Lima, 22 May 2009

S.B.S. Resolution No. 4317-2009

The Superintendent of Banking, Insurance and
Private Pension Fund Administrators:

That, in accordance with numeral 8 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, hereinafter the General Law, it is the attribution of this Superintendency to establish the general rules that regulate the contracts and instruments related to the operations carried out by the companies of the financial system;

That, this Superintendency through Resolution SBS No. 1027-2001 approved the Regulation of Financing Contracts with Credit Portfolio Guarantee, regulating the execution of financing contracts in which it is agreed that, in support of such financings, the companies of the financial system must assign their credit portfolio or in some way dispose of it, in favor of the entities that granted them such financings, or in favor of third parties;

That, article 4° of the aforementioned regulation requires a weighting of one hundred percent (100%) for all credit granted as collateral as a disincentive to financing operations with credit portfolio guarantee, constituting an additional cost for the companies of the financial system in their credit operations;

That, in the current situation it is necessary to facilitate access by the companies of the financial system to lines of credit and other forms of financing, as well as to promote the healthy development of credits in the country, mainly those social interest programs such as those developed by the MIVIVIENDA Fund or other similar ones that require financing with credit portfolio guarantee;

That, therefore, this Superintendency has considered necessary the elimination of the weighting requirement indicated above and to require instead that each credit be weighted according to its inherent credit risk;

That, such modification is consistent with the purpose of the aforementioned regulation of preventing that, through such contracting mechanism, the order of priority established in article 117° of the General Law may be altered, as well as that the provisions of numeral 2 of article 106° of the General Law may be infringed;

In accordance with the opinion of the Deputy Superintendencies of Banking and Microfinance, of Risks, of Legal Advisory and of Economic Studies; and,

In use of the attributions conferred by numerals 7, 8 and 9 of article 349º of the General Law;

RESOLVES:

Article One.- Repeal the second paragraph of article 4° of the Regulation of Financing Contracts with Credit Portfolio Guarantee, approved by Resolution SBS No. 1027-2001.

Article Two.- This Resolution shall enter into force on the day following its publication in the official newspaper El Peruano

Register, communicate and publish.

FELIPE TAM FOX
Superintendent of Banking, Insurance and
Private Pension Fund Administrators