Lima, 30 April 2021

S.B.S. Resolution No. 1333-2021

The Superintendent of Banking, Insurance and
Private Administrators of Pension Funds

WHEREAS:

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

That, by means of SBS Resolution No. 14354-2009 and its amendments, the Regulation for the Requirement of Effective Equity for Credit Risk was approved, in which the methodology to be applied is established, as well as the requirements that the companies of the financial system must comply with to calculate the requirement of effective equity for credit risk using the standard method or the method based on internal ratings;

That, by means of SBS Resolution No. 895-98 and its amendments, the Accounting Manual for Companies of the Financial System was approved;

That, by means of SBS Resolution No. 6941-2008 and its amendments, the Regulation for the Administration of the Over-Indebtedness Risk of Retail Debtors was approved, which provides that companies must establish in their commercial policies, as well as in those for granting, modifying and reviewing credit lines, explicit criteria and measures that incorporate the over-indebtedness risk of retail debtors;

That, by means of SBS Resolution No. 41-2005 and its amendment, the Regulation for the Administration of Credit Foreign Exchange Risk was approved, which establishes guidelines for adequate control of credit foreign exchange risk; and by means of Circular B-2145-2005, CR- 0201-2005, EAF-0229-2005, EDPYME-0117-2005, CM-0332-2005, F-0485-2005 and its amendments, complementary provisions on the administration of credit foreign exchange risk were established;

That, by means of Supreme Decree No. 044-2020-PCM and its amendments, the National State of Emergency was declared as a consequence of the outbreak of the Coronavirus (COVID-19), which has been extended by Supreme Decree No. 008-2021-PCM and

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amendment; and new exceptional and temporary measures have been ordered regarding the spread of COVID-19;

That, by means of Legislative Decree No. 1455-2020 and its amendments, the creation of the National Government Guarantee Program for Continuity in the Payment Chain (REACTIVA PERU Program) was ordered, whose purpose is to guarantee the financing of the replenishment of working capital funds of companies that face short-term payments and obligations with their workers and suppliers of goods and services, through a mechanism that grants the National Government guarantee to credits in national currency that are placed by companies of the financial system, and by means of Ministerial Resolution No. 134-2020-EF/15 and amendments, the operating regulations of the aforementioned Program were approved;

That, given the situation that the country has been going through as a consequence of COVID-19, by means of SBS Resolution No. 1314-2020 it was provided that, exceptionally, for credits that have the coverage of the guarantee of the REACTIVA PERU Program, a credit risk provision rate of 0% is applicable when credit counterparty substitution is applied;

That, likewise, by means of SBS Resolution No. 1546-2020, it was provided that the part of the exposures that has the guarantee of the REACTIVA PERU Program, when credit counterparty substitution is applied, be excluded from the calculation of the provisions indicated in the first and third paragraphs of article 7 of the Regulation for the Administration of the Over-Indebtedness Risk of Retail Debtors, as well as from the additional provisions indicated in article 7 of the Regulation for the Administration of Credit Foreign Exchange Risk;

That, subsequently, by means of Urgency Decree No. 026-2021, measures in economic and financial matters were established aimed at the reprogramming of credits guaranteed with the REACTIVA PERU Program; and by means of Ministerial Resolution No. 119-2021-EF/15 the operating regulations of the Reactiva Peru Program are adapted to the provisions of the aforementioned Urgency Decree;

That, it is necessary to establish clarifications on prudential and accounting aspects that must be considered by companies for the reprogramming of credits guaranteed with the REACTIVA PERU Program within the framework of Urgency Decree No. 026-2021;

With the approval of the Deputy Superintendencies of Banking and Microfinance, of Risks, of Economic Studies and of Legal Advice; and,

In use of the powers conferred in numerals 7, 9 and 13 of article 349 of the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendency of Banking and Insurance (Law No. 26702 and its amendments), and on the basis of the exception conditions provided in article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

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Article One.- In the case of companies of the financial system, establish that the part of the reprogrammed credits that have the coverage of the REACTIVA PERU Program is subject to the same treatment provided for the part of the credits that have the coverage of the National Government Guarantee Program for Continuity in the Payment Chain, through SBS Resolutions No. 1314-2020 and No. 1546-2020.

Article Two.- Modify the Accounting Manual for Companies of the Financial System, approved by SBS Resolution No. 895-98 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 the provisions of Supreme Decree No. 001- 2009-JUS and its amendments, being effective as of the information corresponding to the month of May 2021.

Article Three.- This Resolution enters into force on the day following its publication in the official newspaper El Peruano, except as provided in article two.

