Regulatory Alerts2000-09-19 | Resolución 064/2000Added · Updated
Resolution 064/2000
The Board of Directors of the Central Bank of Bolivia authorizes the disbursement of the remaining $1,000,000 USD to the intervened Banco Boliviano Americano S.A. (BBA) from the credit approved under Resolution 031/2000. This action is taken after the BBA fulfilled the conditions set forth in Article 2 of Resolution 044/2000. The resolution also extends the maturity deadline for this credit to November 12, 2000, in alignment with Supreme Decree 25871.
BOARD RESOLUTION NO. 064/2000 SUBJECT: FINANCIAL ENTITIES MANAGEMENT - APPROVES DISBURSEMENT OF $US 1,000,000 TO BBA.
HAVING REVIEWED:
Law No. 1670 of the Central Bank of Bolivia (BCB) dated October 31, 1995. Law No. 1977 dated May 14, 1999. Supreme Decree No. 25681 dated February 25, 2000. Supreme Decree No. 25871 dated August 14, 2000. Superintendence of Banks and Financial Entities (SBEF) Resolution SB No. 053/99 dated May 14, 1999. Board Resolutions 031/2000 dated May 9, 2000, and 044/2000 dated July 4, 2000. Note IV-FCU 722/2000 from the Selling Trustee of Banco Boliviano Americano S.A. (BBA) dated September 14, 2000. Report from the Financial Entities Management Department GEF-SRRA No. 187-140/2000 dated September 18, 2000.
Internal Communication from the Legal Affairs Management Department GAL No. 195/2000 dated September 18, 2000.
CONSIDERING:
That Law No. 1977, which modifies legal provisions of the Financial System, empowers the Central Bank of Bolivia to provide financial support for the process of forced sale of intervened financial entities.
That the SBEF, through Resolution No. 053/99 dated May 14, 1999, ordered the intervention of Banco Boliviano Americano S.A. for its forced sale.
That through Board Resolution No. 031/2000 dated May 9, 2000, the BCB approved the granting of a credit of up to $US 3,000,000 to the intervened Banco Boliviano Americano for its forced sale, subject to compliance with the conditions set forth in Articles 2 and 3 of said Resolution. Likewise, through Board Resolution 044/2000, the validity period of this credit was extended, the disbursement of $US 2,000,000 was authorized, and it was ordered that the disbursement of the remaining balance of $US 1,000,000 would be carried out when the BBA meets the conditions set forth in Article 2.
That the validity period to request resources from the credit approved through Board Resolution 031/2000 has expired, with an undischarged balance of $US 1,000,000.
That Supreme Decree No. 25871 extends the deadline for the forced sale of the BBA until November 12, 2000.
That the Selling Trustee of the BBA, through note IV-FCU 722/2000, has requested the disbursement of the remaining balance of $US 1,000,000.
That the reports from the Legal Affairs and Financial Entities Management Departments indicate that the BBA has complied with the conditions required in Article 2 of Board Resolution 044/2000, and that the Central Bank of Bolivia is empowered by Law No. 1977 of May 14, 1999, to provide financial support to the intervened BBA for its forced sale.
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Authorize the extension of the maturity deadline established in Article 4 of Board Resolution 044/2000 until November 12, 2000, in accordance with Supreme Decree 25871.
Article 2.- Authorize the Administration to disburse to the BBA the remaining balance of $US 1,000,000, from the credit approved through Board Resolution No. 031/2000.
Article 3.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, September 19, 2000
Juan Antonio Morales A.
Armando Pinell S. Jaime Ponce G.
Juan Medinaceli V. Armando Méndez M.
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