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."

More on this topic

Court Suspends Increase in Loan Fees

November 2012

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.

In Costa Rica, interest rate growth has led to significant increases in the fees paid by borrowers to banks and finance companies.

Credit for Homes in Costa Rica Decreases

January 2012

The four state-owned banks intend to lend $682 million in housing in 2012, 20% less than last year.

Publicly owned banks (National, Costa Rica, Bancrédito and Popular) have set a goal of granting ¢351,000 million ($682 million) in housing loans during the course of 2012, reported Nacion.com.

Loans for Durable Goods Up 30.7% in Guatemala

May 2010

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.

As defined by the Guatemalan Banking Superintendence, durable goods include: furniture and household utensils, clothing and vehicles for personal use, material, study furniture and equipment, buildings and real estate mortgages.

Costa Rica: Banks toughen access to credit for real estate

June 2008

Financial companies are trying to protect their capital against a possible further rise in interest rates.

Access to loans within the real estate sector will be more rigorous. The old refrain, "Better to prevent than lament" is being applied at some local banks, as one of the results of the sub-prime crisis in the United States.

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