Register, communicate and publish

MARIA DEL SOCORRO HEYSEN ZEGARRA
Superintendent of Banking, Insurance and AFP

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ANNEX

MODIFICATIONS TO THE ACCOUNTING MANUAL FOR COMPANIES OF THE FINANCIAL SYSTEM

I. Modify Chapters III "Chart of Accounts" and IV "Description and Dynamics of Accounts" of the Accounting Manual for Companies of the Financial System, in accordance with the following:

1. Replace the description of account 8108 "CREDITS THAT PARTICIPATE IN THE REACTIVA PERÚ PROGRAM", in accordance with the following:

ACCOUNT :	8108	CREDITS THAT PARTICIPATE IN THE REACTIVA PERÚ PROGRAM
DESCRIPTION:	The credits granted within the framework of the Reactiva Perú Program approved by Legislative Decree No. 1455 and its amendments and complementary regulations, as well as the reprogrammings generated within the framework of Urgency Decree No. 026-2021 and complementary regulations, in addition to being recorded in the corresponding accounts of item 14 "Credits", must be recorded in this subaccount, having as counterpart item 82 "Contra account of debtor order accounts".
	The accounting in this subaccount must discriminate the part of the credit that has a guarantee from the National Government, from the part that does not have said guarantee; likewise, capital and interest are discriminated.
	The credits granted within the framework of Legislative Decree No. 1455 and its amendments and complementary regulations must be recorded in subaccounts 8108.01, 8108.05 and 8108.08. In the case of credits reprogrammed within the framework of Urgency Decree No. 026-2021 and complementary regulations, they must be recorded in subaccount 8108.11 "Reprogrammed Credits – DU No. 026-2021".
	In the case of credits previously recorded in subaccounts 8108.01, 8108.05 and 8108.08 that have been reprogrammed within the framework of DU No. 026-2021, they will cease to be recorded in the aforementioned subaccounts and must be recorded in subaccount 8108.11.
	In the case of interest and yields, which are accounted for under the accrual criterion, in addition to the recording in account 1408 "Accrued yields of current credits" and in account 5104 "Interest on credits", they must be recorded in the analytical order subaccounts called "Accrual criterion" of subaccount 8108.08 and analytical accounts 8108.11.20, 8108.11.21,

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8108.11.22, 8108.11.23 and 8108.11.24, as applicable. As interest is collected, it will be credited to account 1408 and the interest recorded in the corresponding "Accrual criterion" analytical subaccounts of subaccount 8108.08 and analytical accounts 8108.11.20, 8108.11.21, 8108.11.22, 8108.11.23 and 8108.11.24, as applicable, will be reversed.

In the case of interest and yields that are accounted for under the cash basis criterion, in addition to the recording in the suspense order accounts 8104 "Yields of credits, investments and income in suspense", they must be recorded in the analytical subaccounts called "Cash basis criterion" of subaccount 8108.08 and analytical accounts 8108.11.20, 8108.11.21, 8108.11.22, 8108.11.23 and 8108.11.24, as applicable. As interest is collected, it will be recognized as income in account 5104 "Interest on credits" and the interest recorded in account 8104, as well as the interest recorded in the corresponding "Cash basis criterion" analytical subaccounts of subaccount 8108.08 and analytical accounts 8108.11.20, 8108.11.21, 8108.11.22, 8108.11.23 and 8108.11.24, as applicable, will be reversed, for the amounts effectively collected.

2. Incorporate into account 8108, the subaccount, analytical accounts and analytical subaccounts detailed below:

8108.11	Reprogrammed credits - DU No. 026-2021
8108.11.02	Current Credits – Microenterprise
8108.11.02.01 Credits to microenterprises with guarantee from the National Government
8108.11.02.02 Credits to microenterprises without guarantee from the National Government
8108.11.10	Current Credits – Corporate
8108.11.10.01 Corporate credits with guarantee from the National Government
8108.11.10.02 Corporate credits without guarantee from the National Government
8108.11.11	Current Credits – Large Companies
8108.11.11.01 Credits to large companies with guarantee from the National Government
8108.11.11.02 Credits to large companies without guarantee from the National Government
8108.11.12	Current Credits – Medium Companies
8108.11.12.01 Credits to medium companies with guarantee from the National Government
8108.11.12.02 Credits to medium companies without guarantee from the National Government

