Panamanian banks waiting for financial aid

The Government has still not defined the mechanisms for banks to access the $1.1 billion from the Financial Stimulus Program (PEF).

Friday, January 30, 2009

Edith Castillo in an article on prensa.com writes: "Things are not that simple, there are many operational details that have to be established for the use of these funds and they are only just working on a draft," said a bank source who participated in the meetings in which the Government and banks tried to agree to the terms and conditions of the program."

More on this topic

Panama: Financial Stimulus Program is Ready

April 2009

The terms and conditions of the Financial Stimulus Program for banks to access the $1.11 billion are ready.

The banking industry has repeatedly indicated that for the program to be attractive, it should allow the use of funds without the submission of collateral. However, according to an article in Prensa.com, a government source said: "It is going to be difficult to omit this requirement [the filing of collateral] because the Government is responsible for the use of this money."

Financial Stimulus Program is Law in Panama

March 2009

The law establishes a trust fund of $1.11 billion to be used by banks to finance productive investment.

According to the Cabinet Decree which was approved March 9, the resources should be directed to finance new productive investments or those that were begun after June, 2008.

Panama: Financial Stimulus program will require collateral

February 2009

Banks participating in the program won't benefit from lower rates nor more flexible conditions than those provided by their correspondent banks.

Diego Quijano, in an article published in Prensa.com, writes: "This is because the cost of the funds won't be subsidized and collateral will be required, for the program to be 'sustainable'".

Aid proposed for Panama banks

January 2009

The Panama Bank Association (ABP) recommended that the Government start, as soon as possible, a program to reactivate the economy via the banks.

Prensa.com reports: "This means that the State can drive the economy via local banks by granting loans to sectors that will generate employment and wealth for the country," said the new president of the ABP, Moises Cohen, in his inauguration speech.

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