Regulatory Alerts2000-10-24 | Resolución 076/2000Added · Updated
Resolution 076/2000
The Board of Directors of the Central Bank of Bolivia authorizes the administration to write off credits with a balance less than $us 1,000 from the portfolio of Banco de Crédito Oruro S.A. in liquidation. This write-off is executed by utilizing specific reserves previously established to cover losses, amounting to Bs. 64,320.13 and $us 114,627.59. The President and General Manager are tasked with executing and complying with this resolution.
BOARD RESOLUTION NO. 076/2000 SUBJECT: FINANCIAL ENTITIES MANAGEMENT – AUTHORIZATION FOR THE WRITE-OFF OF THE PORTFOLIO RECEIVED FROM BANCO DE CREDITO ORURO IN LIQUIDATION THROUGH THE USE OF RESERVES ESTABLISHED TO COVER LOSSES.
HAVING SEEN:
Board Resolution No. 098/97 of April 9, 1997, which approves the establishment of reserves to cover losses from the portfolio received in dation in payment from Banco de Crédito Oruro S.A. in Liquidation.
Board Resolution No. 053/99 of June 22, 1999, which approves the Regulation for the Collection of Old Delinquent Portfolio.
The Report from the Financial Entities Management SRRA-DRLA No. 228-167/2000 of October 19, 2000.
The Internal Communication from the Legal Affairs Management SANO 213/2000 of October 24, 2000.
CONSIDERING:
That through Board Resolution No. 098/97, reserves were established to cover losses from the returned portfolio of Banco de Crédito Oruro, amounting to Bs 26,332,803.29, equivalent to $us 5,033,040.78 at the exchange rate of $us 1 = 5.23 Bs.
That Chapter V of the Regulation for the Collection of Old Delinquent Portfolio establishes the grounds and procedure for the write-off of credits included in the old delinquent portfolio.
That the Report from the Financial Entities Management SRRA-DRLA No. 228-167/2000 requests the Board to authorize the write-off of the Banco de Crédito Oruro portfolio, affecting reserves established in the amount of Bs. 64,320.13 and $us 114,627.59, to comply with subsection c) of Article 28 and Article 29 of the Regulation for the Collection of Old Delinquent Portfolio.
That in the opinion of the Legal Affairs Management, it corresponds to the Board to approve the application of the reserves established to cover losses from the portfolio received in dation in payment from Banco de Crédito Oruro in Liquidation for the write-off of credits.
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Authorize the Administration to write off credits with a balance less than $us 1,000.- from the portfolio of Banco de Crédito Oruro S.A. in Liquidation through the use of the “Reserves established to cover losses from the portfolio of Banco de Crédito Oruro S.A.”, approved through Board Resolution No. 098/97 in the amount of Bs. 64,320.13 and $us 114,627.59.
Article 2.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, October 24, 2000
Armando Pinell S.
Jaime Ponce G. Juan Medinaceli V.
Fernando Campero P. Armando Méndez M.
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