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The financial superintendent, Jorge Castaño, in an interview with EL TIEMPO, was energetic with the banks, telling them that there is enough space to lower the interests of the users; that we are in an emergency and, therefore, that oversight entity will put more pressure on the financial sector to streamline disbursements. In response to these blunt announcements, here are the arguments of Asobancaria president Santiago Castro.
(We recommend you read: Duque asks banks to streamline loans)
The superintendent makes a strong pronouncement around banks, saying that they should be more committed to making an adequate segmentation of their interest rates at this juncture. From Asobancaria’s perspective, there is room to lower interest. What is the reason why it is not done?
In principle, it is worth mentioning that market interest rates, although determined by Banco de la República’s decisions on the monetary policy rate (MPR), also depend on risk levels, an aspect that the country’s financial sector manages adequately in order to preserve financial stability and safeguard the savings of Colombians.
(It may interest you: ‘There is enough space for banks to further lower their interests’)
In this scenario, it is possible to affirm that the segmentation is carried out effectively and, therefore, the most recent reduction in the MPR, of 50 basis points (bp), has been rapidly reflected in the interest rates of several of the credit modalities.
Let this be the opportunity to give public opinion a piece of tranquility and state that we continue to analyze all the alternatives that generate relief for the population …
For example, microcredit rates, which in February were around 36.9%, contracted 1,142 bp for April, reaching 25.5%. Similar behavior exhibited credit card rates, which went from 26% to 23.6% in this last month, as well as commercial credit rates, which went from 8.5% to 8.2% in the same month. period. All this shows that these reductions in interest rates are being seen.
(Also read: These are the products most consumed by Colombians in quarantine)
Let this be the opportunity to give public opinion a piece of tranquility and state that we continue to analyze all the alternatives that generate relief for the population, protecting the country’s economic and financial system, and always thinking about the well-being of Colombians.
He points to the supermarket that is pushing for disbursements to speed up. What delays disbursements?
Banks and private credit institutions have been and would continue to be willing to make disbursements in a timely manner and with the required speed, but always with the commitment to preserve Colombians’ savings and financial stability.
We understand the perception that exists about delays, which of course is associated with the understandable rush that many entrepreneurs have to obtain the resources.
However, it must be taken into account that the regulation of the special guarantees for payroll, working capital and independent workers, under the scheme of the National Guarantee Fund, was issued on Wednesday, April 15. Since then, we have continuously worked on the implementation and the necessary developments after the issuance of the respective circulars.
There is, of course, a period between the moment that the financial entities make the guarantee request to the FNG, it is approved and the credits are disbursed by the banks.
Today, more than 37 thousand requests for guarantees have been approved for an amount of $ 3.6 billion, disaggregated between guarantees for the payment of payroll (23,983), working capital (8,040) and independent (5,225), disbursements that we hope will be with the highest speed in the coming days.
So, do you think that many of the criticisms being made of the participation of banks at this juncture are unfounded?
We understand the situation the country is experiencing on behalf of COVID-19, so the financial sector ratifies its commitment to face this critical moment by dispersing resources to the sectors affected by the health emergency, safeguarding, as is its duty, the financial stability of the country and the savings of Colombians.
(Also read: The accounts of the quarantine that Minhacienda brought to Congress)
What reliefs do you count that have been granted?
Reliefs have been granted for more than 6,900,000 financial obligations, both for individuals and legal entities, equivalent to $ 124.4 billion pesos (about a quarter of the portfolio), of which 40.4 billion correspond to the consumer modality, 34.9 trillion to housing (26.9 trillion to the Non-VIS segment and 8 trillion to VIS), 33 trillion to commercial credit for large companies, 7.27 trillion to commercial credit for SMEs, 7.12 billion to credit cards and 1.72 billion to microenterprises.
What are they committing to?
Banks and private credit institutions have been and would continue to be ready to offer all their channels in a timely and diligent manner so that the processes are carried out as quickly as possible. To do this, we have strengthened all our platforms so that the numerous disbursement requests that are arriving day after day are made promptly.
We reiterate, of course, that Private Banking will continue to work with full commitment to attend to the needs of businessmen as quickly as possible. Colombians should not have the greatest doubt that as a sector we will continue to do what is necessary under a process of continuous improvement, always seeking to provide timely and assertive solutions.
DRAFT ECONOMY AND BUSINESS
