Regulatory Alerts2003-06-04 | Resolución 061/2003Added · Updated
Resolution 061/2003
The Board of Directors of the Central Bank of Bolivia reinstates the validity of Chapters II and V of the Regulation for the Collection of Old Overdue Portfolio, effective June 1, 2001, until the total conclusion of the administration of said portfolio. This measure applies to the portfolio received by the Central Bank from banks in liquidation, specifically Crédito Oruro S.A., del Progreso Nacional S.A.M., Potosí S.A. de la Vivienda S.A.M., and the former INALPRE. The resolution addresses the lack of appropriate norms for handling borrower requests and ensures the completion of recovery and write-off processes.
BOARD RESOLUTION NO. 061/2003
SUBJECT: FINANCIAL ENTITIES MANAGEMENT - REINSTATES THE VALIDITY OF CHAPTERS II AND V OF THE REGULATION FOR THE COLLECTION OF OLD OVERDUE PORTFOLIO.
HAVING SEEN:
Law 1670 of October 31, 1995.
Board Resolution No. 053/99 of June 22, 1999.
Board Resolution No. 032/2001 of April 17, 2001.
Reports from the Financial Entities Management and Legal Affairs Departments, SAJU/GEF No. 047-158/2003 of May 26, 2003, and complementary report SAJU GEF No. 048-161/2003 of June 3, 2003.
Note from the General Management GGRL.I. No. 431/2003, of June 6, 2003.
CONSIDERING:
That the Board of Directors of the Central Bank of Bolivia, through Resolution No. 053/99, approved the Regulation for the Collection of Old Overdue Portfolio corresponding to the portfolio received by the BCB from the banks in liquidation Crédito Oruro S.A., del Progreso Nacional S.A.M., Potosí S.A. de la Vivienda S.A.M., and the former INALPRE, extending its validity on May 31, 2001, through Resolution No. 032/2001.
That to date, various types of requests from borrowers corresponding to the indicated portfolio have been observed, which, in the absence of an appropriate norm, prevent the solution and conclusion of the recovery and write-off of the portfolio in question, a circumstance that, within the framework of a legal and efficient administration, makes the partial reinstatement of the norm indispensable until the total conclusion of the management of old overdue portfolio.
That the Financial Entities Management and the Legal Affairs Department, in their technical-legal report SAJU GEF 047/158/2003 and complementary SAJU GEF 048/161/2003, express the need to partially re-establish the validity of the Regulation for the Administration of Old Overdue Portfolio, to conclude the emergencies arising from the administration of said portfolio within this framework.
//2. B.D. No. 061/2003
That pursuant to Article 54, subsection o) of Law 1670, it is the attribute of the Board to approve, modify, and interpret the regulations of the BCB, by two-thirds of the votes of its total members, without the need for any additional administrative act.
That the General Management, through Note GGRL.I. No. 432/2003, recommends to the Board the approval of the modifications suggested by the Legal Affairs and Financial Entities Departments.
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Reinstate, with an effective date of June 1, 2001, the validity of Chapters II (Credit Recovery Committee) and V (Write-off of Unrecoverable Portfolio) of the "Regulation for the Collection of Old Overdue Portfolio" approved by Board Resolution 053/99 of June 22, 1999, until the total conclusion of the administration of the old overdue portfolio.
Article 2.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, June 6, 2003.
Juan Antonio Morales A.
Juan Medinaceli V. Armando Méndez M.
Enrique Ackermann A.
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