Regulatory Alerts2004-07-06 | Resolución 098/2004Added · Updated
Resolution 098/2004
The Board of Directors of the Central Bank of Bolivia ratifies the full text of Resolution 092/2004, approving the forgiveness of penal interest, court costs, and administrative expenses for the recovery of written-off credits from four liquidating financial entities: Banco de Crédito Oruro S.A., Banco del Progreso Nacional S.A.M., ex Banco de Potosí S.A., and ex INALPRE. This forgiveness is conditional upon borrowers paying their total debt in cash in the original currency, calculated as the principal plus current interest recalculated at the Reference Interest Rate (TRE) plus five percentage points for the period the portfolio is administered. The Presidency and General Management are tasked with executing and complying with this resolution.
BOARD RESOLUTION NO. 098/2004 SUBJECT: BOARD – COMPLEMENTS BOARD RESOLUTION NO. 092/2004.
SEEN: The Law No. 1670 of October 31, 1995. The Board Resolution No. 092/2004 of June 29, 2004. The Report from the Legal Affairs Management GAL 004/04 of July 13, 2004.
CONSIDERING: That through Board Resolution No. 092/2004, the Board has approved the forgiveness of penal interest, court costs, judicial expenses, and other administrative expenses, for the recovery of written-off credits from the Financial Entities in Liquidation: Banco de Crédito Oruro S.A., Banco del Progreso Nacional S.A.M., ex Banco de Potosí S.A., and ex INALPRE.
That the forgiveness of penal interest, court costs, judicial expenses, and other administrative expenses may only be carried out when the borrowers pay the total of their debt in cash in the currency of origin of the credit to capital plus the current interest recalculated at the Reference Interest Rate (TRE) in foreign currency or in national currency as applicable, plus five percentage points, corresponding to the portfolio returned, received in dation in payment and in administration, during the entire period that the administration of the old written-off portfolio lasts.
That the Board has instructed the Administration to complement the Internal Communication of the Legal Affairs Management SAJU No. 339/2004 with an additional report presented on this date.
That the Legal Affairs Management through Report GAL 004/04 states that in application of Article 54 subsections a), j) and n) of Law No. 1670 and Article 11 numeral 37 of the Statute of the Issuing Entity, the Board has all legal powers to issue policies of general application relative to the administration of its credits.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Ratify the full text of Board Resolution No. 092/2004 of June 29, 2004, by which the forgiveness of penal interest, court costs, judicial expenses, and other administrative expenses is approved, for the recovery of written-off credits from the Financial Entities in Liquidation: Banco de Crédito Oruro S.A., Banco del Progreso Nacional S.A.M., ex Banco de Potosí S.A., and ex INALPRE, provided that the borrower pays the total of their debt in cash in the currency of origin of the credit to capital plus the current interest recalculated at the Reference Interest Rate (TRE) in foreign currency or in national currency as applicable, plus five percentage points, corresponding to the portfolio returned, received in dation in payment and in administration, during the entire period that the administration of the old written-off portfolio lasts.
Article 2.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, July 13, 2004
Juan Antonio Morales A.
Enrique Ackermann A. José Luis Evia V.
Fernando Paz B.
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