Resolution modifying the general provisions applicable to credit institutions

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DOF: 16/12/2015

RESOLUTION modifying the general provisions applicable to credit institutions

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on the provisions of Article 76 of the Credit Institutions Law, as well as Articles 4, fractions II, XXXVI and XXXVIII, 6 and 16, fraction I of the National Banking and Securities Commission Law, having received the prior favorable opinion of the Bank of Mexico, in terms of the provisions of the aforementioned Article 76 of the cited Credit Institutions Law, and

CONSIDERING

That it is convenient to adjust the general methodology for the qualification of the consumer credit portfolio corresponding to credit card operations and other revolving credits, in order to calculate with greater precision the reserves that credit institutions must establish, taking into account the possible risks related to the payment behavior and level of indebtedness of their borrowers, which is in line with the expected loss model that is the basis of the methodology for the qualification of the credit portfolio, thus seeking the adequate solvency and stability of the credit institutions themselves;

That additionally, it has been estimated necessary to include new variables such as the time the borrower has been a client of the institution, the credit balance, and the information contained in the reports issued by credit reporting agencies regarding the operations that these persons enter into with credit institutions, so that these financial entities have information that contributes to a better calculation of reserves, and

That likewise, it is estimated that it is sound practice for the qualification of credit portfolio and the establishment of reserves, that credit institutions have as much information as possible regarding their borrowers, so it is indispensable that they know their level of indebtedness reflected precisely and considering the exhaustiveness of the related information that credit reporting agencies could provide, has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO CREDIT INSTITUTIONS

SINGLE.- Articles 1, fraction CLVI and 92 are REFORMED; and Article 92 Bis is ADDED to the "General Provisions Applicable to Credit Institutions", published in the Official Gazette of the Federation on December 2, 2005 and modified through Resolutions published in the said Official Gazette on March 3 and 28, September 15, December 6 and 8, 2006, January 12, March 23, April 26, November 5, 2007, March 10, August 22, September 19, October 14, December 4, 2008, April 27, May 28, June 11, August 12, October 16, November 9, December 1 and 24, 2009, January 27, February 10, April 9 and 15, May 17, June 28, July 29, August 19, September 9 and 28, October 25, November 26, December 20, 2010, January 24 and 27, March 4, April 21, July 5, August 3 and 12, September 30, October 5 and 27, December 28, 2011, June 19, July 5, October 23, November 28, December 13, 2012, January 31, April 16, May 3, June 3 and 24, July 12, October 2, December 24, 2013, January 7 and 31, March 26, May 12 and 19, July 3 and 31, September 24, October 30, December 8 and 31, 2014, January 9, February 5, April 30, May 27, June 23, August 27, September 21, October 29, November 9 and 13, 2015, to read as follows:

" Article 1.- . . .

I. to CLV.

. . .

CLVI.

Revolving: contractual characteristic of the credit opening, which gives the borrower the right to make partial or total payments of the disbursements previously made, remaining authorized, while the contract does not conclude, to dispose in the agreed manner of the resulting balance in their favor, without requiring the authorization or acceptance of the Institution.

For the purposes of the qualification of the Credit Portfolio established in Article 92 of these provisions, credits in which the disposal of the balance in favor of the borrower is conditioned to the payment of a certain amount of the disbursed balances and which generates changes in the original conditions of the credit, such as a new amortization table with fixed payments and a term different from the originally established one, will not be considered as Revolving.

CLVII to CXCI. . . . "

" Article 92.- Regarding the Consumer Credit Portfolio relative to credit card operations and other Revolving credits, Institutions must qualify and provision this portfolio, credit by credit, with the figures corresponding to the last known Payment Period, considering the following:

I.

They must adhere to the following concepts:

Balance to Pay

Exigible amount of the debt on the statement date on which the Payment Period begins, which the borrower owes to the Institution.

This variable must be expressed in national currency and to two decimal places.

Payment Made

Sum of payments made by the borrower in the Payment Period.

This variable must be expressed in national currency, to two decimal places and its value must be greater than or equal to zero.

Credit Limit

Maximum authorized limit of the credit line on the statement date on which the Payment Period begins.

