Regulatory Alerts2018-12-04 | CD-SIBOIF-1087-2-DIC4-2018Added · Updated
Resolution Reforming Credit Risk Management Standard Articles and Annex 1
The Superintendence of Banks and Other Financial Institutions amends Articles 1, 21, 39, 40, 41, 42, 47, and Annex 1 of the Standard on Credit Risk Management, and adds Articles 42-Bis and 47-Bis, to align with the new IFRS-based accounting framework. The resolution mandates specific valuation methods, classification criteria, and minimum provision percentages for assets received in credit recovery, distinguishing between movable assets and real estate based on time elapsed since adjudication. It establishes clearings for consumer credits at 181 days of default and other credits at 360 days, while requiring the recognition of moratory interest and detailed reporting of adjudicated assets to the regulator. These provisions take effect on January 1, 2019, for financial institutions.