Regulatory Alerts2005-02-22 | Resolución 030/2005Added · Updated
Resolution 030/2005
The Board of Directors of the Central Bank of Bolivia approves the third renewal of a Bs150,000,000 credit to the Ministry of Finance to address temporary liquidity needs. The loan carries a 10.60% interest rate, a 91-day term, and is secured by Treasury Letters "C", with automatic debit repayment from fiscal accounts. The President of the Central Bank is authorized to sign the contract, and the Treasury retains the right to make early partial or total repayments.
BOARD RESOLUTION NO. 030/2005 SUBJECT: MONETARY OPERATIONS MANAGEMENT – RENEWS CREDIT TO THE GENERAL TREASURY OF THE NATION TO ADDRESS TEMPORARY LIQUIDITY NEEDS OF Bs150,000,000.
HAVING SEEN:
Law No. 1670 of October 31, 1995.
Board Resolution No. 021/2005 of February 1, 2005, which approves the Regulations on Credits to the Public Sector.
Board Resolution No. 071/2004 of June 1, 2004.
Board Resolution No. 123/2004 of August 24, 2004.
The Memorandum of Understanding signed between the BCB and the Ministry of Finance on January 18, 2005.
The Private Contract SANO No. 090/2004 of June 3, 2004.
The SANO Addendum 201/2004 of November 26, 2004.
The note from the Ministry of Finance D.G.C.P. 05-016 D.D.I. OF. No. 0594/05 of February 10, 2005.
The Report from the Monetary Operations Management SOSP 006/2005 of February 17, 2005.
The Report from the Economic Policy Advisory APEC-SMyF 011/2005 of February 21, 2005.
The Report from the Legal Affairs Management SANO 035/2005 of February 15, 2005.
CONSIDERING:
That the Ministry of Finance, through note DGCP 05-016 D.D.I. OF. No. 0594/05, has requested the renewal of the credit of Bs150,000,000 to address temporary liquidity needs.
That the Monetary Operations Management, in accordance with Article 5 of the Regulations on Credits to the Public Sector, has issued Report SOSP 006/2005, which recommends the conditions under which the credit renewal should be subject.
That the Economic Policy Advisory in its Report APEC-SMyF No. 011/2005, states that it is appropriate for the Board to consider the renewal for a term of 90 days, of the liquidity credit for Bs150.0 million with maturity on February 25, 2005.
That the Legal Affairs Management, in Report SANO No. 035/2005, states that the request presented by the Ministry of Finance through note D.G.C.P. 05-016 D.D.I. OF. No. 0594/05, must be considered by the Board of the Issuing Entity provided that it is technically established that the renewal of this credit is within the financing limits established in the Memorandum of Understanding and prior to compliance with what is stipulated in the Regulations on Credits to the Public Sector.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Approve the third renewal of the credit granted to the Ministry of Finance for the attention of temporary liquidity needs, under the following conditions:
Amount: Bs150,000,000. Interest Rate: 10.60% Term: 91 days Renewal Date: February 25, 2005 Maturity Date: May 27, 2005 Guarantee Instrument: Treasury Letters “C”. Method of Renewal: In accounts of the General Treasury of the Nation, according to written request. Method of Payment: Interest and principal, via automatic debit in the current fiscal accounts held by the General Treasury of the Nation at the Central Bank of Bolivia.
Article 2.- Authorize the President of the Central Bank of Bolivia to sign the respective contract with the Ministry of Finance.
Article 3.- The General Treasury of the Nation may effect the total or partial early cancellation of the credit considering the accrued interests on the total of the Credit up to the date of early cancellation.
Article 4.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, February 22, 2005.
Juan Antonio Morales A.
Juan Medinaceli V. Enrique Ackermann A.
Fernando Paz B. José Luis Evia.
Jaime Apt B.
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