Debtor Execution Worries Assembly

Embargoes enforced by banks for non payment of debts have caused the Salvadoran Assembly to convene the financial system trade unions.

Thursday, July 9, 2009

Representative Alejandro Dagoberto Marroquím called for the Financial Committee of the Legislative Assembly to suspend embargoes through transitory measures.

In an article in, Guadalupe Hernández writes: "Representative Marroquín, who proposed the motion, explained that the transitory measure would suspend, for a 12 month period, embargoes executed by financial institutions on the ground of non payments ... The proposals did not reached a consensus, so representatives decided to convene ... the spokespersons of the financial system, to obtain more details on the topic".

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Access to Credit Histories in El Salvador

December 2012

Salvadoran banks want restrictions to be eliminated so that all financial institutions can share and have access to positive or negative credit histories of their customers. reports that "The Credit Bureaus Act provides in Article 14 that the credit history of customers or consumers can only be supplied to operators with their 'express written consent'."

El Salvador: Financial Companies Request International Funds

August 2009

Financial companies members of ASIFBAN are demanding the government more access to international financial resources.

Nelson Alvarado is the President of the Salvadoran Association of Financial Intermediaries, also known as ASIFBAN. He stated that his union is undertaking several measures to obtain more financial resources...

Salvadoran Banks ask for lower credit rate from the IDB

December 2008

ABANSA believes that the cost of accessing the $500 million made available with IDB funds is too high.

Armando Arias, president of the group said that the rate of the funds corresponds to the LIBOR plus 400 base points more in commissions and is practically the same as the rates offered by other international lenders.

Law of Financial Intermediaries modified in El Salvador

August 2008

Starting in January 2009, credit cooperatives and federation will be able to issue credit cards and checkbooks with the approval of the Financial System Superintendence.

The Legislative Assembly, in full session, approved the observations that the President of the Republic, Elías Antonio Saca, made to the Law of Non-bank Financial Intermediaries.

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