Resolution No. CD-SIBOIF-585-2-MAY15-2009 Dated 15 May 2009

STANDARD FOR REFORM OF ARTICLE 51 OF THE STANDARD ON CREDIT RISK MANAGEMENT

The Board of Directors of the Superintendency of Banks and Other Financial Institutions, after the deliberations thereon,

SOLE CONSIDERATION

That based on the power granted to it by article 3, numerals 3 and 13, and article 10, numeral 7, of Law 316, Law of the Superintendency of Banks and Other Financial Institutions, and its reforms contained in Law 552, Law of Reforms to the aforementioned Law 316;

In exercise of its powers,

HAS ISSUED

The following,

Resolution No. CD-SIBOIF-585-2-MAY15-2009

STANDARD FOR REFORM OF ARTICLE 51 OF THE STANDARD ON CREDIT RISK MANAGEMENT

First: Reform article 51 of the Standard on Credit Risk Management, contained in Resolution No. CD-SIBOIF-547-1-AGOST20-2008, dated 20 August 2008, which shall read as follows:

Art. 51 Powers.- The Superintendent is empowered to do the following:

a) In special circumstances, financial institutions may request from the Superintendent specific exceptions to the application of this standard. The latter, by reasoned resolution, shall rule thereon, informing the Board of Directors of the Superintendency of such exceptions. In no case shall it apply to consumer loans.

b) Authorize the gradualness of the constitution of provisions, both those determined by the financial institution itself and those instructed by the Superintendent, resulting from the application of any of the provisions established in this standard. The Superintendent,

by reasoned resolution shall rule thereon, informing the Board of Directors of the Superintendency of the authorization of the gradualness, if applicable.

c) Modify the information requested in Annexes 1 and 2-A 2-B of this standard, to the extent that its application so requires.

Second: This standard shall enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Gazette.

(f) A. Rosales B. (f) V. Urcuyo V. (f) Gabriel Pasos Lacayo (f) Roberto Solórzano Ch. (f) A. Cuadra G. (f) Antonio Morgan Pérez. Secretary A d hoc.

URIEL CERNA BARQUERO
Secretary Board of Directors SIBOIF