Regulatory Alerts2012-05-29 | Resolución 064/2012Added · Updated
Resolution 064/2012
The Board of Directors of the Central Bank of Bolivia amends Articles 2, 9, and 10 of the Regulation for the Granting of Credit to Strategic National Public Enterprises for the 2010, 2011, and 2012 fiscal years. The modifications shift the responsibility for evaluating and monitoring credit execution exclusively to the Sector Head Ministries, removing the requirement for these ministries to authorize individual disbursement requests to the Central Bank. Instead, Article 9 mandates that Sector Head Ministries submit evaluation and monitoring reports to the Central Bank either semi-annually or for each disbursement, as specified in the credit contract. These changes take effect immediately upon the approval of the resolution.
BOARD RESOLUTION NO. 064/2012 SUBJECT: MONETARY OPERATIONS MANAGEMENT – APPROVES MODIFICATIONS TO THE REGULATION FOR THE GRANTING OF CREDIT TO STRATEGIC NATIONAL PUBLIC ENTERPRISES WITHIN THE FRAMEWORK OF THE GENERAL STATE BUDGET – FISCAL YEARS 2010, 2011, AND 2012.
HAVING VIEWED: Law No. 1670, of October 31, 1995, of the Central Bank of Bolivia (BCB). The Statute of the BCB, approved by Board Resolution No. 128/2005, of October 21, 2005, and its subsequent modifications. Board Resolution No. 023/2011, of February 22, 2011, which approves the Regulation for the Granting of Credit to Strategic National Public Enterprises within the framework of the General State Budget – Fiscal Years 2010 and 2011, modified by Board Resolutions No. 026/2011 of March 2, 2011, No. 027/2011 of March 18, 2011, No. 030/2011 of March 22, 2011, No. 097/2011 of August 9, 2011, and No. 039/2012 of March 23, 2012. The Report from the Monetary Operations Management BCB-GOM-SOSP-DCE-INF-2012-11 of May 25, 2012. The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2012-162 of May 25, 2012.
CONSIDERING: That through Board Resolution No. 023/2011, the BCB Board approved the Regulation for the Granting of Credit to Strategic National Public Enterprises within the framework of the General State Budget – Fiscal Years 2010 and 2011, which was modified by Board Resolutions No. 026/2011, No. 027/2011, No. 030/2011, No. 097/2011, and No. 039/2012, with the objective of regulating the granting of credits to Strategic National Public Enterprises (EPNEs).
That the Monetary Operations Management (GOM) through Report BCB-GOM-SOSP-DCE-INF-2012-11, states that within the framework of Law No. 211 on the General State Budget 2012, it is the exclusive responsibility of each Sector Head Ministry to carry out the evaluation and monitoring of the credit resources to be granted by the BCB to Strategic National Public Enterprises (EPNEs) and since it is the competence of each Sector Head Ministry to determine the manner in which it will carry out its evaluation and monitoring.
That in the aforementioned Report, the GOM concludes that it is pertinent to modify the “Regulation for the Approval of Credit to Strategic National Public Enterprises within the framework of the General State Budget – Fiscal Years 2010, 2011, and 2012” and recommends to the BCB Board the approval of the modification of Articles 2, 9, and 10 of the aforementioned Regulation.
That the Legal Affairs Management through report BCB-GAL-SANO-INF-2012-162, concludes that the modification of Articles 2, 9, and 10 of the Regulation for the Granting of Credit to Strategic National Public Enterprises within the framework of the General State Budget – Fiscal Years 2010, 2011, and 2012 proposed by the GOM is legally appropriate as it does not contravene the current legal framework, being the competence of the BCB Board to consider its approval by two-thirds of the votes of all its members, in accordance with what is established in Article 54 item o) of Law No. 1670 and Article 24 of the Institution's Statute, and recommends putting the conclusions reached in the present Report to the consideration of the Board.
That Article 11 numeral 29 of the BCB Statute, concordant with Article 54 item o) of Law No. 1670, establishes that the Board has the authority to approve, modify, and interpret the Statute and regulations by two-thirds of the votes of its members, without the need for any additional administrative act.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Modify item e), numeral 4 of Article 2, of the Regulation for the Granting of Credit to Strategic National Public Enterprises within the framework of the General State Budget - Fiscal Years 2010, 2011, and 2012” in the following terms:
SAYS: Article 2.- (Credit Request of the EPNE) (…) 4) Ministerial Resolution of the Sector Head Ministry, must contain: (…) e) Commitment of the Ministry to authorize the disbursement requests directed to the BCB by the EPNE and to carry out the evaluation and monitoring of the execution of the credit resources.
SHOULD SAY:
Article 2.- (Credit Request of the EPNE) (…) 4) Ministerial Resolution of the Sector Head Ministry, must contain: (…) e) Commitment of the Ministry to carry out the evaluation and monitoring of the execution of the credit resources.”
Article 2.- Modify item b) of Article 9 of the aforementioned Regulation, in the following manner:
SAYS: Article 9.- (Conditions for Disbursements) (…) b) The authorization of the Sector Head Ministry. This authorization must be sent for each disbursement.
SHOULD SAY: “Article 9.- (Conditions for Disbursements) (…) b) Semi-annually or for each disbursement, the Sector Head Ministry must send to the BCB an evaluation and monitoring report of the credit. The modality of evaluation, semi-annual or for each disbursement, will be fixed in the credit contract.”
Article 3.- Modify Article 10 of the aforementioned Regulation, in the following manner:
SAYS: Article 10.- (On the registration and accreditation, of the use and destination of the credit resources) The registration and accreditation of the credit in the TGN, as well as the use and destination of the credit resources are the exclusive responsibility of the EPNE. The supervision, control, evaluation, and monitoring of the granted credit resources, as well as their use and destination, are the exclusive responsibility of the Sector Head Ministry.
SHOULD SAY: “Article 10.- (On the registration and accreditation, of the use and destination of the credit resources) The registration and accreditation of the credit in the TGN, as well as the use and destination of the credit resources are the exclusive responsibility of the EPNE. The evaluation and monitoring of the granted credit resources are the exclusive responsibility of the Sector Head Ministry.”
Article 4.- The adjustments to the Regulation for the Approval of Credit to Strategic National Public Enterprises within the framework of the General State Budget - Fiscal Years 2010, 2011, and 2012, will enter into force from the date of approval of this Resolution.
Article 5.- The Presidency and the General Management are entrusted with the execution and compliance of this Resolution.
La Paz, May 29, 2012
Marcelo Zabalaga Estrada
Hugo Dorado Araníbar Rolando Marín Ibáñez
Ernesto Yáñez Aguilar Gustavo Blacutt Alcalá
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