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8108.11.13	Current Credits – Small Companies
8108.11.13.01	Credits to small companies with guarantee from the National Government
8108.11.13.02	Credits to small companies without guarantee from the National Government
8108.11.14	Past Due Credits – Microenterprise
8108.11.14.01	Credits to microenterprises with guarantee from the National Government
8108.11.14.02	Credits to microenterprises without guarantee from the National Government
8108.11.15	Past Due Loans – Corporate
8108.11.15.01	Corporate loans with National Government guarantee
8108.11.15.02	Corporate loans without National Government guarantee
8108.11.16	Past Due Loans – Large Enterprises
8108.11.16.01	Loans to large enterprises with National Government guarantee
8108.11.16.02	Loans to large enterprises without National Government guarantee
8108.11.17	Past Due Loans – Medium Enterprises
8108.11.17.01	Loans to medium enterprises with National Government guarantee
8108.11.17.02	Loans to medium enterprises without National Government guarantee
8108.11.18	Past Due Loans – Small Enterprises
8108.11.18.01	Loans to small enterprises with National Government guarantee
8108.11.18.02	Loans to small enterprises without National Government guarantee
8108.11.20	Income – Microenterprises
8108.11.20.01	Accrual basis
8108.11.20.02	Cash basis
8108.11.21	Income – Corporate
8108.11.21.01	Accrual basis
8108.11.21.02	Cash basis
8108.11.22	Income – Large Enterprises
8108.11.22.01	Accrual basis
8108.11.22.02	Cash basis
8108.11.23	Income – Medium Enterprises
8108.11.23.01	Accrual basis
8108.11.23.02	Cash basis
8108.11.24	Income – Small Enterprises
8108.11.24.01	Accrual basis
8108.11.24.02	Cash basis

3. Incorporate analytical account 8404.05.18 “Guarantee granted by the National Government – Reprogrammed Loans Reactiva Perú Program”, as well as its description, in accordance with the following:

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8404.05.18 Guarantee granted by the National Government – Reprogrammed Loans Reactiva Perú Program

This analytical account records the National Government guarantee of loans reprogrammed under Emergency Decree No. 026-2021 and complementary regulations, which allows the reprogramming of loans guaranteed under the Reactiva Perú Program.

II. Amend Chapter V “Complementary Information” of the Accounting Manual for Companies of the Financial System, in accordance with the following:

1. Amend the methodological notes of Annex No. 5 "Debtor Classification and Provisions Report", in accordance with the following:

a. Replace methodological note 5b, in accordance with the following text:

"5b. Indicate the portion of direct loans and the exposure equivalent to credit risk of indirect loans to which credit counterparty substitution applies, that is, when the debtor has the subsidiary responsibility of central governments and their agencies, central banks, International Monetary Fund, European Central Bank, Bank for International Settlements, multilateral development banks listed in article 16 of the Regulation for the Effective Equity Requirement for Credit Risk, companies of the financial system or the insurance system of the country and abroad, as well as other entities with Risk II in accordance with the Regulation for the Effective Equity Requirement for Credit Risk, instrumented in (i) joint and several surety letters, (ii) guarantees, (iii) bank acceptances, iv) surety bonds, v) export credit insurance for pre- and post-shipment financing, (vi) letters of credit, stand-by letters of credit or similar guarantees, provided they are irrevocable with documents negotiated without discrepancies, (vii) credit derivatives (only total return swap and credit default swap); (viii) credit insurance coverage extended by a credit insurance autonomous patrimony and (ix) coverage of a guarantee fund constituted by Law or a norm with the rank of law, risk coverage of Fondo MIVIVIENDA S.A. and other similar guarantees. The amount of loans shall be recorded in the column corresponding to the risk classification and the type of loan of the party providing the credit protection, in accordance with the criteria of numeral 2.1 of Chapter III of the Regulation for the Evaluation and Classification of the Debtor and Provision Requirements. The portion of loans that has the coverage of the Reactiva Perú Program, created by Legislative Decree No. 1455 and its amendments and complementary norms, including those that have been reprogrammed within the framework of Urgency Decree No. 026-2021, shall be considered as Corporate – Provision Rate 0%; likewise, the portion of loans that has the coverage of the Business Support Fund for MSEs, created by Urgency Decree No. 029-2020 and its amendment; of the Business Support Fund for MSEs of the Tourism Sector, created by Urgency Decree 076-2020 and its amendment; of the National Government Guarantee Program for Business Agricultural Financing, created by Urgency Decree No. 082-2020 and its amendment; of the COVID-19 Guarantee Program, created by Law No. 31050 and of the Business Support Program for micro and small enterprises (PAE – MYPE) created by Urgency Decree No. 019-2021.

This section shall include the portion of MIVIVIENDA mortgage loans granted as of 1 July 2010, which has coverage from FONDO MIVIVIENDA.

2. Amend Annex No. 6 "Debtor Credit Report - RCD", in accordance with the following:

Republic of Peru

SUPERINTENDENCY OF BANKING, INSURANCE AND AFP

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Incorporate into the RCD Chart of Accounts the analytical subaccounts of subaccount 8108.11 "Reprogrammed Loans – DU No. 026-2021" and analytical account 8404.05.18 "Guarantee granted by the National Government –Reprogrammed Loans Reactiva Perú Program".