Norm on Provision for Housing Loans for Amounts Equal to or Less Than the National Currency Equivalent of Twenty Thousand United States Dollars

Resolution No. CD-SIBOIF-498-2-SEP5-2007
Date: September 5, 2007

NORM ON PROVISION FOR HOUSING LOANS FOR AMOUNTS EQUAL TO OR LESS THAN THE NATIONAL CURRENCY EQUIVALENT OF TWENTY THOUSAND UNITED STATES DOLLARS

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

CONSIDERING

I
That with the objective of promoting financing for the acquisition of housing for amounts equal to or less than the national currency equivalent of twenty thousand United States dollars;

II
That based on the powers conferred by Article 3, numeral 13, and Article 10, numeral 7, of Law No. 316, Law of the Superintendence of Banks and Other Financial Institutions, reformed by Law No. 552, Law of Reforms to the aforementioned Law 316;

In exercise of its powers,

HAS ISSUED,

The following:

NORM ON PROVISION FOR HOUSING LOANS FOR AMOUNTS EQUAL TO OR LESS THAN THE NATIONAL CURRENCY EQUIVALENT OF TWENTY THOUSAND UNITED STATES DOLLARS

Resolution No. CD-SIBOIF-498-2-SEP5-2007

Art. 1. Purpose.- This norm aims to promote loans for the acquisition of housing for amounts equal to or less than the national currency equivalent of twenty thousand United States dollars (US$20,000.00).

Art. 2. Scope.- The provisions of this norm are applicable to banks, financial societies, and the branches of foreign banks and financial societies established in the country, under the supervision, control, oversight, and audit of the Superintendence of Banks and Other Financial Institutions.

Art. 3. Provisions.- Housing loans for amounts equal to or less than the national currency equivalent of twenty thousand United States dollars (US$20,000.00), classified in category “A”, shall have a provision of zero percent (0%). The other classification categories for these loans must be provisioned in accordance with the regulations governing the matter on asset evaluation and classification.

Art. 4. Validity.- This norm shall enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Diary.

(f) Antenor Rosales B. (f) V. Urcuyo V. (f) Gabriel Pasos Lacayo (f) Roberto Solórzano Ch. (f) A. Cuadra G. (f) U. Cerna B.

URIEL CERNA BARQUERO
Secretary of the Board of Directors SIBOIF