Regulatory Alerts2004-06-01 | Resolución 077/2004Added · Updated
Resolution 077/2004
The Board of Directors of the Central Bank of Bolivia amends Article 22 of the Internal Regulations for Operations under the ALADI Reciprocal Payments and Credits Agreement, reducing the maximum limit for outstanding payment instruments issued by authorized institutions from 20% to 10% of their monthly reported accounting equity. This modification enters into force on July 1, 2004, and prohibits authorized institutions with indebtedness exceeding this new 10% threshold from issuing or guaranteeing payment instruments until they comply with the limit.
BOARD RESOLUTION NO. 077/2004 SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – MODIFIES THE INTERNAL REGULATIONS FOR OPERATIONS THROUGH THE ALADI RECIPROCAL PAYMENTS AND CREDITS AGREEMENT.
HAVING SEEN: Law No. 1670 of October 31, 1995. The current Reciprocal Payments and Credits Agreement between the Central Banks of the member countries of ALADI and the Dominican Republic, as well as its Regulations. Board Resolutions 118/2001 of November 20, 2001, and 124/2002 of October 22, 2002, which approve the Internal Regulations for Operations through the ALADI Reciprocal Payments and Credits Agreement and their modification. The Report from the International Operations Management (GOI) No. 004/2004 of June 3, 2004. The Report from the Legal Affairs Management (SANO) No. 118/2004 of June 4, 2004.
CONSIDERING: That Report GOI No. 004/2004 conducts an evaluation of the Internal Regulations for Operations through the ALADI Reciprocal Payments and Credits Agreement, recommending that the debt limit granted to authorized banks be modified. That Report SANO No. 118/2004 states that there is no legal impediment for the Board to authorize such modification.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Approve the modification of Article 22 of the Internal Regulations for Operations through the ALADI Reciprocal Payments and Credits Agreement, in the following terms:
SAYS: The maximum limit of the value of payment instruments issued and pending payment by authorized institutions shall not exceed twenty percent (20%) of their accounting equity reported monthly to the Bank by the Superintendence of Banks and Financial Entities.
SHOULD SAY: “The maximum limit of the value of payment instruments issued and pending payment by authorized institutions shall not exceed ten percent (10%) of their accounting equity reported monthly to the Bank by the Superintendence of Banks and Financial Entities.”
Article 2.- The modification of Article 22 shall enter into force as of July 1, 2004.
Article 3.- Authorized institutions that on July 1, 2004, have indebtedness exceeding 10% of their accounting equity shall not issue and/or guarantee Payment Instruments until they adjust to said limit.
Article 4.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, June 8, 2004
Juan Antonio Morales A.
Juan Medinaceli V. Enrique Ackermann A.
Fernando Paz B. Jaime Apt B.
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