Resolution SBS No. 1314-2020: Extraordinary Provisions for Credit Risk Provisions for Loans Guaranteed by the REACTIVA PERU Program

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 1 Lima, April 27, 2020 S.B.S. Resolution No. 1314-2020 The Superintendent of Banks, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, through Resolution SBS No. 11356-2008 and its amendments, the Regulation for the Evaluation and Classification of Debtors and the Requirement of Provisions was approved, in which the credit risk provision rates applicable to different types of credit are established, based on the credit classification of debtors;

That, through Supreme Decree No. 044-2020-PCM and its amendments, the State of National Emergency was declared as a result of the Coronavirus (COVID-19) outbreak, and various exceptional and temporary measures regarding the spread of COVID-19 have been ordered;

That, through Legislative Decree No. 1455-2020 and its amendment, the creation of the National Government Guarantee Program for Continuity in the Payment Chain (hereinafter "REACTIVA PERU Program") was ordered, which aims to guarantee the financing of the replacement of working capital funds for companies facing short-term payments and obligations with their workers and suppliers of goods and services, through a mechanism that grants the National Government's guarantee to national currency credits placed by financial system companies, which was regulated through the Operational Regulation of the REACTIVA PERU Program approved by Ministerial Resolution No. 134-2020-EF/15;

That, given the current situation the country is going through and considering the special characteristics of the REACTIVA PERU Program, it is necessary to establish extraordinary provisions for the constitution of credit risk provisions for the portion of loans that have the guarantee of said program;

Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Risks, Economic Studies and Legal Advice; and,

In exercise of the powers conferred in numbers 7 and 9 of article 349 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance (Law No. 26702 and its amendments), and based on the exceptional conditions established in number 3.2 of article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 2

RESOLVES:

Article First.- Establish that, exceptionally, a credit risk provision rate of 0% is applicable to the portion of loans that have coverage from the guarantee of the REACTIVA PERU Program when credit counterparty substitution is applied.

Article Second.- This Resolution enters into force the day after its publication in the official newspaper El Peruano.

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SOCORRO HEYSEN ZEGARRA
Superintendent of Banks, Insurance and Private Pension Fund Administrators