Norm on Updating the Amount of Savings Deposits of Natural Persons That Are Unseizable

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Resolution No. CD-SIBOIF-811-1-DIC3-2013
Dated December 3, 2013

NORM ON UPDATING THE AMOUNT OF SAVINGS DEPOSITS OF NATURAL PERSONS THAT ARE UNSEIZABLE

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

CONSIDERING

I

That Article 43 of Law No. 561, the General Law of Banks, Non-Bank Financial Institutions, and Financial Groups, published in Gazette No. 232, on November 30, 2005 (General Law of Banks), establishes that savings deposits of natural persons that have been held for at least six months in the same depository bank, counted from the moment the account was opened, shall be unseizable up to an amount of one hundred fifty thousand córdobas in total per person, unless it concerns the enforcement of alimony, or if said funds originate from a crime. Likewise, said article orders the Board of Directors to update this amount at least every two years in case of variations in the exchange rate of the national currency.

II

That to update the amount of savings deposits of natural persons that is unseizable, the calculation method consisting of converting to dollars, the currency of the United States of America, the figure in córdobas established in the aforementioned Article 43, using the official exchange rate on the date of entry into force of the General Law of Banks, and converting back to córdobas the obtained figure, using this time the official exchange rate of the córdoba with respect to the United States dollar published by the Central Bank of Nicaragua, corresponding to the day of the notification of the seizure.

In exercise of its powers,

HAS ISSUED

The following:

Resolution No. CD-SIBOIF-811-1-DIC3-2013

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NORM ON UPDATING THE AMOUNT OF SAVINGS DEPOSITS OF NATURAL PERSONS THAT ARE UNSEIZABLE

Article 1. Calculation Method.- The calculation method described in Consideration II of this norm is approved.

Article 2. Unseizable Amount.- Savings deposits of natural persons shall be unseizable up to an amount of eight thousand seven hundred eighty-four United States dollars and ninety-seven cents (US$ 8,784.97), or its equivalent in córdobas at the official exchange rate of the currency on the day the seizure is executed.

Article 3. Repeal.- The Norm on Updating the Amount of Savings Deposits of Natural Persons That Are Unseizable, approved by the Board of Directors of the Superintendence through Resolution No. CD-SIBOIF-702-1-NOV16-2011, dated November 16, 2011, published in La Prensa on November 29, 2011, and in La Gaceta, Official Gazette No. 227, on November 30, 2011, is repealed.

Article 4. Validity.- This norm shall enter into force from its publication in a newspaper of wide national circulation, without prejudice to its subsequent publication in La Gaceta, Official Gazette. (f) A. Guevara O. (f) V. Urcuyo V. (f) Gabriel Pasos Lacayo (f) Fausto Reyes B. (f) illegible (Silvio Moisés Casco Marenco) (f) Freddy José Blandón Argeñal (f) U. Cerna B.

URIEL CERNA BARQUERO
Secretary of the Board of Directors SIBOIF