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In brief

On September 15, 2020, the Office of the Superintendent of Banking Sector Institutions (“SUDEBAN”) issued Resolution No. 041.20, which established temporary measures for evaluating credit portfolios, the creation of provisions in risk categories, the execution of guarantees and special conditions for credits granted before the entry into force of the Decree No. 4.1681 of March 23, 2020 (“Resolution”).2 The Resolution entered into force on September 15, 2020.

The Resolution applies to public and private banking institutions subject to SUDEBAN’s inspection, supervision, vigilance, regulation and control.

1. Purpose.

The Resolution’s purpose is to establish special conditions for the administration of collections of credit portfolio, risk and the gradual constitution of provisions to:

  1. Liquidated credits. Completely or partially liquidated credits, until 13 March 2020.
  2. Commercial or productive credits subject to restructuring. Those credits subject to restructuring, affected by the suspension of commercial activities, and whose debtors have not generated sufficient income from the sale of goods and services. This applies to these credits:
    1. CCVU. Beneficiaries of valid commercial credits, expressed in Commercial Credit Value Units (“CCVU”);
    2. PCVU. Beneficiaries of the Sole National Productive Portfolio, expressed in Productive Credit Value Units (“PCVU”).
    3. Restructuring requests. The beneficiaries of credits expressed in CCVU and PCVU, liquidated completely or partially as of 13 March 2020, affected because of the suspension of commercial activities and that not have generated sufficient income from the sale of goods and services, may request restructuring of payment of capital and interest during the State of Alarm.3 They may request the restructuring through a motivated request and a payment plan according to their financial capacity.

2. Temporary measures.

  1. Risk category. Banking institutions will not change the risk classification of credits granted to persons and entities that, because of the COVID-19 pandemic, have not been paid in the originally established timeframe, even if they present characteristics that require their inclusion in other risk categories.
    1. Risk category granted before the pandemic. Credits granted before 13 March 2020 will maintain their risk classification reflected as of 31 March 2020.
    2. Risk category granted during the pandemic. Credits granted during the State of Alarm will maintain an “A” risk category.
  2. Accounting status. Credits granted at a fixed term to persons or entities that due to the pandemic have not been paid in the originally established term nor have been restructured during the State of Alarm will not be the object of accounting reclassifications
    1. Accounting status granted before the pandemic. Credits granted before 13 March 2020 will maintain their accounting status reflected on March 31, 2020.
    2. Accounting status granted during the pandemic. Credits granted during the State of Alarm will remain valid.
    3. Returns. Banking institutions will book the income from those credits upon collection.
  3. Excess amounts. Banking institutions will maintain excess amounts of provisions registered for the in the original registry accounts, so they cannot reverse or liberate them. The excess amounts will serve as a base to tackle any increase in defaults and minimize the risk of impact of the pandemic.
  4. Suspension of the execution of guarantees. The Resolution suspended the legal possibility to execute guarantees that correspond to the maturity of unpaid credits during the State of Alarm.
  5. Monthly control of temporary measures. Banking institutions will monthly control the credits subject to temporary measures. Restructured credits under the Resolution may still be accounted for in the group of valid credit portfolios, and their respective returns.

3. Accounting registry of restructured credits.

The accounting registry of income related to restructured credits must comply with these instructions:

  1. Receivable interest of valid credits upon restructuring. Banking institutions will continue applying the accrual method during the term of amortization of principal and/or interest. Banking institutions should apply the same method for  interest generated as of restructuring.
  2. Receivable interest of expired credits upon restructuring and default interest. Banking institutions will register them as income once upon collection.

4. Technological updates.

Banking institutions must immediately carry out the t technological updates in their administration systems of credit portfolios for the execution of the Resolution.

5. Non-application of other norms.

The Resolution suspends until December 31, 2020, the rules and guidelines regarding classification of credits, calculation of provisions and their accounting registry that contravene the Resolution. However, the rest of rules issued by SUDEBAN regulating the matter will remain valid.

6. Measures after December 31, 2020.

From January 1, 2021 onwards, banking institutions must carry out the measures  to adequate to the norms issued by SUDEBAN regarding the classification of credits, calculation of provision and their accounting registry.

Click here to access the Spanish version.

1 V. Background and related information: Baker McKenzie, “The Venezuelan government created a special regime for the payment of banking credits and interest”, in

2 V. Official Gazette No. 41.965 of 15 September 2020.

3 V, Background and related information: Baker McKenzie, “Venezuela: COVID-19 Client Alerts”, in


José P. Barnola Jr. joined Baker McKenzie in 1996 and became partner in 2003. He is a senior member of the Venezuela tax practice group and counsel of the tax practice group in Mexico, and has extensive experience in tax advice, transactional tax and tax litigation. José has authored over 30 legal articles on several legal and tax issues published in Venezuela, United States, Canada and México (see list in and has over 18 years' experience as tax law professor. He has written and spoken on investment protection and tax planning, cross-border distribution activities, corporate reorganizations, VAT, tax litigation, employee taxation and other hot topics of the Venezuelan tax system. Since 2018, José has been based in Baker McKenzie's office in Mexico City on a special temporary assignment, where he provides complex planning and transactional investment protection and tax advice, especially for the oil and gas industry, as well as tax litigation. José is the Latin America representative in Baker McKenzie's Tax Dispute Resolution Global Steering Committee, in charge of designing and implementing the global, regional and local strategic plans of the Firm.


Jesús Dávila joined Baker McKenzie in 2002 and became partner in 2009. He is recognized as a leading lawyer in Venezuela by Chambers Latin America and IFLR1000. Jesus advises domestic and multinational companies on the full scope of corporate transactions, including mergers, acquisitions, takeovers, joint ventures and a variety of other corporate work. He has a strong track record providing insightful advice to companies on matters of antitrust, foreign investment and technology transfer, IT/Communications, and trade and commerce. Jesus has been a professor in various renowned universities in Venezuela.


Maria Celis joined the Firm in 1997 and became partner in 2008. She has 20 years of experience working in corporate, mergers and acquisitions, joint ventures, telecommunication, real estate and anti-trust matters, and works with important national and international companies on corporate reorganization and M&A matters. She heads the Venezuela office Diversity & Inclusion committee and she was awarded as a highly commended lawyer in the category “Gender Diversity Lawyer of the Year Venezuela” by Chambers and Partners in the Latin America Awards 2019. In addition, she is member of the Sustainability committee of the Venezuela office and represents Venezuela in the Real Estate and M&A Latin America Steering Committees.