Regulatory Alerts1998-02-26 | Resolución 018/98Added · Updated
Resolution 018/98 Approving the Fractionation of the Interest Rate on the Spanish Credit Granted to the Bolivian Air Force
The Board of Directors of the Central Bank of Bolivia approves the fractionation of the 6% interest rate on a Spanish credit of 240,953,849 Pesetas granted to the Bolivian Air Force, effective in 1998. The interest is allocated as 2% to the external creditor ICO-Spain, 1% to the Central Bank of Bolivia as an administration commission, and 3% to deposits in accounts of the Program to cover future obligations with ICO. The Presidency and General Management are tasked with executing and complying with this resolution.
BOARD RESOLUTION NO. 018/98 SUBJECT: INTERNATIONAL AFFAIRS DEPARTMENT - APPROVES FRAGMENTATION OF THE INTEREST RATE OF THE SPANISH CREDIT GRANTED TO THE BOLIVIAN AIR FORCE.
VIEWED: Law No. 1670 of October 31, 1995. Board Resolution No. 052/92 of March 24, 1992. The Follow-up Report of the Internal Audit Unit regarding the Financial Audit of the BCB as of December 31, 1996. Report GAI No. 004/98 from the International Affairs Department dated February 12, 1998. Report ALEG No. 055/98 from the Legal Advisory dated February 13, 1998.
CONSIDERING: That according to Article 54, subsection j) of Law 1670, it is the attribute of the Board to set and modify the interest rates on the credits granted by the BCB, taking into account market interest rates for similar operations, as well as to establish their other terms and conditions.
That the follow-up report prepared by the Internal Audit Unit on Report No. 008/97 regarding the Financial Audit of the BCB as of December 31, 1996, recommends that the fragmentation of the interest rate of the Spanish credit for Pesetas 240,953,849, granted to the Bolivian Air Force, be formally defined by the competent levels of the Institution.
That the administration commissions charged by the Central Bank of Bolivia for the provision of financial services are intended to cover their respective operating costs.
That Report GAI No. 004798 from the International Affairs Department recommends establishing the distribution of the interest differential of the credit to the Bolivian Air Force.
That according to Report ALEG No. 055/98, there is no legal impediment to proceed with the aforementioned recommendation.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Approve, starting from the 1998 fiscal year, the fragmentation of the interest rate of 6% of the credit granted to the Bolivian Air Force for Pesetas 240,953,849, in the following proportions:
Payment to external creditor ICO-Spain 2% BCB administration commission 1% Deposits in accounts of the Program to cover future obligations with ICO 3%
Article 2.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, February 26, 1998
Juan Antonio Morales A.
Armando Pinell S. Jaime Ponce G.
Fernando Campero P. Juan Pablo Zegarra A.
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