State banks in Costa Rica to lower interest rates
The three State Banks, the National Bank, the Bank of Costa Rica and the Credito Agricola Bank, will introduce mechanisms for lowering credit rates.
Monday, February 2, 2009
Nacion.com reports on its website: "The National Bank is in the process of defining what will be the specific procedures and policies in order to deal with the most urgent needs of clients," said the manager of the bank, William Hayden, in brief written response to this paper."
While preparing a definitive ruling, a Costa Rica tribunal court ordered a mortgage lender to reduce the monthly fee paid by a debtor to its initial amount.
The four state-owned banks intend to lend $682 million in housing in 2012, 20% less than last year.
Banks loaned $248.1 million in the first quarter of 2010, 30.7% more than in the same period 2009, when they loaned $190 million.
Financial companies are trying to protect their capital against a possible further rise in interest rates.
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