Bank flexibility ends, clients are urged to contact financial institutions to reach agreements
Banking flexibility ends despite the fact that hundreds of Panamanians still do not have a way to assume their economic responsibilities due to the pandemic.
This Thursday, September 30, the banking flexibility at the national level ends. After this, financial institutions will be able to open judicial collection processes, according to the advisor Martha Luna, who recommended that clients approach the banks and detail their situation to reach a negotiation.
The president of the Banking Association of Panama (ABP), Carlos Alberto Berguido, indicated that, even when the flexibilization period expires, people will be able to approach banking entities to make agreements with banks, however they would have fewer tools.
"When you have a problem, go and talk to the person who has the problem and solve it. What will happen as of October 1 is that at the end of the Superintendency regulation, the banks will have fewer tools to make more flexible, that is, the agreements will not be able to be so flexible, because that period has already expired, but the agreements can always be done," said the president of the ABP.
Failure to expose the situation to the bank and not being able to assume financial responsibility could lead to a retention of assets to be subject to a guarantee, Luna explained.
According to Berguido, until June, 70% of the loans had reached restructuring agreements, while in July and August the movement slowed down; however in September more people came forward to make payment arrangements.