Guatemala: Changes to Law on Banks

If the reforms to the Banking Law that are being discussed in the Congress are approved, cooperatives will have to start reporting information in their loan portfolios.

Thursday, March 8, 2018

Legal initiative number 5157 which is pending final approval, proposes, among other changes, including in the Credit Registration Information System (SIRC by its initials in Spanish) information from financial institutions that are not yet sending reports.

The Superintendent of Banks, José Alejandro Arévalo, explained to that they need " ...' for the Congress of the Republic to approve this regulation, to open up the SIRC and include institutions that currently do not report to the Superintendency of Banks, and with this we would have more extensive information about account holders'."

Regarding the situation of arrears in loans, the article reports that " ...In the opinion of Fitch Ratings, defaults in the national banking system have deteriorated slightly in the last 4 years, therefore they believe that loans with arrears of greater than 90 days will remain at their high historical levels, around 3% in 2018."

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