This limit must correspond to the statement date for the purposes of calculating the %USAGE variable referred to in fraction III, inciso a) of this article. For the calculation of the Exposure to Default referred to in fraction III, inciso c) of this article, it must correspond to the date of calculation of the reserves.

In all cases, this variable must be expressed in national currency, to two decimal places and its value must be greater than or equal to zero.

Minimum Payment Due

Minimum amount on the statement date on which the Payment Period begins that the borrower must cover to fulfill their contractual obligation.

This variable must be expressed in national currency, at least to two decimal places and its value must be greater than or equal to zero.

Default

Event that occurs when the Payment Made by the borrower is insufficient to cover the Minimum Payment Due by the Institution in the respective statement.

To estimate the number of Defaults, Institutions must apply the following equivalence table depending on the billing frequency of the product:

BILLING FREQUENCY NUMBER OF DEFAULTS

Monthly 1 Monthly Default = 1 Default

Bi-weekly 1 Bi-weekly Default = 0.5 Defaults

Weekly 1 Weekly Default = 0.25 Defaults

Amount to Pay to the Institution

Amount corresponding to the sum of the amounts to be paid of all contractual obligations that the borrower has with the Institution in the Payment Period, corresponding to the Consumer Credit Portfolio whether Revolving or not.

Regarding Revolving credits, the Minimum Payment Due will be considered as a contractual obligation.

This variable must be expressed in national currency, to two decimal places and its value must be greater than or equal to zero.

Amount to Pay reported in credit reporting agencies

Amount corresponding to the sum of the amounts to be paid of all contractual obligations that the borrower has with all their creditors registered in the credit reporting agencies authorized to operate with such character by the Ministry, excluding amounts to be paid for Home Mortgage Credit Portfolio credits and those designated by the credit reporting agency as "without lendable limit".

Regarding Revolving credits, the Minimum Payment Due will be considered as a contractual obligation.

This variable must be expressed in national currency, to two decimal places and its value must be greater than or equal to zero.

Borrower's Tenure at the Institution

Number of whole months elapsed from the opening of the first credit product within the Institution to the date of calculation of reserves.

This variable must be expressed in whole numbers.

II.

The total amount of reserves to be established by the Institution for this portfolio will be equal to the sum of the reserves of each credit, obtained as follows:

Where:

R i = Amount of reserves to be established for the i-th credit.

PD i = Probability of Default of the i-th credit.

LGD i = Loss Severity of the i-th credit.

EAD i = Exposure to Default of the i-th credit.

III.

To estimate the reserves, it will be necessary to obtain the Probability of Default, Loss Severity and Exposure to Default according to the following:

a)

Probability of Default:

If ACT i ≥ 4 then

If ACT i < 4 then

Where:

Var i 1 = ACT i = Number of Defaults in consecutive immediate periods prior to the calculation date.

Var i 2 = HIST i = Number of Defaults observed in the last six months.

Var i 3 = %USAGE i = Percentage that the Balance to Pay represents with respect to the authorized Credit Limit of the account.

%USAGE i = Balance to Pay / Credit Limit

Var i 4 = %PAYMENT i = Percentage that the Payment Made represents with respect to the Balance to Pay.

%PAYMENT i = Payment Made / Balance to Pay

Var i 5 = High i = 1 If the borrower has a tenure at the Institution equal to or less than forty-two months and a Credit Limit equal to or less than $15,000.00 (fifteen thousand national currency pesos), on the date of calculation of reserves. 0 In any other case.

Var i 6 = Medium i = 1 In any of the following cases: · If the borrower has a tenure at the Institution equal to or less than forty-two months and a Credit Limit greater than $40,000.00 (forty thousand national currency pesos), on the date of calculation of reserves. · If the borrower has a tenure at the Institution greater than forty-two months and a Credit Limit equal to or less than $15,000.00 (fifteen thousand national currency pesos), on the date of calculation of reserves. · If the Credit Limit is greater than $15,000.00 (fifteen thousand national currency pesos) but equal to or less than $40,000.00 (forty thousand national currency pesos), regardless of the Borrower's Tenure at the Institution, on the date of calculation of reserves. 0 In any other case.

