Title VI: Financial statements and surpluses of the bank

Section 75. The Board shall, with a prior favorable report from the Superintendency of Banks and Financial Institutions, issue the regulations containing the requirements and general conditions to which the financial statements of the Bank shall conform, to be prepared for periods of one year ending on December 31 of each year.

Such financial statements, together with the notes and the opinion referred to in the second paragraph of Section 76, shall be published in the Official Gazette and in a newspaper of nationwide circulation before April 30 of each year. The Bank shall also publish a monthly financial statement.

Section 76. Prior to January 31 of each year, the General Manager shall submit to the Board for its decision the financial statements for the last fiscal year, audited as provided in the following paragraph.

The financial statements shall be accompanied with an opinion issued by external auditors appointed by the Board from among those auditors registered with the Superintendency of Banks and Financial Institutions.

Section 77.Surpluses resulting in each fiscal year shall be applied in the order of priority set forth below in this Section, to the following purposes:

  1. Up to 10% of the aggregate amount of said surpluses to constitute reserves, provided the Board so decides;
  2. The resulting balance, after the application as provided in the preceding subparagraph, to fiscal revenue, unless the whole or part is applied by law to increase the capital of the Bank or its reserves.

Any deficit from any fiscal year shall be offset against existing reserves.

Section 78.The Bank shall prepare a report regarding its previous year's activities providing information on the execution of policies and programs carried out in such period, including the financial statements with their respective notes and the opinion referred to in the second paragraph of Section 76.

Section 79.The report shall be available to the public at the offices of the Bank and shall also be submitted to the Minister of Finance and to the Senate, prior to April 30 of each year.

Section 80.Prior to September 30 of each year, the Board shall submit to the Minister of Finance and to the Senate an evaluation of progress made regarding the policies and programs for the current year, together with a report on proposed policies and programs for the next calendar year, stating the general economic projections on which such information is based and the possible effects they may have on major items in the financial statements of the Bank projected for such period.