Regulatory Alerts2008-06-11 | CD-SIBOIF-537-1-JUN11-2008Added · Updated
Norm on Bank Bonds
This resolution authorizes the Superintendent of Banks to establish specific accounting regimes regarding investment accounting, liquidity matching, and interest rate risk for entities holding bank bonds resulting from bank intervention and liquidation processes. Holding entities are required to submit reports to the Superintendent detailing necessary actions to correct any potential mismatches. The Superintendent must report all measures adopted under this norm to the Board of Directors, with records kept in the respective meeting minutes. The norm becomes effective upon notification, regardless of its publication in the Official Gazette.
Resolution No. CD-SIBOIF-537-1-JUN11-2008 Date: June 11, 2008
NORM ON BANK BONDS
The Board of Directors of the Superintendence of Banks and Other Financial Institutions,
In exercise of its powers,
And in accordance with what is established in Article No. 10, items 1 and 8 of Law 316, "Law of the Superintendence of Banks and Other Financial Institutions" and its reforms,
ISSUES
The following norm,
NORM ON BANK BONDS
Resolution No. CD-SIBOIF-537-1-JUN11-2008
First: The Superintendent of Banks is authorized to establish, under circumstances that warrant it from a financial and prudential standpoint and with due justifications resulting from the impact caused by the conditions agreed upon in the payment of bank bonds derived from the intervention and liquidation processes of banking entities, a regime for the respective holding entities thereof, with respect to accounting norms on the accounting of investments, liquidity matching, and interest rate risk.
Second: For the foregoing, the respective holding entities of the aforementioned bonds must present a report to the Superintendent incorporating the necessary actions to be taken, aimed at remedying any possible mismatch.
Third: All measures adopted in relation to this norm, the Superintendent of Banks must inform the Board of Directors of the Superintendence. The report must be recorded in the minutes of the respective session.
Fourth: This norm shall enter into force upon its notification, without prejudice to its publication in the Official Gazette.
(f) V. Urcuyo V. (f) Gabriel Pasos Lacayo (f) A. Cuadra G. (f) Roberto Solórzano Ch. (f) U. Cerna B. Secretary.
URIEL CERNA BARQUERO Secretary of the Board of Directors SIBOIF
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