Resolution modifying the General Provisions applicable to credit institutions — SHCP — MX

DOF: 26/06/2017

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 articles 65, 76, and 96 Bis of the Credit Institutions Law, as well as articles 4, fractions II, XXXVI, and XXXVIII, and 16, fraction I of the National Banking and Securities Commission Law, having received the prior favorable opinion of the Bank of Mexico, and

CONSIDERING

That it is deemed convenient to recognize in the calculation of preventive reserves for credit risks corresponding to agricultural credits granted by credit institutions, certain price coverages that some borrowers possess, so that the risk incurred by these institutions is reflected adequately;

That it is necessary to specify the estimation of loss severity for the calculation of preventive reserves that credit institutions must perform when granting credits, when movable guarantees are recognized, with the aim of reducing the amount of preventive reserves derived from the portfolio classification of credits;

And that it is opportune to extend the deadline that credit institutions have to have 100% of the amount of preventive estimates for credit risks corresponding to non-revolving consumer, housing mortgage, and microcredit portfolios constituted, in accordance with the use of the new applicable methodology, while specifying when this information must be disclosed in their financial statements, as well as in any public communication of financial information, has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO CREDIT INSTITUTIONS

FIRST.- Article 97 Bis 6, fraction III, first paragraph, is REFORMED, and Article 114, fraction III, is ADDED to the "General Provisions applicable to credit institutions," published in the Official Gazette of the Federation on December 2, 2005, modified by 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, and 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, and 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, and December 13, 2012, January 31, April 16, May 3, June 3 and 24, July 12, October 2, and 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, December 16 and 31, 2015, April 7 and 28, June 22, July 7 and 29, August 1, September 19 and 28, and December 27, 2016, January 6, April 4 and 27, and May 31, 2017, to read as follows:

"Article 97 Bis 6.-

...

I. and II.

...

III.

For the recognition of movable guarantees registered in favor of Institutions in the unique registry of movable guarantees referred to in the Commercial Code, Institutions must separate each credit into the part covered and the part uncovered by said guarantees, and may apply a factor of 90% to the Loss Severity parameter corresponding in accordance with what is established in Sections A, B, and F of the First Section, of Chapter V, of Title Two of these provisions. Under no circumstances may movable guarantees be recognized in accordance with this fraction when the credit covered by said guarantees presents more than twelve past-due installments.

...

IV.

..."

"Article 114.-

...

II.

...

III.

Regarding credits intended to finance the primary activity of the agricultural sector or the marketing of agricultural products that have price coverage through options, meeting the following conditions:

The contracts documenting the coverage include the lending Institution as the direct beneficiary, or there is some legal instrument providing that the Institution will receive payment of the coverage in the event that it is exercised.

At the time of granting the credit, the corresponding source of payment is fully covered.

The price coverage is consistent with the position as buyer or seller maintained by the borrower, and provided that the price of the underlying of the coverage and the price of the goods covered by the borrower are correlated, for which the Institution must have statistical and historical evidence that there is a significant correlation and of the corresponding sign to the agreed coverage position, prior to the granting of the credit.

Price coverages in the buyer or seller modality are acquired in markets authorized or recognized by Mexican authorities.

The payment of the premium is covered in accordance with what is contractually established.

The settlement of the coverage is carried out in cash and that the resources resulting from said settlement are available to the Institutions within a maximum of two business days following the date on which the coverage ends.

Institutions may adjust the Loss Severity (SPi), as long as the exercise of the price coverage has not occurred, in accordance with the following:

Where:

= Loss Severity of the i-th credit granted to the primary activity of the agricultural sector or the marketing of agricultural products, once the price coverage is recognized.

= Loss Severity of the i-th credit granted to the primary activity of the agricultural sector or the marketing of agricultural products, in accordance with this section.

When the Institution receives payment of the contracted price coverage without said Institution having written off the credit from its balance sheet, it must calculate the amount of reserves in accordance with what is established in fraction I of Article 119 of these provisions.

Credits intended to finance the primary activity of the agricultural sector that, in addition to having price coverage under the terms indicated in this fraction, also have the agricultural and animal damage insurance indicated in the previous fraction II, may recognize the joint coverage provided that individually both coverages meet the conditions to reduce the loss severity of the credit in question and none of the risks covered by the mitigants have materialized.

When the above is met, Institutions will use the following procedure for the joint recognition of both coverages.

Where:

= Loss Severity that recognizes the mitigating effect of both agricultural and animal damage insurance and price coverage in agricultural credits.

= Loss Severity of the i-th credit granted to the primary activity of the agricultural sector, in accordance with this section.

...

SECOND.- Articles Transitory Fourth, fraction III, second paragraph, and Fifth, first and third paragraphs of the "Resolution modifying the General Provisions applicable to credit institutions" published in the Official Gazette of the Federation on January 6, 2017, are REFORMED, to read as follows:

"FOURTH.-

...

I. and II.

...

III.

Credit institutions must have constituted 100% of the amount of preventive estimates for credit risks corresponding to non-revolving consumer and housing mortgage credit portfolios, as well as non-revolving consumption that in accordance with this instrument must be classified as microcredits, derived from the use of the applicable methodology from June 1, 2017, at the latest twelve months counted from said date.

FIFTH.- Credit institutions must disclose in the financial statements of the second and third quarters and the annual statement for the 2017 fiscal year, and if applicable, in those corresponding to the first and second quarters and annual for the 2018 fiscal year, as well as in any public communication of financial information, at minimum the following:

I. to V.

...

Regarding the application of the previous fraction I, credit institutions may abstain from making comparative adjustments for the preparation of their financial statements of the second and third quarters, as well as the annual of 2017, and if applicable, those corresponding to the first and second quarters, as well as the annual of 2018, if in accordance with paragraphs 12, 21, and 23 of the cited NIF B-1, the credit institution considers it impracticable to determine the amounts corresponding to periods prior to June 1, 2017, due to the retrospective recognition in the accounting equity of the initial accumulated financial effect derived from the first application of the portfolio classification methodology for non-revolving consumer and housing mortgage portfolios as well as non-revolving consumption that in accordance with this instrument must be classified as microcredits, contained in this Resolution.

...

TRANSITORY

SINGLE.- This Resolution will enter into force the day following its publication in the Official Gazette of the Federation.

Respectfully,

Mexico City, June 15, 2017. - The President of the National Banking and Securities Commission, Jaime González Aguadé.- Signature.

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