Panama Banks: New rules for appraising guarantees
The new rule establishes which guarantees will be accepted by the Banking Supervision Authority as credit risk mitigators, and how they should be valued
Friday, August 1, 2008
The Panamanian Banking Supervision authority (Superintendencia de Bancos de Panamá), signed the Agreement #2 of 2008, which specifies the parameters and guidelines for the valuation of guarantees used to mitigate credit risk. The norm applies to public banks, banks with a General License and banks with an International License.
The Costa Rican Banking Association notes that the fiduciary is authorized to perform extrajudicial property auctions of security trusts.
Banks and financial entities, as well as some companies, will have to give account to the Superintendence of Banks next year.
The new provisions of the Banking Law will become effective starting August 25, the Superintendency of Banks indicated.
The growth of the banking business and its increasing complexity have been behind the reform of the Decree Law 9, issued Feb. 26, 1998.
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