Panama: Defaults Increase in the Banking Credit System
In the month of June of 2008, past due accounts and defaults represented 2.4% of the credit accounts receivable; in September, 2.7%; and in December, 3.4%.
Tuesday, February 17, 2009
Prensa.com publishes in its website: "Commercial banks should maintain defaults under control and make other provisions to assure stability."
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.
At the end of May, the delinquent portfolio of the banking system summed $565 million, up from $369.7 in the same period of 2008.
According to data from the Bank Superintendent of Panama, the balance of defaults and past due accounts reached $37.3 million in 2008.
The December 2008 credit default index was 2.79%, according to data from the Salvadorian Banking Association (ABANSA).
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