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 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."

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Threats to Credit for Construction

August 2016

In Costa Rica the index of activity in the construction sector has had 4 consecutive months of downturn, and now faces the threat of new financial rules which will make access to credit more costly.

The construction sector's main concern is the impact that interest rates will have on the new standards which financial institutions will need to comply with. They are predicting an increase in credit costs primarily because of the new rules already in force and which determine that for institutions that lend money   "... The minimum percentage level of the countercyclical estimate required is 0.33%. Each entity must register on a monthly basis expenditure equivalent to a minimum of 7% of its profits, until it reaches an optimum level defined by the Sugef. "

Mortgage Interest Rates in Costa Rica Touch Floor

July 2013

From the 14% recorded last September, interest rates for housing loans in colones are down to 10%, a figure at which the indicator seems to have settled.

Several factors have influenced this behavior:
There have been no significant changes in the passive base rate, which many home loans are linked to.

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.

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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