New banking law goes into effect in August
The growth of the banking business and its increasing complexity have been behind the reform of the Decree Law 9, issued Feb. 26, 1998.
Monday, July 28, 2008
The Office of the Superintendent of Banks has worked out a series of agreements that regulate a new law that will go into effect next month. The agreements relate to ensuring an adequate capital base in the nation's banks as well as liquidity, concentration and consumer protection.
The new provisions of the Banking Law will become effective starting August 25, the Superintendency of Banks indicated.
The new rule establishes which guarantees will be accepted by the Banking Supervision Authority as credit risk mitigators, and how they should be valued
The Superintendence of Banks issued new regulations regarding compliance with the legal liquidity index for entities operating in the Panamanian market.
Banks and financial entities, as well as some companies, will have to give account to the Superintendence of Banks next year.
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