Further Reforms for Credit Flexibility
CONASSIF (National Council for Financial System Supervision) of Costa Rica tempered several risk indicators that would allow banks to offer better repayment terms to their customers.
Wednesday, April 1, 2009
The Chamber of Banking and Financial Institutions of Costa Rica (CBF) had requested a long series of amendments tending toward more flexible criteria for banking supervision in February and the CONASSIF had already made some concessions with regard to risk indicators three weeks ago.
The money is intended for loans to small and medium sized businesses at preferential rates, but Bancrédito, the state bank which manages it, alleges legal flaws that prevent it from granting them.
The business sector is warning that the Costa Rica could enter a crisis of massive layoffs if they cannot finance their activities.
Francis Lay was appointed Superintendent General of Financial Institutions for the next 5 years.
The objective of the Superintendence of Financial Entities is to strengthen bank liquidity in order to prevent being affected by the global crisis.
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