JPRM-2024-001-G — Authorize the accounting reclassification of the Banco Popular Quito Main Building and Lot No. 10, Block No. 29, into the Central Bank of Ecuador's asset accounts

RESOLUTION No. JPRM-2024-001-G
THE MONETARY POLICY AND REGULATION BOARD

CONSIDERING:

That, Article 226 of the Constitution of the Republic of Ecuador stipulates that public officials and persons acting under state authority shall exercise only the competencies and powers attributed to them in the Constitution and the Law;

That, Article 227 ibid. states that Public Administration constitutes a service to the community governed by principles of efficiency, quality, hierarchy, coordination, planning, among others;

That, the first paragraph of Article 303 of the Magna Carta determines that the formulation of monetary, credit, exchange, and financial policies is the exclusive authority of the Executive Function and shall be implemented through the Central Bank of Ecuador;

That, Article 47.1 of the Organic Code of Money and Finance created the Monetary Policy and Regulation Board as part of the Executive Function, responsible for monetary formulation, the highest governing body of the Central Bank of Ecuador, and determined its composition;

That, Article 47.6 of the same Code, regarding the functions of the Monetary Policy and Regulation Board, among others, establishes: (...) 26. Those others conferred upon it by law";

That, through Resolution No. JPRM-2021-009-G, dated December 30, 2021, the Monetary Policy and Regulation Board issued the "POLICIES FOR THE PRESENTATION AND PREPARATION OF FINANCIAL STATEMENTS, THE CHART OF ACCOUNTS OF THE CENTRAL BANK OF ECUADOR; AND, THE METHODOLOGY FOR THE DISTRIBUTION OF ASSETS AND LIABILITIES OF THE FOUR SYSTEMS FOR MEASURING THE BACKING RULE";

That, the final paragraph of Article 16 of the aforementioned resolution states: "(...) The Central Bank of Ecuador may reclassify into other asset accounts movable property, real estate, and other assets received in lieu of payment or adjudicated for payment, prior authorization of the Monetary Policy and Regulation Board, provided that it demonstrates the need to have such assets, from which point they will be measured under the parameters of the new asset group to which they are reclassified";

RESOLUTION No. JPRM-2024-001-G

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That, the Monetary Policy and Regulation Board, through ordinary session No. 001-2024 under a mixed modality, on January 29, 2024, reviewed the proposal sent via memorandum BCE-BCE-2024-0013-M, dated January 24, 2024, by the General Manager of the Central Bank of Ecuador to the President of the Monetary Policy and Regulation Board, as well as Technical Report No. BCE-CGAF-056-2023 dated December 26, 2023; and Legal Report No. BCE-CGJ-097-2023, dated December 26, 2023; and,

In exercise of its functions and in accordance with Article 47.7 of the Organic Code of Money and Finance, the Monetary Policy and Regulation Board:

RESOLVES

Article 1.- Authorize the accounting reclassification of the real estate properties known as the Banco Popular Quito Main Building, located at Av. Amazonas 34-451 and Atahualpa, La Carolina sector, Quito canton, Pichincha province; and, Lot No. 10 of Block No. 29, located at kilometer 10 ½ of the Guayaquil-Daule road, Guayas province, into the asset accounts of the Central Bank of Ecuador.

Article 2.- Entrust the Compliance with the accounting reclassification of the real estate properties indicated in Article 1 of this resolution to the Administrative and Financial General Coordination of the Central Bank of Ecuador, and its dependent directorates, within the scope of their competencies.

FINAL PROVISION. - This resolution shall enter into force from its signature, without prejudice to its publication in the Official Register.
The Director of Documentary Management and Archives is entrusted with its publication on the institutional website of the Central Bank of Ecuador.

NOTIFY AND PUBLISH. - Given in the Metropolitan District of Quito, on January 29, 2024.

THE PRESIDENT
Dr. TATIANA MARIBEL RODRÍGUEZ CERÓN

RESOLUTION No. JPRM-2024-001-G

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The aforementioned resolution was signed by Dr. Tatiana Maribel Rodríguez Cerón - President of the Monetary Policy and Regulation Board, in the Metropolitan District of Quito, on January 29, 2024.- I CERTIFY.
ADMINISTRATIVE SECRETARY
Attorney MARÍA ALEXANDRA GUERRERO DEL POZO