Var i 7 = Low i = 1 If the borrower has a tenure at the Institution greater than forty-two months and a Credit Limit greater than $40,000.00 (forty thousand national currency pesos). 0 In any other case.

Var i 8 = GTimes1 i = 1 If the Amount to Pay to the Institution is equal to or less than $640.00 (six hundred forty national currency pesos), on the date of calculation of reserves. 0 in any other case.

Var i 9 = GTimes2 i = 1 If the Amount to Pay to the Institution is greater than $640.00 (six hundred forty national currency pesos) and the quotient of the Amount to Pay reported in credit reporting agencies with respect to the Amount to Pay to the Institution is less than 2.2 times, on the date of calculation of reserves. 0 in any other case.

Var i 10 = GTimes3 i = 1 If the Amount to Pay to the Institution is greater than $640.00 (six hundred forty national currency pesos) and the quotient of the Amount to Pay reported in credit reporting agencies with respect to the Amount to Pay to the Institution is equal to or greater than 2.2 times. 0 in any other case.

Var i 11 = BKATR i = Months elapsed since the last delay greater than one day of the borrower in their credit commitments registered in all credit reporting agencies with Institutions in the last thirteen months, considering the month in which the credit is qualified. This variable will take the value of thirteen even if a borrower has not registered delays for more than thirteen months.

The information with which the indicators GTimes1 i ; GTimes2 i ; GTimes3 i ; and BKATR i are constructed must not have a tenure greater than four months on the date of calculation of reserves, while the information of the indicators ACT i , HIST i , %USAGE i , %PAYMENT i , High i , Medium i , Low i , must correspond to the last Payment Period immediately prior to the date of calculation of reserves.

The provisions in the previous paragraphs will not be applicable regarding credits that on the qualification date have a Balance to Pay equal to or less than zero in the last four Payment Periods, including the period with which the qualification is made, so they will have a Probability of Default parameter as follows:

i.

If on the qualification date the Payment Made is zero in the last four Payment Periods, including the period in which the qualification is made, they will have a Probability of Default of:

ii.

If on the qualification date the Payment Made is greater than zero in at least one of the last four Payment Periods, including the period with which the qualification is made, the Probability of Default will be:

High i Medium i Low i 4.66% 3.44% 2.18%

Where,

High i = The Borrower's Tenure at the Institution is equal to or less than forty-two months and the Credit Limit is equal to or less than $15,000.00 (fifteen thousand national currency pesos), on the date of calculation of reserves.

Medium i = In any of the following cases: · The Borrower's Tenure at the Institution is equal to or less than forty-two months and the Credit Limit is greater than $40,000.00 (forty thousand national currency pesos), on the date of calculation of reserves. · The Borrower's Tenure at the Institution is greater than forty-two months and the Credit Limit is equal to or less than $15,000.00 (fifteen thousand national currency pesos), on the date of calculation of reserves. · The Credit Limit is greater than $15,000.00 (fifteen thousand national currency pesos) and equal to or less than $40,000.00 (forty thousand national currency pesos) regardless of the Borrower's Tenure at the Institution.

Low i = The Borrower's Tenure at the Institution is greater than forty-two months and the Credit Limit is greater than $40,000.00 (forty thousand national currency pesos), on the date of calculation of reserves.

Regarding credits whose Balance to Pay is equal to or less than zero in the Payment Period of the date of calculation of reserves and in the three payment periods prior to this last one the Balance to Pay was greater than zero, in at least one of said periods, they will have a Probability of Default as follows:

High i Medium i Low i 8.70% 5.79% 3.12%

Where: High i ; Medium i ; and Low i are defined in accordance with the previous paragraph.

For the case of recently originated credits that do not have four prior Payment Periods, including the period with which the qualification is made, they must consider the Payment Periods with which the credit has.

b)

Loss Severity:

If ACT i ≤ 4 then LGD i = 75%

If:

ACT i = LGD I = (4 a 5] 77% (5 a 6] 80% (6 a 7] 82% (7 a 8] 86% (8 a 9] 90% (9 a 10] 92% (10 a 11] 96%

11 100%

The provisions in the previous paragraphs will not be applicable regarding credits that on the qualification date have a Balance to Pay equal to or less than zero in the last four Payment Periods, including the period with which the qualification is made, so they will have a Loss Severity parameter as the following circumstances are met:

i.

