Lima, 1 July 2021

S.B.S. Resolution No. 01933 -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. 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 their amendments, complementary provisions on the administration of credit foreign exchange risk were established;

That, by means of Supreme Decree No. 184-2020-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. 105-2021-PCM; and exceptional and temporary measures have been ordered regarding the spread of COVID-19;

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

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That, by means of Urgency Decree No. 049-2020 and its amendments, measures were established to strengthen the management of the FAE-MYPE, through the allocation of new resources, providing 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 MSMEs to be granted the necessary financing for working capital;

That, by means of Ministerial Resolution No. 150-2020-EF/15 and its amendment, the New Operating Regulation of the FAE-MYPE was approved;

That, given the situation that the country has been going through as a consequence of COVID-19, by means of SBS Resolution No. 1315-2020 it was provided that, exceptionally, a credit risk provision rate of 0% is applicable to the part of the credits that has the coverage of the FAE-MYPE guarantee, when credit counterparty substitution is applied, and that a weighting factor of 0% is applicable for purposes of calculating the requirement of effective equity for credit risk under the standard method, to the part of the exposures that has the coverage of the FAE-MYPE guarantee when credit counterparty substitution is applied.

That, subsequently, by means of Urgency Decree No. 029-2021, measures in economic and financial matters were established aimed at the reprogramming of credits guaranteed with the Business Support Fund for MSMEs (FAE MYPE); and that by means of Ministerial Resolution No. 149-2021-EF/15 the operating regulation of the FAE-MYPE is adapted to the provisions of the aforementioned Urgency Decree;

That, it is necessary to establish clarifications on aspects of a prudential and accounting nature that must be considered by the companies for the reprogramming of credits guaranteed with the FAE-MYPE within the framework of Urgency Decree No. 029-2021; as well as to make accounting clarifications on other programs;

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 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 exceptional conditions provided in article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

Article One.- In the case of companies of the financial system, the part of the reprogrammed credits that have the coverage of the Business Support Fund for MSMEs is subject to the same treatment provided for the part of the credits that have the coverage of the Business Support Fund for MSMEs, through SBS Resolutions No. 1315-2020 and No. 1546-2020. The exceptional limit of fifty percent (50%) of the effective equity of the companies of the financial system applies to the total of the coverages granted by the Business Support Fund for MSMEs, whether or not they correspond to

credits reprogrammed within the framework of DU No. 029-2021, in favor of the same company of the financial system.

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 June 2021.

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

Register, communicate and publish

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

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

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. Incorporate subaccounts 8109.47 "Reprogrammed Credits FAE-MYPE 1 - DU N° 029-2021" and 8109.48 "Reprogrammed Credits FAE-MYPE 2 - DU N° 029-2021", their descriptions, as well as their analytical accounts and analytical subaccounts, in accordance with the following:

8109.47 Reprogrammed Credits FAE-MYPE 1- DU N° 029-2021

Credits guaranteed with the FAE-MYPE, reprogrammed within the framework of Urgency Decree N° 029-2021 regulated by Ministerial Resolution N° 149-2021-EF/15, 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".

Credits originally recorded in the order subaccount 8109.39 "Credits under FAE-MYPE 1 financing scheme" that have been reprogrammed within the framework of DU N° 029-2021, must be recorded only in this subaccount 8109.47.

The accounting in this subaccount 8109.47 must discriminate the part of the credit that has FAE-MYPE guarantee, from the part that does not have said guarantee; likewise, capital and interest are discriminated.

In the case of interest and yields of reprogrammed credits, which are accounted 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 this subaccount, in the analytical subaccounts called "Accrual criterion". As interest is collected, it will be credited to account 1408 and the interest recorded in the analytical subaccounts "Accrual criterion" corresponding to this subaccount will be reversed.

In the case of interest and yields of reprogrammed credits that are accounted 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 this subaccount, in the analytical subaccounts called "Cash basis criterion". As interest is collected, it will be recognized as income in account 5104 "Interest on credits" and the interest recorded in account 8104 will be reversed, as well as the interest recorded in the analytical subaccounts "Cash basis criterion" corresponding to this subaccount for the amounts effectively collected.

Accrued interest not collected at the date of reprogramming, which was accounted under the cash basis criterion, will continue to be recognized under the cash basis during the term of the credit.

