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The also academic from the School of Government of the same house of studies, criticized the speed with which the government has taken economic measures to face the current situation.
The also academic from the School of Government of the same house of studies, criticized the speed with which the government has taken economic measures to face the current situation, especially those aimed at maintaining the liquidity of companies.
“We have never had an economic dynamic like today. Not only in Chile, everywhere, figures that one sees the speed of this is very great. Cash flow is strangled too strong for too much, therefore more That the figure of design, that you always have to be careful with designs, I am much more concerned about the opportunity and I believe, honestly, that we are arriving a little late in Chile when one compares itself to other places in the world that have deployed measures much more fast, ranging from bonds to other things, “said the former secretary of state.
Concern for the non-bank financial sector
The member of the Commission for the Financial Market (CMF), Mauricio Larraín, along with the former superintendent of Securities and Insurance (SVS), Fernando Coloma, and the executive director of Migrante, Diego Fleischmann, also participated in the instance.
Valdés and Fleishmann stressed that beyond the measures with the banks that the government has taken, which was reflected in the bill that strengthens Fogape, the non-bank financial sector should be considered to reach more SMEs.
“I think a tremendous mistake has been made here leaving all the space to the bank, because it may have a problem of expectations, but in turn we would be leaving aside a whole set of tools in non-banks that are very valuable and that if they are absent they could even cease to exist at the margin, “Fleischmann said.
The also director of companies pointed out that tools such as Fogain, managed by Corfo, can be used to support companies.
For his part, Valdés said that the AFPs could be used to add more liquidity to the system.
“We have plenty of liquidity, especially in the AFPs and possibly other institutional investors. With a correct incentive structure, something can be achieved. I would call the government to work on it as quickly as possible,” added Valdés.
Financial crisis
The commissioner of the CMF and an academic from the UC School of Administration, Mauricio Larraín, indicated that the regulator is taking care so that the health crisis does not turn into a financial one.
The above, in front of parliamentary motions that pretend that banks and other financial institutions postpone the collection of credits.
“The banker always has to be able to closely monitor his loans. That is what is called proper credit risk management for clients. And in these measures that payments are deferred for six months, you stop follow-up, monitoring, collections on loans for six months. So that does not allow banks to do the essential thing, which is proper risk management, “he said.”
He added that “lower income and not being able to do adequate risk management, that puts pressure on banks, the financial system in general and that is something that we want to avoid at all costs, so that it does not become a crisis financial “, said Larraín.
Along the same lines, Valdés indicated that “it is central to avoid bad policies and populisms that are super tempting, and that can leave us much worse. With great concern, I see that a bill is advancing in the Senate, which basically obliges every financial institution that was granted credit to postpone six installments without interest. ”
Coloma, for his part, pointed out that the regulator must be “extremely conservative” to protect the stability of the financial system.
“Banking going into trouble could be dramatic,” he said.
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