Costa Rica: Late Payments Growing in Tourism and Real Estate
In January, 2009, 15% of the payments in real estate and tourism loans were late, more than double the amount in August, 2008.
Monday, March 9, 2009
The figures reported by the Superintendent of Financial Institutions indicate that in August of last year, 7% of the payments on loans to the hotel and restaurant sector were late, whereas they were 15% in January of this year.
There have now been seven consecutive months during which the default rate of borrowers from the Banco Nacional de Costa Rica has increased, having exceeded the normal limit of 3% over the past three months.
The delinquent mortgage portfolio reached $1.032 billion on January 31, 35% of all delinquencies in the system.
50% of all loans granted by financing companies are in a state of default.
A passive base rate in excess of 12% would be problematic, affecting the behavior of borrowers and is likely to cause an increase in defaults.
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