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SUBACCOUNTS AND ANALYTICAL ACCOUNTS:

8109.47.01	Current Credits - Microenterprises
8109.47.01.01 Credits with FAE - MYPE guarantee
8109.47.01.02 Credits without FAE - MYPE guarantee
8109.47.02	Current Credits - Small enterprises
8109.47.02.01 Credits with FAE - MYPE guarantee
8109.47.02.02 Credits without FAE - MYPE guarantee
8109.47.03	Current Credits - Medium-sized enterprises
8109.47.03.01 Credits with FAE - MYPE guarantee
8109.47.03.02 Credits without FAE - MYPE guarantee
8109.47.04	Past Due Credits - Microenterprises
8109.47.04.01 Credits with FAE - MYPE guarantee
8109.47.04.02 Credits without FAE - MYPE guarantee
8109.47.05	Past Due Credits - Small enterprises
8109.47.05.01 Credits with FAE - MYPE guarantee
8109.47.05.02 Credits without FAE - MYPE guarantee
8109.47.06	Past Due Credits - Medium-sized enterprises
8109.47.06.01 Credits with FAE - MYPE guarantee
8109.47.06.02 Credits without FAE - MYPE guarantee
8109.47.07	Refinanced Credits - Microenterprises
8109.47.07.01 Credits with FAE - MYPE guarantee
8109.47.07.02 Credits without FAE - MYPE guarantee
8109.47.08	Refinanced Credits - Small enterprises
8109.47.08.01 Credits with FAE - MYPE guarantee
8109.47.08.02 Credits without FAE - MYPE guarantee
8109.47.09	Refinanced Credits - Medium-sized enterprises
8109.47.09.01 Credits with FAE - MYPE guarantee
8109.47.09.02 Credits without FAE - MYPE guarantee
8109.47.11	Yields - Credits to Microenterprises
8109.47.11.01 Accrual criterion
8109.47.11.02 Cash basis
8109.47.12	Income - Loans to Small enterprises
8109.47.12.01 Accrual basis
8109.47.12.02 Cash basis
8109.47.13	Income - Loans to Medium-sized enterprises
8109.47.13.01 Accrual basis
8109.47.13.02 Cash basis

8109.48 Reprogrammed FAE-MYPE 2 Loans - DU No. 029-2021 Loans originally recorded in memorandum subaccount 8109.40 "Loans under the FAE-MYPE 2 financing scheme" that have been reprogrammed under DU No. 029-2021 must be recorded only in this subaccount 8109.48.

The accounting in this subaccount must follow the recording criteria of subaccount 8109.47.

SUBACCOUNTS AND ANALYTICAL ACCOUNTS:

8109.48.01	Outstanding Loans - Microenterprises
8109.48.01.01 Loans with FAE - MYPE guarantee
8109.48.01.02 Loans without FAE - MYPE guarantee
8109.48.02	Outstanding Loans - Small enterprises

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8109.48.02.01	Loans with FAE - MYPE guarantee
8109.48.02.02	Loans without FAE - MYPE guarantee
8109.48.03	Outstanding Loans - Medium-sized enterprises
8109.48.03.01	Loans with FAE - MYPE guarantee
8109.48.03.02	Loans without FAE - MYPE guarantee
8109.48.04	Past-due Loans - Microenterprises
8109.48.04.01	Loans with FAE - MYPE guarantee
8109.48.04.02	Loans without FAE - MYPE guarantee
8109.48.05	Past-due Loans - Small enterprises
8109.48.05.01	Loans with FAE - MYPE guarantee
8109.48.05.02	Loans without FAE - MYPE guarantee
8109.48.06	Past-due Loans - Medium-sized enterprises
8109.48.06.01	Loans with FAE - MYPE guarantee
8109.48.06.02	Loans without FAE - MYPE guarantee
8109.48.07	Refinanced Loans - Microenterprises
8109.48.07.01	Loans with FAE - MYPE guarantee
8109.48.07.02	Loans without FAE - MYPE guarantee
8109.48.08	Refinanced Loans - Small enterprises
8109.48.08.01	Loans with FAE - MYPE guarantee
8109.48.08.02	Loans without FAE - MYPE guarantee
8109.48.09	Refinanced Credits - Medium-sized enterprises
8109.48.09.01	Credits with FAE guarantee - MYPE
8109.48.09.02	Credits without FAE guarantee - MYPE
8109.48.11	Income - Credits to Microenterprises
8109.48.11.01	Accrual basis
8109.48.11.02	Cash basis
8109.48.12	Income - Credits to Small enterprises
8109.48.12.01	Accrual basis
8109.48.12.02	Cash basis
8109.48.13	Income - Credits to Medium-sized enterprises
8109.48.13.01	Accrual basis
8109.48.13.02	Cash basis

