Regulatory Alerts1998-04-07 | Resolución 039/98Added · Updated
Resolution 039/98
The Board of Directors of the Central Bank of Bolivia authorizes the cash refund of up to US$5,000 for a fixed-term deposit held by Ismael Maldonado at BIDESA, established after October 31, 1997. This authorization is granted following a special review by the Liquidator of BIDESA, which classified the deposit as having no observations, in compliance with Article 4 of Resolution 170/97. The refund must adhere to the norms and procedures established for deposits made prior to October 31, 1997. If subsequent observations arise regarding the legitimacy of the returned deposit, the Superintendence of Banks and Financial Entities (SBEF) is responsible for initiating legal actions for recovery.
BOARD RESOLUTION NO. 039/98 SUBJECT: FINANCIAL SYSTEM - AUTHORIZATION NO. 4 FOR THE CASH REFUND UP TO $US 5,000, THROUGH PARTIAL SUBROGATION, OF THE DEPOSIT MADE AT BIDESA AFTER OCTOBER 31, 1997, BY MR. ISMAEL MALDONADO.
HAVING SEEN: Law 1670 of October 31, 1995. Board Resolution No. 170/97 of December 13, 1997. Board Resolution No. 179/97 of December 23, 1997. Note IL-BIN-380/98 from the Liquidator Superintendent of the International Development Bank (BIDESA) of April 7, 1998. Report from the Legal Advisory Office ALEG No. 126/98 of April 7, 1998. Report from the Financial System Management GSF No. 043/98 of April 7, 1998.
CONSIDERING: That Article 4 of Resolution No. 170/97 establishes that the Board of Directors of the BCB will expressly authorize the cash refund of up to $US 5,000 of deposits made at BIDESA after October 31, 1997, after a special review and confirmation by the Superintendence of Banks and Financial Entities (SBEF).
That in compliance with the aforementioned provision, the Liquidator Superintendent of BIDESA, designated by the SBEF, sent to the BCB, via note IL-BIN-211/98 of February 2, 1998, the detailed statement of fixed-term deposits made at said financial entity after October 31, 1997. This list establishes three categories: without observations (clarifying that subsequent observations could arise), restricted, and under review.
That according to the current legal provisions, it corresponds to the Liquidator Superintendent, in his capacity as Trustee and Legal Representative, to accept or reject the claims of BIDESA and certify the names of the right holders and the balance of the obligations owed.
That the Liquidator Superintendent of BIDESA, via note IL-BIN-380/98, complements the review carried out in his communication IL-BIN-265/98 of March 4, 1998, stating that Fixed Deposit No. 10590 of Ismael Maldonado is without observations (annex).
That in the opinion of the Legal Advisory and the Financial System Management, it corresponds to authorize the subrogation of the deposit listed in the annex to this Resolution, given that Article 4 of Board Resolution No. 170/97 has been complied with.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Authorize the cash refund of up to $US 5,000 of the fixed-term deposit of Mr. Ismael Maldonado, constituted at BIDESA after October 31, 1997, which after the special review carried out by the Liquidator Superintendent has been classified as "without observation (S/O)" by said authority, according to the document annexed to this Resolution.
Such refund must be carried out in strict adherence to the norms, criteria, limits, and procedures established in BCB Board Resolution No. 170/97, which were applied to deposits made prior to October 31, 1997.
Article 2.- If, after the authorized refund in the preceding Article, subsequent observations arise regarding the legitimacy, condition, or quality of the returned deposits, it will correspond to the SBEF to initiate the pertinent legal actions for their respective recovery.
Article 3.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, April 7, 1998
Juan Antonio Morales A.
Armando Pinell S. Jaime Ponce G. Juan Medinacelli V.
Fernando Campero P. Juan Pablo Zegarra A.
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