Regulatory Alerts2013-08-16 | CD-SIBOIF-790-2-JUL17-2013Added · Updated
Resolution Amending Article 7 of the Standard on Deposit, Investment, and Second-Tier Operations Limits of Banco Produzcamos
The Superintendence of Banks and Other Financial Institutions amended Article 7 of the Standard on Deposit, Investment, and Second-Tier Operations Limits of Banco Produzcamos. The revision authorizes the bank to conduct second-tier operations with financial intermediaries established under regulations governing asset evaluation and classification, provided these operations comply with the limits and provisions of Article 8. This resolution entered into force upon notification on July 17, 2013.
Resolution No. CD-SIBOIF-790-2-JUL17-2013 Date: July 17, 2013
STANDARD REFORMING ARTICLE 7 OF THE STANDARD ON DEPOSIT, INVESTMENT, AND SECOND-TIER OPERATIONS LIMITS OF BANCO PRODUZCAMOS
The Board of Directors of the Superintendence of Banks and Other Financial Institutions,
CONSIDERING
I
That Article 33 of Law No. 640, Law Creating the Bank for the Promotion of Production (Produzcamos), published in La Gaceta, Official Journal No. 223 on November 20, 2007, states that Produzcamos "shall be subject to the surveillance, supervision, and oversight of the Superintendence of Banks and Other Financial Institutions"; and that the Board of Directors of the Superintendence of Banks and Other Financial Institutions is empowered to issue special standards on "capital adequacy, asset and portfolio classification, credit granting, special supervision, and other areas of regulation specifically applicable to Produzcamos..."
In exercise of its powers;
HAS ISSUED
The following:
Resolution No. CD-SIBOIF-790-2-JUL17-2013 STANDARD REFORMING ARTICLE 7 OF THE STANDARD ON DEPOSIT, INVESTMENT, AND SECOND-TIER OPERATIONS LIMITS OF BANCO PRODUZCAMOS
FIRST: Article 7 of the Standard on Deposit, Investment, and Second-Tier Operations Limits of Banco Produzcamos, contained in Resolution No. CD-SIBOIF-623-2-ABR14-2010, of April 14, 2010, published in La Gaceta, Official Journal No. 130, on July 9, 2010, is hereby amended, which shall read as follows:
"Article 7. Second-Tier Operations.- The bank may conduct second-tier operations with financial intermediaries (FIs) established in the regulations governing the matter on asset evaluation and classification of the bank.
The operations indicated in this article must comply with the limits and provisions indicated in Article 8 of this standard."
SECOND: This standard shall enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Journal.
(f) Ovidio Reyes R. (f) V. Urcuyo V. (f) Gabriel Pasos Lacayo (f) illegible (Silvio Moisés Casco Marenco) (f) Fausto Reyes B. (f) illegible (Freddy José Blandon Argeñal) (f) U. Cerna B.
URIEL CERNA BARQUERO Secretary of the Board of Directors SIBOIF