Resolution 007/2008 — BCB — BO

BOARD RESOLUTION NO. 007/2008
SUBJECT: BOARD – REVOKES BOARD RESOLUTION NO. 159/2007 OF DECEMBER 19, 2007.

HAVING REVIEWED:

The Law No. 1670 of the Central Bank of Bolivia of October 31, 1995.
The Statute of the Central Bank of Bolivia of October 21, 2005.

Board Resolution No. 159/2007 of December 19, 2007.
The Notes from the Superintendence of Banks and Financial Entities, SB/ISR IID-50804/2007 of December 13, 2007, SB/ISR IID-51267/2007 of December 17, 2007, requesting support for the resolution process of a financial intermediation entity, SB/D-916/2008 of January 9, 2008, and SB/IAJ/D.1255/2008 of January 10, 2008. The Report from the Financial Entities Management GEF – SANAN No. 015/2008 of January 11, 2008. The Report from the Legal Affairs Management SANO No. 006/2008 of January 10, 2008.

CONSIDERING:

That the Superintendence of Banks and Financial Entities (SBEF) through note SB/ISR IID-50804/2007 addressed to the Acting President of the Institution, states that the Financial Restructuring Fund (FRF) in its meetings on December 7 and 12 of the current year, analyzed the execution of a resolution process for a financial intermediation entity and that for this purpose, it has been determined the need to have additional support for the FRF resources coming from the Central Bank of Bolivia.

That in attention to the aforementioned note from the Superintendence of Banks and Financial Entities (SBEF) SB/ISR IID-50804/2007, the Board of the BCB considering what is established by articles 125(b) of Law No. 1488 and 38(d) of Law No. 1670 and based on the recommendations of the Financial Entities and Legal Affairs Management, inserted in Reports GEF No. 833/2007 and SANO No. 334/2007, respectively, through Board Resolution No. 159/2007 determined to support the resolution procedure of the Mutual Savings and Loan Association for Housing Guapay, under the option of direct purchase of assets.

That through note SB/D-916/2008, the Superintendence of Banks and Financial Entities requests the BCB to consider the need for financial support for the corresponding resolution procedure, under the modality of purchase of assets or participation certificates belonging to an acquiring entity of the assets of the Mutual Savings and Loan Association for Housing “Guapay”.

That the Superintendence of Banks and Financial Entities through note SB/IAJ/D.1255/2008 addressed to the Acting President of the BCB, forwards information regarding the Mutual Savings and Loan Association for Housing “Guapay”.

That through Reports SANO No. 006/2008 and GEF SANA No. 015/2008 the Legal Affairs and Financial Entities Management perform a legal and technical analysis on the request of the Superintendence of Banks and Financial Entities.

That the Board of the BCB has carried out a detailed evaluation on the request of the Superintendence of Banks and Financial Entities for the resolution procedure of the Mutual Savings and Loan Association for Housing “Guapay” as well as the current financial situation of said entity and the conditions for the purchase of assets established in Board Resolution No. 159/2007.

That from the analysis carried out, under the protection of article 11 numerals 29 and 51 of the Statute of the BCB concordant with article 54 subsections o) and q) of Law No. 1670, the Board has determined to revoke Resolution No. 159/2007.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Revoke Board Resolution No. 159/2007 of December 19, 2007, which authorizes supporting the resolution procedure of the Mutual Savings and Loan Association for Housing “Guapay” under the option of direct purchase of assets.

Article 2.- The Presidency and General Management are charged with the execution and compliance of this Resolution.

La Paz, January 11, 2008

Raúl Garrón Claure

Gustavo Blacutt Alcalá Hugo Dorado Araníbar

Rolando Marín Ibáñez Ernesto Yáñez Aguilar Osvaldo Nina Baltazar