If on the qualification date, the Payment Made is zero in the last four Payment Periods, including the period in which the qualification is made, they will have a Loss Severity of:

ii.

If on the qualification date, the Payment Made is greater than zero in at least one of the last four prior Payment Periods, including the period with which the qualification is made, they will have a severity of:

Regarding credits whose Balance to Pay is equal to or less than zero in the Payment Period of the date of calculation of reserves and in the three Payment Periods prior to this last one the Balance to Pay was greater than zero, in at least one of said periods, they will have a Loss Severity of 70%.

For the case of recently originated credits that do not have four prior Payment Periods, including the period with which the qualification is made, they must consider the Payment Periods with which the credit has.

c)

Exposure to Default:

For those credits where it is less than the Credit Limit, the Exposure to Default will be calculated as follows:

Where:

Total debt amount that the borrower has with the Institution at month-end. The amount must include all obligations related to this credit that the borrower has with the Institution and exclude accrued but uncollected interest from credits that are in delinquent portfolio. For purposes of calculating the Exposure to Default, it will take the value of zero when the balance at month-end is less than zero.

For those credits in which it is greater than the Credit Limit, the Exposure to Default will be the own .

The provision in the previous paragraph will not be applicable regarding credits that on the qualification date have a Balance to Pay equal to or less than zero in the last four Payment Periods, including the period with which the qualification is made, so they must calculate their Exposure to Default as the following circumstances are met:

i.

If on the qualification date, the Payment Made is zero in the last four Payment Periods, including the period in which the qualification is made, they will have an Exposure to Default:

Where:

Total debt amount that the borrower has with the Institution at month-end. The amount must include all obligations related to this credit that the borrower has with the Institution and exclude accrued but uncollected interest from credits that are in delinquent portfolio. For purposes of calculating the Exposure to Default, it will take the value of zero when the balance at month-end is less than zero, and

ii.

If on the qualification date, the Payment Made is greater than zero in at least one of the last four Payment Periods including the period with which the qualification is made:

Where:

S i = Defined in accordance with the previous sub-paragraph i.

For credits whose Balance to Pay is equal to or less than zero in the Payment Period of the date of calculation of reserves and in the three Payment Periods prior to this last one the Balance to Pay was greater than zero, in at least one of said periods, they will have an Exposure to Default of:

Where:

S i = Defined in accordance with the previous sub-paragraph i.

For the case of recently originated credits that do not have four prior Payment Periods, including the period with which the qualification is made, they must consider the Payment Periods with which the credit has.

In the case that, on the qualification date, the borrower cannot make additional disbursements from their credit line, the Exposure to Default must be calculated as 100 percent of S i defined in accordance with the previous sub-paragraph i.

Additionally, regarding restructured credits, the borrower's payment history must be preserved respecting the historical information needs for the calculation of the aforementioned variables.

Article 92 Bis.- When there is no information of the borrower in the credit reporting agencies authorized to operate as such, for the purposes of calculating the indicators BKATR i , GTimes1 i , GTimes2 i and GTimes3 i , referred to in the previous Article 92, Institutions must assign the value of 13 to the variable BKATR i , when there is no evidence within the Institution that the borrower has delays in any of the credits with the Institution itself, as well as the values of 0, 1 and 0, to the variables GTimes1 i , GTimes2 i and GTimes3 i , respectively, when the Amount to Pay in the Institution itself is greater than $640.00 (six hundred forty national currency pesos). In case that the Amount to Pay to the Institution is less than $640.00 (six hundred forty national currency pesos), Institutions must assign the values of 1, 0 and 0.

In the event that Institutions do have information of the borrower from the credit reporting agencies but the Institutions have not consulted all the information reported in said agencies, necessary to calculate the indicators BKATR i , GTimes1 i , GTimes2 i and GTimes3 i , referred to in the previous Article 92, they must assign the value of 10 to the variable BKATR i , when the variable ACT i takes a value of less than 1 and of 0 when the variable ACT i takes a value greater than or equal to 1. Likewise, the variables GTimes1 i , GTimes2 i and GTimes3 i will take the values of 0, 0 and 1 respectively. "

Each of the credits linked to "eje" accounts must be qualified based on the methodology that corresponds to them based on the contractual characteristics of Revolving or Non-Revolving throughout the life of the credit.

