Bank Loans: Making Collections in Honduras More Flexible

It was agreed that debtors and financial institutions may define a new maximum payment date, in all those cases where the customer had to pay their fee during the curfew, which will be in force until April 12.

Monday, March 30, 2020

A grace period will also be granted that could be until June 30, 2020, depending on the needs of each client and the ability of the bank to maintain the necessary liquidity without receiving those payments, reported the National Commission of Banks and Insurance (CNBS).

See "Covid-19: Outlook for the Financial Sector"

From the CNBS statement:

1. Who is eligible for benefits under the Temporary Relief Mechanisms?
All natural or legal persons whose cash flows have been reduced, due to the effects of the measures implemented by the Government of the Republic to prevent the spread of COVID-19, regardless of the risk category of their credits.

2. Do employees who have payroll deductions benefit from this relief mechanism? 
If the employee has not had any interruption in their payments, the relief mechanism does not apply to them, except in those cases in which it is proven that their income has been reduced due to the measures taken in the country to avoid the propagation of COVID-19.

3. What kind of credits are subject to the benefits under the Temporary Relief Mechanisms?
All credits held by debtors, whose destination corresponds to activities related to tourism and transportation, including hotels, motels and similar, construction of hotels and similar, restaurants, coffee and similar, land, air and sea transportation, as well as the agricultural sector, maquila and micro and small businesses. Also, credits corresponding to other economic activities that could be affected may be available.

In the case of consumer loans (credit cards, among others) and housing for individuals, only those debtors who can justify not having received enough resources, either through salary or another source of income from their economic activity, to meet these loans will be eligible.

Read full article (in Spanish).

More on this topic

Banco Nacional de Costa Rica Extends Credit for Covid-19

June 2020

The coronavirus has left an economic impact in several countries. For this reason, some governments are developing exceptional measures to mitigate its effects. For example, the suspension of tax and mortgage payments to lessen the economic pressure on small businesses and households.

In the United States, interest rates were reduced to almost zero and a US$700 billion stimulus program was launched in a bid to protect its economy, says Mario Miranda, director of finance at MonederoSMART.

Credits: Requirements for Moratorium Request

May 2020

Legal or natural persons who apply for the moratorium on loan payments in Panama must prove to the banking institutions that they have been economically affected by the outbreak of covid-19 and that they cannot cancel their quotas.

On May 4, it was announced that the Executive and the banking sector agreed to extend until December 31 of this year the moratorium on loan payments, a measure that applies to mortgages, personal loans, the agricultural and livestock sector, commercial loans, the transportation sector, automobiles and credit cards. However, the banking union clarified that the measures are not automatic.

Bank Credits: Collection of Penalties Prohibited

March 2020

In El Salvador, banks will not be able to charge any kind of penalty to clients who, due to the crisis of the covid-19, fail to pay their credit quotas.

They were approved "Temporary Technical Norms to Face Noncompliance’s and Contractual Obligations" derived from the emergency were approved, which will avoid that, during the validity of the emergency, the credit risk category of Salvadorans is affected, therefore, no penalty will be charged for non payment. With these rules will also allow the granting of credits, consolidation, restructuring and refinancing of debts in favorable conditions for those affected by the COVID-19 pandemic, reported the Central Reserve Bank (BCR).

Banking Sector Makes Collections More Flexible

March 2020

In Guatemala, banks will grant deferrals and will wait for loans whose debtors are directly or indirectly affected by the spread of the coronavirus, specifically those that are not more than one month late on February 29.

The Guatemalan Banking Association (ABG) reported on March 21 that these decisions were made with the objective of supporting clients and users of banking services, who will be affected by the spread of covid-19.

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