Banco Produzcamos, contained in Resolution No. CD-SIBOIF-520-4-FEB1-2008, published in La Gaceta No. 45, of March 4, 2008.

2) Norm on Deposit, Investment, and Second-Tier Operations Limits for Banco Produzcamos, contained in Resolution No. CD-SIBOIF-623-2-APR14-2010, published in La Gaceta No. 130, of July 9, 2010.

3) Prudential Norms Applicable to Banco Produzcamos, contained in Resolution No. CD-SIBOIF-623-3-APR14-2010, published in La Gaceta No. 91, of May 17, 2010.

4) Norm on Internal Control and Audit for Banco Produzcamos, contained in Resolution No. CD-SIBOIF-624-1-APR21-2010, published in La Gaceta No. 132, of July 13, 2010.

5) Norm on the Publication of Names of Clients of Banco Produzcamos with Delinquent Credits or Under Judicial Collection, contained in Resolution No. CD-SIBOIF-640-1-AUG11-2010, published in La Gaceta No. 161, of August 24, 2010.

6) Norm on External Audit for Banco Produzcamos, contained in Resolution No. CD-SIBOIF-640-2-AUG11-2010, published in La Gaceta No. 161, of August 24, 2010.

Second: This resolution shall enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Journal. (Signed) S. Rosales C. (Signed) V. Urcuyo (Signed) Fausto Reyes B. (illegible) (Silvio Moisés Casco Marenco) (Signed) illegible (Rafael Ángel Avellán Rivas).

RAFAEL ÁNGEL AVELLÁN RIVAS
Secretary of the Board of Directors SIBOIF