Resolution 067/98

BOARD RESOLUTION NO. 067/98
SUBJECT: FINANCIAL SYSTEM - EXCLUSION OF FIXED DEPOSIT NO. 8201 IN THE NAME OF FUNDA-PRO FROM BOARD RESOLUTION NO. 060/98.

HAVING REVIEWED:
Law 1670 of October 31, 1995.
Board Resolutions of the Central Bank of Bolivia (BCB) 170/97, 179/97, 020/98, and 033/98 of December 13 and 23, 1997, and March 3 and 31, 1998, respectively.
Board Resolution of the BCB 060/98 of June 16, 1998.
Letter FP-076/98 from the Foundation for Production (FUNDA-PRO) of June 18, 1998.
Letter IL-BIN-590/98 from the Liquidating Administrator of the International Development Bank S.A., dated June 24, 1998.
Legal Advisory Report ALEG No. 236/98 of July 6, 1998.
Financial System Management Report GSF No. 093/98 of July 6, 1998.

CONSIDERING:
That Article 4 of Resolution No. 170/97 establishes that the Board of the BCB will expressly authorize the return of deposits constituted in BIDESA after October 31, 1997, following a special review and confirmation by the Superintendence of Banks and Financial Entities (SBEF).

That at the request of the Liquidating Administrator of BIDESA, after review and qualification "without observation" by this authority, the Board of the BCB approved, through Resolution No. 060/98 of June 16, 1998, the subrogation of Fixed Deposits constituted after October 31, 1997, and of Current Account and Savings Account deposits with balances exceeding US$100,000, among which was Fixed Deposit No. 8201 in favor of FUNDA-PRO.

That FUNDA-PRO sent a note to the BCB clarifying that said Institution did not constitute any fixed deposit in BIDESA, now in liquidation, and consequently did not request its return in Certificates of Deposit (CDDs).

That the Liquidating Administrator of BIDESA has requested clarification from the Prefecture of the Beni Department regarding the aforementioned deposit, registered in its name and/or FUNDA-PRO, with verification of this case pending.

That according to current legal provisions, it corresponds to the Liquidating Administrator, in their 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 obligations owed.

That according to Report ALEG No. 236/98, it corresponds to suspend the effects of Board Resolution 060/98 of the BCB regarding Fixed Deposit No. 8201 which appears in the name of FUNDA-PRO.

That because the respective verification regarding the constitution and beneficiary of the aforementioned deposit is pending, the Financial System Management recommends excluding Fixed Deposit No. 8201 from Board Resolution No. 060/98, without this affecting the other cases qualified "without observation" by the Liquidating Administrator.

THEREFORE

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:

Article 1.- Exclude from Board Resolution No. 060/98 Fixed Deposit No. 8201, issued by BIDESA through Certificate No. 0019686 for US$1,722,411.96 in favor of FUNDA-PRO, rendering ineffective the cash refund up to US$5,000 and the partial subrogation through CDDs for the corresponding balance.

Article 2.- The Presidency and General Management are charged with the execution and compliance of this Resolution.

La Paz, July 7, 1998

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Juan Antonio Morales A.

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Armando Pinell S. Jaime Ponce G.

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Fernando Campero P.