ASFI: 72% of credit rescheduling requests were approved by banks

ASFI: 72% of credit rescheduling requests were approved by banks

July 6, 2023, 1:01 PM

July 6, 2023, 1:01 PM

The executive director of the Financial System Supervision Authority (ASFI), Reynaldo Yujra, informed this Thursday that the financial intermediation entities (EIF) approved 72% of credit rescheduling requests. In May, the regulator issued a circular ordering financial companies to reschedule their clients’ loans.

The entity explained that the measure sought to alleviate the pockets of people affected by external and climatic factors.

In this context, Yujra explained that financial institutions received a total of 2,557 loan rescheduling requests (for an amount of Bs 505 million) from borrowers from various sectors and regions of the country, of which 1,838 operations were approved; that is, 72% of the total, equivalent to Bs 329 million.

At the moment, a total of 547 operations (21%) are in the analysis stagewhile some 172 operations (7%) were rejected for not complying with the provisions indicated in the regulations, says a report by the ABI agency.

On May 30 of this year, the Supervisory Body issued circular letter 7151/2023 by which it instructed financial intermediation entities to attend to and analyze the rescheduling requests of those borrowers from sectors that had been affected in their economic activities by external factors, such as the war between Russia and Ukraine, the strike in Peru, climatic phenomena and others, with scope also for former employees of the former Banco Fassil, now in intervention.

Until now, microentrepreneurs were the ones who benefited the most from the measure, because 1,343 operations (73.1%) correspond to microcreditswhile 339 (18.4%) to consumer loans, 145 (7.9%) to social interest housing loans and 2 (0.1%) to business loans.

It is not a general measure, but aimed at those who are being affected in their income and, therefore, in their ability to pay, as a result of external events beyond their control”, Yujra clarified.

He added that the mechanism provides a solution tailored to the particular conditions of each borrower, which will allow beneficiaries to resume payment of their financial obligations in a timely manner, without being affected in their status or risk rating, according to an institutional report.

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