When a full service bank enters a state of liquidation or bankruptcy, IPAB will proceed to pay the guaranteed obligations assumed by that full service bank, subject to the limits and conditions established in the Law of Banking Savings Protection (Spanish acronym LPAB), except those that have been the object of a transfer of assets and liabilities.

Publication of Payment Procedure

The procedure for payment of guaranteed obligations will be published in the Official Gazette of the Federation, in two daily newspapers with nationwide circulation, and using other means of communication that IPAB considers appropriate. IPAB will publish said payment procedure within five business days after assuming the position of liquidator or receiver, as the case may be.

Filing of Payment Request

Only persons that file a payment request, to which they must attach copies of contracts, account statements, or other documents evidencing the guaranteed obligations in the full service bank in the process of dissolution and liquidation, may exercise the right to receive payment for guaranteed obligations.

The request to which the preceding paragraph refers must be filed in the terms, hours, and places mentioned in the procedure for payment of guaranteed obligations published by IPAB as part of its general rules.

Persons that have not filed the above request within the aforementioned term will retain all their rights in relation to the full service bank in question, which they may exercise through the appropriate judicial channels.No judicial action whatsoever may be exercised against resolutions issued by IPAB regarding payment of guaranteed obligations unless the relevant request is filed in the terms and conditions mentioned in the two preceding paragraphs and such action is instituted within twelve months after the publication of the procedure for payment of guaranteed obligations corresponding to the full service bank in question.

Payment of Guaranteed Obligation

From the date of publication of the payment procedure, IPAB will have ninety days to make the corresponding payment of obligations.

IPAB will pay the balance of principal and accessories on guaranteed obligations, for up to a maximum of 400,000 UDIs per natural or legal person. The amount payable will be determined in UDIs on the day IPAB publishes the resolution regarding the liquidation of the full service bank, independently of the currency in which the guaranteed obligations are denominated or the interest rates stipulated.

Payment of guaranteed obligations will be made in Mexican currency, and therefore the amount denominated in UDIs will be converted using the present value of the UDI on the day IPAB makes the payment.