2. Incorporate the analytical account 8404.05.19 “Guarantee granted for reprogrammed FAE-MYPE credits”, as well as its description, in accordance with the following:

8404.05.19 Guarantee granted for reprogrammed FAE-MYPE credits

In this analytical account, the guarantee granted to the reprogramming of credits of the FAE-MYPE program is recorded within the framework of Urgency Decree No. 029-2021 and complementary regulations, which corresponds to the credits recorded in subaccounts 8109.47 Reprogrammed FAE-MYPE Credits 1- DU No. 029-2021 and 8109.48 Reprogrammed FAE-MYPE Credits 2- DU No. 029-2021 .

In the case of guarantees corresponding to credits that have been reprogrammed within the framework of Urgency Decree No. 029-2021, these shall no longer be recorded in analytical accounts 8404.05.12 or 8404.05.13, and must be recorded in analytical account 8404.05.19.

3. Incorporate in the description of account 8108 “Credits that participate in the REACTIVA PERÚ Program”, as the last paragraph, the following text:

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“Accrued interest not collected as of the date of reprogramming, which was accounted for under the cash basis, shall continue to be recognized under the cash basis during the term of the credit.”

4. Incorporate in the description of account 8404.05.18 “Guarantee granted by the National Government – Reprogrammed Credits Reactiva Perú Program“, as the last paragraph, the following text:

“In the case of guarantees corresponding to credits that have been reprogrammed within the framework of Urgency Decree No. 026-2021, these shall no longer be recorded in analytical account 8404.05.11, and must be recorded in analytical account 8404.05.18”.

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 “Report on Classification of Debtors and Provisions”, in accordance with the following:

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

“5b. Indicate the portion of direct credits and the exposure equivalent to credit risk of indirect credits 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 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 guarantee letters, (ii) guarantees, (iii) bank acceptances, iv) surety policies, 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 trust 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 credits shall be recorded in the column corresponding to the risk classification and the type of credit 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 credits that has the coverage of the Reactiva Perú Program, created by Legislative Decree No. 1455 and its amendments and complementary regulations, 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 credits that has the coverage of the Business Support Fund for MYPE, created by Urgency Decree No. 029-2020 and strengthened by Urgency Decree No. 049-2020 and its amendments, including credits that have been reprogrammed within the framework of Urgency Decree No. 029-2021; of the Business Support Fund for MYPE of the Tourism Sector, created by Urgency Decree 076-2020 and its amendment; of the National Government Guarantee Program for Agrarian Business 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.

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

2. Amend Annex No. 6 “Credit Report of Debtors - RCD”, in accordance with the following:

Incorporate in the RCD Chart of Accounts the following:

a) The analytical subaccounts of subaccount 8109.47 “Reprogrammed FAE-MYPE Credits 1- DU No. 029-2021”;

b) The analytical subaccounts of subaccount 8109.48 "Reprogrammed Credits FAE-MYPE 2- DU No. 029-2021";

c) The analytical account 8404.05.19 "Guarantee granted for reprogrammed credits FAE-MYPE".

3. Amend the methodological notes of Report No. 2-A1 "Credit Risk-Weighted Assets and Contingents - Standardized Method" in accordance with the following:

a. Amend methodological note I.9, in accordance with the following text:

"Corporates: In this section, companies must report the exposures included in the definition set forth in subsection r) of Article 2 of the Regulation for the Effective Equity Requirement for Credit Risk. The 0% weighting may only be applied to exposures with the MYPE Business Support Fund, created by Urgency Decree No. 029-2020 and strengthened by Urgency Decree No. 049-2020 and its amendments, including credits that have been reprogrammed under Urgency Decree No. 029-2021; as well as with the MYPE Business Support Fund of the Tourism Sector, created by Urgency Decree 076-2020 and its amendment, through the application of credit counterparty substitution.