Resolution SBS No. 2354-2021: Amending the Accounting Manual for Savings and Credit Cooperatives Not Authorized to Capture Public Funds of Level 2 and 3 and Issuing Other Provisions

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 1 Lima, August 12, 2021 S.B.S. Resolution No. 02354-2021 The Superintendent of Banks, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, through Resolution SBS No. 480-2019 and its amendments, the General Regulation for Savings and Credit Cooperatives Not Authorized to Capture Public Funds was approved, in which the provision rates for credit risk applicable to different types of credit are established, 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 with the aim of 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. 184-2020-PCM and its amendments, the National Emergency State was declared as a consequence of the Coronavirus (COVID-19) outbreak, which has been extended by Supreme Decree No. 105-2021-PCM; and exceptional and temporary measures regarding the spread of COVID-19 have been established;

That, through Urgency Decree No. 029-2020, the creation of the Business Support Fund for Micro and Small Enterprises (FAE-MYPE) was ordered with the aim of promoting the financing of micro and small enterprises (MYPE), through working capital credits, as well as for restructuring and refinancing their debts; and through Ministerial Resolution No. 124-2020-EF/15 its operating regulation was approved;

That, through Urgency Decree No. 049-2020, measures were established to strengthen the management of the FAE-MYPE, through the allocation of new resources, establishing that the destination of the credits is exclusively for working capital and establishing new individual guarantee limits, in order to continue implementing timely and effective measures that allow providing MYPEs with the necessary financing for working capital;

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 2 and through Ministerial Resolution No. 150-2020-EF/15 its operating regulation was approved, where the eligibility requirements for Level 2 and 3 COOPACs are established;

That, in light of the situation the country is going through as a consequence of COVID-19, through Resolution No. 1765-2020, it was ordered that, exceptionally, a credit risk provision rate of 0% is applicable to the portion of credits that have the coverage of the guarantee of the Business Support Fund for Micro and Small Enterprises (FAE-MYPE), and that for the purposes of calculating the effective equity requirement for credit risk, exceptionally, to the portion of exposures that have the Fund's guarantee, a risk weight of 0% must be applied.

That, subsequently, through Urgency Decree No. 029-2021, measures were established in the economic and financial field aimed at the rescheduling of credits guaranteed with the Business Support Fund for Micro and Small Enterprises (FAE MYPE); and through Ministerial Resolution No. 149-2021-EF/15 the operating regulation of the Business Support Fund for Micro and Small Enterprises is adapted to what is established in the aforementioned Urgency Decree;

That, it is necessary to establish clarifications on prudential and accounting aspects that must be considered by COOPACs for the rescheduling of credits guaranteed with the Business Support Fund for Micro and Small Enterprises within the framework of Urgency Decree No. 029-2021;

Having the approval of the Adjunct Superintendencies of Cooperatives and Legal Advice; and,

In exercise of the attribution conferred in paragraphs 7, 9 and 13 of article 349, as well as in paragraph 4 A of the Twenty-Fourth Final and Complementary Provision, of the General Law of the Financial System and the Insurance System and the 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:

Article First.- In the case of COOPACs, establish that the portion of reprogrammed credits that have the coverage of the Business Support Fund for Micro and Small Enterprises is subject to the same treatment established for the portion of credits that have the coverage of the Business Support Fund for Micro and Small Enterprises, through Resolution SBS No. 1765-2020. The exceptional limit of fifty percent (50%) of the effective equity of COOPACs applies to the total of the coverages granted by the Business Support Fund for Micro and Small Enterprises, whether they correspond to reprogrammed credits within the framework of DU No. 029-2021 or not, in favor of the same COOPAC.

Article Second.- 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 and its amendments, with validity starting from the information corresponding to the month of August 2021.

Article Third.- This Resolution enters into force the day after its publication in the official newspaper El Peruano, except for what is established in the second article.

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