Regulatory Alerts2005-11-03 | Resolución 144/2005Added · Updated
Resolution 144/2005
The Board of Directors of the Central Bank of Bolivia authorizes a financial disbursement of up to US$6,302,000 to the intervened Savings and Credit Cooperative Trapetrol Oriente to support its judicial liquidation process. The resolution further mandates the transfer of the cooperative's RAL Fund to the intervened entity and permits the Central Bank President to sign a compensation agreement with the Ministry of Finance using bonds over a 15-year term. This financial support is contingent upon the final adjudication amount being communicated by the Banking Superintendence.
BOARD RESOLUTION NO. 144/2005
SUBJECT: FINANCIAL ENTITIES MANAGEMENT – APPROVES FINANCIAL SUPPORT DISBURSEMENT FOR THE SOLUTION PROCESS OF THE OPEN SAVINGS AND CREDIT COOPERATIVE “TRAPETROL ORIENTE”.
HAVING SEEN:
Law No. 1670 of the Central Bank of Bolivia of October 31, 1995.
Law No. 1488 on Banks and Financial Entities of April 14, 1993, Codified Text by Supreme Decree No. 26581 of April 3, 2002.
Law No. 3076 of June 20, 2005, which modifies Law No. 1488 on Banks and Financial Entities.
Law No. 2196 of the Special Fund for Economic Reactivation and Strengthening of Financial Entities of May 4, 2001.
Law No. 2682 of May 5, 2004.
Supreme Decree No. 27025 of May 6, 2003.
Resolution of the Banking and Financial Entities Superintendence SB/143/2005 of November 10, 2005, which orders the intervention of the Open Savings and Credit Cooperative Trapetrol Oriente, with the objective of applying the solution procedures or forced judicial liquidation.
The Note from the Banking and Financial Entities Superintendence No. SB/ISRII/D-53546/2005 of November 11, 2005, requesting support for the solution process of the Open Savings and Credit Cooperative “TRAPETROL ORIENTE”.
The Report from the Financial Entities Management GEF-SANA No. 385/2005 of November 11, 2005.
The Report from the Legal Affairs Management SANO No. 270/2005 of November 11, 2005.
CONSIDERING:
That through Resolution SB/143/2005, the Banking and Financial Entities Superintendence, in application of Article 120, subsections b), c), and f) of Law No. 1488, has ordered the intervention of the Open Savings and Credit Cooperative “TRAPETROL ORIENTE”, with the objective of applying the solution procedure or forced judicial liquidation.
That the Banking and Financial Entities Superintendence, through note SB/ISRII/D-53546/2005, in application of Article 125 of Law No. 1488, has requested from the Central Bank of Bolivia the sum of US$6,302,000.-, corresponding to 50% of privileged obligations, as support for the solution process of the Open Savings and Credit Cooperative “TRAPETROL ORIENTE”.
That the Financial Entities Management in its Report GEF-SANA No. 385/2005, states that the amount requested by the SBEF for support for the solution process falls within the limit established in Article 125 of Law No. 1488, therefore recommending to the Board the consideration of said request.
That the Legal Affairs Management, in its Report SANO No. 270/2005, states that the SBEF request is framed within the current legal norms, therefore the Board of the Issuing Entity has competence to approve the required disbursement. It corresponds to the Board to authorize the President of the BCB to sign a Contract with the TGN, for the compensation of the support granted through bonds.
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Authorize, on behalf of the General Treasury of the Nation, the disbursement of up to US$6,302,000.- (Six Million Three Hundred Two Thousand 00/100 American Dollars) in favor of the Open Savings and Credit Cooperative “TRAPETROL ORIENTE INTERVENIDA”, for support of its solution procedure, in application of Article 125 of Law No. 1488 (Codified Text).
Article 2.- Authorize the BCB Administration to proceed with the transfer of the RAL Fund of the Open Savings and Credit Cooperative “TRAPETROL ORIENTE Ltda.”, to the account of the Intervened Cooperative.
Article 3.- Authorize the President of the BCB to sign with the Minister of Finance, an Agreement by means of which the compensation in bonds for a term of fifteen (15) years is carried out, of the disbursement determined in this Resolution, under the terms and conditions established in Supreme Decree No. 27025.
Article 4.- The disbursement referred to in this Resolution will become effective once the final amount of the adjudication, as provided in Article 130 subsection c) of Law No. 1488, is communicated by the SBEF to the Presidency of the BCB.
Article 5.- Make this Resolution known to the Banking and Financial Entities Superintendence.
Article 6.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, November 11, 2005
Juan Antonio Morales A.
Enrique Ackermann A. Fernando Paz B.
Jaime Apt B.
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