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Although he acknowledges that the majority of Colombians have caught up with their debts and are paying in an accomplished manner, he says that there is a lower number that is still affected by the crisis and keeps the portfolio with the banks alive.
Given this, financial entities contemplate extending the Debtor Support Plan (PAD), to offer compliance alternatives to those who are left with their financial obligations.
Banks in Colombia: what would relief for debtors look like in 2021?
As Superintendent Castaño explained to El Tiempo, if the PAD is extended, it would work with the same conditions that it has found since August of this year when it was created. In addition, it would take into account the situation of each client, what income they have and the sector in which they work for review what capacity it will have in the future.
In no way, says the official, would there be grace times or extensions in credits, as was done since last March, when the pandemic broke out in Colombia.
Concern about financial relief in Colombian banks
The situation of the bank portfolio in Colombia has improved significantly in recent months. However, some of these entities express their concern about risk factors associated with the increase in COVID-19 cases, which could affect credit growth.
This is stated by the newspaper Portafolio, which cites experts who question the possibility of a quick recovery and that financial capacity improves in the coming months.
“The riskiest sectors at this time are those that have not yet begun to recover their income or that have done so but very slowly,” said Mauricio Cepeda Díaz Granados, vice president of Credit at Banco de Occidente, as quoted by that economic newspaper.
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