Regulatory Alerts2001-04-17 | Resolución 031/2001Added · Updated
Resolution 031/2001 - Financial Entity Management - Cash Payment and Debt Restructuring for Walter Parada Rivero
The Board of Directors of the Central Bank of Bolivia accepts a cash payment of $3,543.37 for current interest and $17,000.00 for principal amortization from Walter Parada Rivero regarding obligations with the former Banco Internacional de Desarrollo (BIDESA). The resolution authorizes the restructuring of the remaining balance of $14,826.72 over a two-year term at an annual interest rate of 12%, with fixed semi-annual installments of $4,278.87. The debtor is required to pay professional fees and judicial costs upon signing the new contracts, and the Central Bank President is authorized to execute the restructuring agreement.
BOARD RESOLUTION NO. 031/2001 SUBJECT: FINANCIAL ENTITY MANAGEMENT – CASH PAYMENT AND RESTRUCTURING OF THE DEBT BALANCE OF MR. WALTER PARADA RIVERO.
VIEWED: Law No. 1670 of October 31, 1995. Board Resolution of the Central Bank of Bolivia (BCB) No. 086/2000 of November 21, 2000. Board Resolution of the Central Bank of Bolivia (BCB) No. 012/2001 of January 30, 2001. Letters from Mr. Walter Parada Rivero received at the BCB on March 14 and April 3, 2001. Report from the Financial Entities Management Department GEF-SRRA No. 127/2001 of April 16, 2001. Report from the Legal Affairs Management Department SAJU No. 309/2001 of April 10, 2001.
CONSIDERING: That Article 54, subsection j) of Law No. 1670 grants the Board of Directors of the Central Bank of Bolivia the authority to set and modify interest rates on credits granted by the BCB, taking into account market rates for similar operations and establishing their other terms and conditions.
That the Report from the Financial Entities Management Department GEF-SRRA No. 127/2001 includes an analysis of the pending operation of Mr. Walter Parada Rivero with the former International Development Bank (BIDESA). Furthermore, said report considers the payment offered by Mr. Parada Rivero, as well as the restructuring of the balance resulting from said payment.
That by letter dated April 3, 2001, Mr. Parada Rivero presented to the Central Bank of Bolivia the following payment offer for his obligations with the Issuing Entity regarding pending operations with the former BIDESA:
//2. B.D. No. 031/2001 • Payment of 100% of current interest and forgiveness of penalty interest. • Payment of $17,000.00 to principal. • Restructure the balance over 2 years at a development rate.
That the Report from the Legal Affairs Management Department SAJU No. 309/2001 establishes that as of the date, the BCB's external lawyer has initiated executive judicial action against the obligated party at the Tenth Civil Court of First Instance for $31,826.72, with the process currently at the Auto Intimatorio stage.
That said Report establishes that the credit has two mortgage guarantees:
- Rural property in the Beni Department with a mortgage value of $170,415.--.
- Urban property in the city of Santa Cruz de la Sierra with a mortgage value of $47,726.--.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Accept the cash payment from Mr. Walter Parada Rivero of $3,543.37 (Three thousand five hundred forty-three and 37/100 United States dollars) for current interest at a rate of 12% and $17,000.- (Seventeen thousand 00/100 United States dollars) for amortization towards principal.
Article 2.- Authorize the restructuring of the balance resulting from the obligation of Mr. Parada Rivero with the effective payment mentioned in Article 1 of this Resolution, under the following conditions:
Amount: The amount to be restructured is $14,826.72 (Fourteen thousand eight hundred twenty-six and 72/100 United States dollars) calculated as follows:
//3. B.D. No. 031/2001
CONCEPT AMOUNT TOTAL OBLIGATION 35,370.09 PRINCIPAL 31,826.72 INTEREST 3,543.37 Current Interest 3,543.37 Penalty Interest 0.00 TOTAL PAYMENT 20,543.37 AMORTIZATION TO PRINCIPAL 17,000.00 INTEREST PAYMENT 3,543.37 BALANCE OF OBLIGATION 14,826.72
Currency: United States Dollars Interest Rate: 12% annual Term: 2 years Payment Plan: Fixed Installments Amortization: Semi-annual Guarantee: The guarantees granted in the original contracts.
PAYMENT PLAN FOR RESTRUCTURING OF $14,826.72.- (EXPRESSED IN $US.)
PAYMENT DATE BALANCE OWED PRINCIPAL AMORTIZATION INTEREST INSTALLMENT 13/11/2001 14,826.72 3,389.26 889.60 4,278.87 12/05/2002 11,437.46 3,592.62 686.25 4,278.87 08/11/2002 7,844.84 3,808.17 470.69 4,278.87 07/05/2003 4,036.67 4,036.67 242.20 4,278.87
Article 3.- Mr. Parada Rivero must cancel professional fees and judicial costs at the time of signing the contracts.
Article 4.- The President of the BCB is authorized to sign the corresponding restructuring contract.
//4. B.D. No. 031/2001
Article 5.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, April 17, 2001
Juan Antonio Morales A.
Armando Pinell S. Jaime Ponce G.
Juan Medinaceli V. Armando Méndez M.
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