TRANSITORY CLAUSES

FIRST.- This Resolution will enter into force on April 1, 2016.

SECOND.- For the purposes of establishing preventive estimates for credit risks relative to the consumer credit portfolio corresponding to credit card operations and other revolving credits, credit institutions that prior to the entry into force of this Resolution are using the methodology referred to in Section B of the First Section of Chapter V of Title Two of the General Provisions Applicable to Credit Institutions, must adjust as follows:

I.

They will recognize in the equity capital, within the result of prior exercises, the initial accumulated financial effect derived from applying for the first time the qualification methodology referred to in the previous paragraph.

For the purposes of this fraction, the initial accumulated financial effect will be understood as the difference resulting from subtracting on the same date the reserves that must be established for the balance of the consumer credit portfolio corresponding to operations with credit cards and other

revolving credits as of April 1, 2016, applying the aforementioned methodology minus the reserves

that would be held for the balance of said portfolio, with the methodology in effect as of March 31, 2016.

II.

When the amount of reserves to be established by applying the methodology in effect from April 1, 2016, is greater than the balance of the prior years' earnings item, the resulting difference shall be recognized in the results of the corresponding fiscal year for 2016.

III.

When the preventive estimates for credit risks previously established before April 1, 2016, were greater than 100 percent of the amount required in accordance with the methodology in effect from April 1, the release of the excess shall adhere to what is provided in the accounting criteria referred to in Article 174 of the General Provisions applicable to credit institutions.

Credit institutions must have established 100 percent of the amount of preventive estimates for credit risks corresponding to consumer portfolio related to credit card operations, derived from the application of the methodology applicable from April 1, 2016, no later than six months counted from the entry into force of this Resolution.

THIRD.- Credit institutions must disclose in the financial statements of the second and third quarters, and in the annual statement for the fiscal year 2016, as well as in any public communication of financial information, at minimum the following:

I.

That they performed the recognition of the initial accumulated financial effect derived from the first application of the methodology contained in this Resolution in accordance with the preceding transitory article;

II.

The detailed explanation of the accounting entry made to recognize the effect mentioned in the preceding fraction;

III.

The amounts that have been recorded and presented in the balance sheet or in the statement of results;

IV.

The detailed explanation regarding the items and amounts for which the accounting effect was made, and

V.

The comparison between the amounts of preventive estimates for credit risks, calculated with the methodology contained in this Resolution against the estimates they had with before April 1, 2016.

For the purposes of preparing comparative financial statements, credit institutions must observe what is established in paragraph 11 of NIF B-1 "Accounting changes and corrections of errors", issued by the Mexican Council of Financial Information Standards A.C., mandatory application for credit institutions in accordance with paragraph 3 of Criterion A-2 "Application of particular standards", contained in Annex 33 of the General Provisions applicable to credit institutions, due to the change in particular standard.

Regarding the application of the preceding fraction I, credit institutions may refrain from performing comparative adjustments for the preparation of their financial statements of the second and third quarters, as well as the annual statement of 2016, if in accordance with paragraphs 12, 21 and 23 of the aforementioned NIF B-1, the credit institution considers it impracticable to determine the amounts corresponding to periods prior to April 1, 2016, due to the retrospective recognition in accounting equity of the initial accumulated financial effect derived from the first application of the methodology for classifying consumer credit portfolios corresponding to credit card operations and other revolving credits, contained in this Resolution.

For disclosure purposes, credit institutions that consider the determination referred to in the previous paragraph impracticable, must observe what is established in paragraph 26 of the aforementioned NIF B-1, and make known, among others, the reasons why it is considered impracticable to determine the amounts corresponding to periods prior to April 1, 2016 regarding the recognition in accounting capital of the initial accumulated financial effect due to the application of the methodology for classifying consumer credit portfolios corresponding to credit card operations and other revolving credits provided for in the present Resolution.

Respectfully,

Mexico, D.F., on December 7, 2015. - The President of the National Banking and Securities Commission, Jaime González Aguadé. - Signature.

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