Measures approved by the Superintendence of Banks, to give a support to the bank customers in this situation without precedent – Release march 16, 2019 – First Package of measures:
•Established a mode called “modified loans”, so that customers receive the option to tailor the payment of their obligations and to mitigate a possible deterioration of their credit.
•Banks will be able to review the terms and conditions of the loans in terms of interest rates, and deadlines, which will allow you to negotiate and grant grace periods while maintaining the credit rating at the time of entry into force of this provision.
•The adjustments will be made based on the reality of each debtor who has been affected by the Covid-19 and those who submit arrears in their payments up to 90 days.
•Modifications may be made to the client's request or on the direct initiative of the banks themselves.
•Banks have an initial period of 120 days to conduct assessments of its clients.
•The modification of the loans will not generate additional costs, so you will be free of commissions or new appraisals.
•It would allow banks to make use of the provision dynamics, tool called “countercyclical buffer” that form part of the assets of each bank established during times of high economic growth, with the purpose that it is used in moments where there is a pace of economic growth slowed, as the current situation.
•This should translate into a lower pressure for the banking allowing it to improve its position and arrangement of lending that improve the balance of the result of the banks.
