Banking Sector Makes Collections More Flexible

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.

Monday, March 23, 2020

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.

See "Coronavirus: How Will It Affect Business?"

From the ABG statement:

-That the banking institutions, at the substantiated request of the interested parties, will be granting deferrals or granting waivers in the credits whose debtors are directly or indirectly affected by the COVID-19, specifically in those that as of February 29 of the current year are not in arrears for more than one month.

-That such deferrals or waits will be applied, as the case may be, to maturities of credit card quotas, credit with fiduciary, collateral or mortgage guarantee for housing (2 months), as well as those granted to micro, small and medium enterprises (3 months).

-That each banking institution will communicate to its clients and users, by the means it deems pertinent, the policy it will be implementing to make the above-mentioned special temporary measures effective.

-That the banking institutions will responsibly keep attending in their agencies that are operating so far, from Monday to Saturday from 9 to 13 hours, derived from the curfew announced by the government of the Republic.

-That we invite the general public to use the electronic channels that the banking institutions have at their disposal, to make payments of public services, filing and payment of taxes, transfer of funds, payment of loans and credit cards, as well as to make any management, request or claim before the banking institutions, via email, chat or telephone line, as available to the institution that the client uses.

Coronavirus: How do the outlook for the banking sector in Guatemala change?

We prepared for our clients the report "Information System: Impact Analysis of Covid-19 on Business" which helps companies to measure the impact that the crisis will have on their activity in the coming months.
Click here to request the report.

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More on this topic

Loans in Panama: 90-day Moratorium

April 2020

In the third debate, the National Assembly approved a bill that grants debtors a 90-day extension of time for payment of credits granted by banking, cooperative and financial institutions.

According to the law that must be sanctioned or banned by President Cortizo, once the term of the moratorium set forth in this law has expired, creditors, in common agreement with the debtor, must agree on the conditions for the unpaid debt to be prorated, to be paid within 24 months.

Panamanian Banks Give Extensions to Clients

March 2020

In response to the country's health crisis, 15 banks have granted a 90-day extension for their customers to make their personal credit card, home mortgage, vehicle and personal loans.

Until March 31st, the financial institutions that confirmed that had granted the extension to their clients are BAC Credomatic, Banco General, Banistmo, Banco Nacional, Global Bank, Multibank, St.

Bank Loans: Making Collections in Honduras More Flexible

March 2020

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.

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).

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).

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