Resolution No. JPRF-G-2022-055 Approves the Budget of the Development Bank of Ecuador B.P. for the 2023 Fiscal Year — BCE — EC

Resolution No. JPRF-G-2022-055
THE FINANCIAL POLICY AND REGULATION BOARD
CONSIDERING:
That Article 226 of the Constitution of the Republic of Ecuador provides: "State institutions, their agencies, dependencies, public servants, and persons acting by virtue of state authority shall exercise only the competencies and powers attributed to them in the Constitution and the law. They shall have the duty to coordinate actions for the fulfillment of their purposes and to make effective the enjoyment and exercise of the rights recognized in the Constitution.";

That Article 309 of the Constitution of the Republic stipulates that entities regulating the national financial system shall be responsible for "preserving its security, stability, transparency, and solidity.";

That Article 310 of the Magna Carta mandates: "The public financial sector shall have as its purpose the sustainable, efficient, accessible, and equitable provision of financial services. The credit it grants shall be oriented preferentially to increase the productivity and competitiveness of productive sectors that allow achieving the objectives of the Development Plan and of the less favored groups, in order to promote their active inclusion in the economy";

That Article 13 of the Organic Code of Monetary and Financial Law, Book I, created the Financial Policy and Regulation Board as part of the Executive Function, responsible for the formulation of credit, financial, securities, insurance, and prepaid health care service policy and regulation;

That Article 14.1, letter a, number 14 of the same code, states that it is a faculty of the Financial Policy and Regulation Board: "To annually approve the budget of the entities of the public financial sector, their reforms, as well as to regulate their execution; (...)";

That, with Resolution No. JPRF-G-2022-015 of January 11, 2022, the Financial Policy and Regulation Board approved the budget for the 2022 fiscal year of the Development Bank of Ecuador B.P.;

That, on September 29, 2022, the Financial Policy and Regulation Board issued Resolution No. JPRF-F-2022-037, which prescribes the applicable regulation for the budget cycle stage of budget form approval;

That, through Letter No. BDE-BDE-2022-0445-OF of November 30, 2022, the General Manager of the Development Bank of Ecuador B.P., Mgs. Homero Castanier Jaramillo, addressed to the Financial Policy and Regulation Board, requested the approval of the "Budget Form of the Development Bank of Ecuador for the 2023 fiscal year," attaching the respective annexes, including Letter No. MEF-SRF-2022-0665-O of November 29, 2022, issued by the Undersecretary of Fiscal Relations of the Ministry of Economy and Finance addressed to the General Manager of the Development Bank of Ecuador B.P.;

Resolution No. JPRF-G-2022-055

That, the Financial Policy and Regulation Board issued Resolution No. JPRF-G-2022-051 of December 22, 2022, with which it approved "the reform to the budget of the Development Bank of Ecuador B.P. for the 2022 fiscal year, sent by its General Manager through Letter No. BDE-BDE-2022-0440-OF of November 30, 2022.";

That, the Technical Secretariat of the Financial Policy and Regulation Board, through Memorandum No. JPRF-SETEC-2022-0091-M of December 27, 2022, sent to the President of the Board the following reports:

i. Technical Report No. JPRF-CT-2022-0047 of December 27, 2022, considering the favorable pronouncement of the members of the Board of Directors of the BDE in Ordinary Board Session No. 011-DIR-BDE BP-2022, and the review of the figures presented through Letter No. BDE-BDE-2022-0445-OF and its annexes by the Development Bank of Ecuador B.P. (BDE) to the Financial Policy and Regulation Board, recommends approving the budget form for the 2023 fiscal year.

ii. Legal Report No. JPRF-CJ-2022-0056 of December 27, 2022 concludes that it corresponds to the Financial Policy and Regulation Board to approve the budget of the Development Bank of Ecuador B.P. for the 2023 fiscal year, which was sent by its General Manager through Letter No. BDE-BDE-2022-0445-OF of November 30, 2022, in accordance with Article 14.1, numeral 14, literal a. of the Organic Code of Monetary and Financial Law, Book I.

That, the Financial Policy and Regulation Board, in an extraordinary session convened by technological means on December 28, 2022, and held via video conference on December 29, 2022, reviewed Memorandum No. JPRF-SETEC-2022-0091-M of December 27, 2022, issued by the Technical Secretariat of the Board; as well as Technical Report No. JPRF-CT-2022-0047 and Legal Report No. JPRF-CJ-2022-0056 of December 27, 2022, issued by the Legal Coordination and Technical Coordination of the aforementioned Board, and the draft Resolution corresponding thereto;

In exercise of its functions,
RESOLVES:
ARTICLE ONLY.- Approve the budget of the Development Bank of Ecuador B.P. for the 2023 fiscal year, under the terms indicated by the General Manager in Letter No. BDE-BDE-2022-0445-OF of November 30, 2022, as derived from the Annex that forms part of this Resolution.

Resolution No. JPRF-G-2022-055

GENERAL PROVISIONS
FIRST.- The legal representative of the Development Bank of Ecuador B.P. shall be responsible, within the framework of the Law, for the execution of the budget.

SECOND.- It is ordered that the Development Bank of Ecuador B.P. submit the approved budget for the 2023 fiscal year to the Ministry of Economy and Finance and the National Assembly within a term of 30 days, counted from the issuance of this resolution, in compliance with what is provided in Articles 112 of the Organic Code of Public Planning and Finance and 94 of its General Regulation.

FINAL PROVISION.- This Resolution shall enter into force from the present date, without prejudice to its publication in the Official Register, and shall be published on the institutional website of the Financial Policy and Regulation Board within a maximum term of two days from its issuance.

NOTIFY.- Given in the Metropolitan District of Quito, on December 29, 2022.
THE PRESIDENT,
Mgs. María Paulina Vela Zambrano
The aforementioned Resolution was processed and signed by Master María Paulina Vela Zambrano, President of the Financial Policy and Regulation Board, in the Metropolitan District of Quito, on December 29, 2022.- I CERTIFY.
TECHNICAL SECRETARIAT
Dr. Nelly Arias Zavala

Resolution No. JPRF-G-2022-055

ANNEX
Source: Letter No. BDE-BDE-2022-0445-OF of November 30, 2022.