Resolution SBS No. 1765-2020: Amendment of the Accounting Manual for Savings and Credit Cooperatives Not Authorized to Capture Public Funds of Level 2 and 3, Approved by Resolution SBS No. 577-2019, and Other Provisions

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 1 Lima, 06 de July 2020 Resolution S.B.S.
No. 1765-2020
The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, through Resolution SBS No. 480-2019 and its amendments, the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds was approved, which establishes the provisions for credit risk applicable to different types of credit, based on the credit classification of debtors for Savings and Credit Cooperatives Not Authorized to Capture Public Funds (COOPAC); the methodology that COOPACs must apply to calculate the effective equity requirement for credit risk; and provisions aimed at ensuring that COOPACs adequately manage concentration risk in the operations they carry out;

That, through Resolution SBS No. 577-2019 and its amendments, the Accounting Manual for Savings and Credit Cooperatives Not Authorized to Capture Public Funds was approved;

That, through Supreme Decree No. 044-2020-PCM and its amendments, the National Emergency State 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 established;

That, through Urgency Decree No. 029-2020 and its amendment, the creation of the Business Support Fund for MYPE (FAE-MYPE) was established, with the aim of promoting the financing of micro and small enterprises (MYPE), through credits for working capital, as well as to restructure and refinance their debts;

That, through Urgency Decree No. 049-2020, measures were established to strengthen the management of FAE-MYPE, through the allocation of new resources, providing that the destination of credits is exclusively for working capital and establishing new individual guarantee limits, in order to continue implementing timely and effective measures that allow providing MYPE with the necessary financing for working capital; and through Ministerial Resolution No. 150-2020-EF/15, its operational regulation was approved, which establishes the eligibility requirements for Level 2 and 3 COOPACs;

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That, given the current situation the country is going through, it is necessary to establish special provisions for the constitution of provisions for credit risk for the portion of credits that have the guarantee of FAE-MYPE, and for the calculation of the effective equity requirement for credit risk for the portion of exposures that have the guarantee of the aforementioned fund;

That, it is necessary to establish, in an exceptional manner, a limit of 50% of effective equity that applies to the total of the coverages granted by the Business Support Fund for MYPE in favor of the same COOPAC;

That, it is necessary to modify the Accounting Manual for Savings and Credit Cooperatives Not Authorized to Capture Public Funds of Level 2 and Level 3, regarding Annex No. 5 “Report on Debtor Classification and Provisions, Annex No. 6 “Debtor Report” and Report No. 2-A “Assets and Contingent Weighted by Credit Risk and Effective Equity Requirements for Credit Risk”, as well as Chapters III and IV of the aforementioned Manual, with the aim of aligning them with the aforementioned provisions.

Having the previous technical report and positive feasibility report of the norm from the Adjunct Superintendence of Cooperatives and with the approval of the Adjunct Superintendences of Cooperatives and Legal Advice; and,

In exercise of the attribution conferred in numbers 7, 9 and 13 of article 349, as well as in number 4 A of the Twenty-fourth Final and Complementary Provision, of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its amendments, and based on the exceptional conditions established in article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

First Article.- Modify the Accounting Manual for Savings and Credit Cooperatives Not Authorized to Capture Public Funds of Level 2 and 3, approved by Resolution SBS No. 577-2019 and its amendments, in accordance with the Annex attached to this Resolution, which is published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is established in Supreme Decree No. 001-2009-JUS, with validity from the information corresponding to the month of June 2020.

Second Article.- Establish, in an exceptional manner, fifty percent (50%) of the effective equity of Savings and Credit Cooperatives Not Authorized to Capture Public Funds, the limit that applies to the total of the coverages granted by the Business Support Fund for MYPE in favor of the same COOPAC.

Third Article.- Establish that, exceptionally, a credit risk provision rate of 0% applies to the portion of credits that have the coverage of the guarantee of the Business Support Fund for MYPE (FAE-MYPE) when credit counterparty substitution is applied.

Fourth Article.- Establish that, exceptionally,

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 3

a risk-weighting factor of 0% applies for the purpose of calculating the effective equity requirement for credit risk, to the portion of exposures that have the coverage of the guarantee of the Business Support Fund for MYPE (FAE-MYPE) when credit counterparty substitution is applied.

Fifth Article.- This Resolution enters into force the day following its publication in the Official Gazette El Peruano.

Register, communicate and publish.

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