The bank will not have to supply part of its funds for the delivery of mortgage loans as established by a provision of the Monetary Board. Resolution 209-2016 F of the Monetary and Financial Regulation Board, which concerned the construction sector, will not be applied next year. This was stated by Newspaper EL TELÉGRAFO, the superintendent of Banks, Christian Cruz.
The provision, dated February 12, 2016, was to become effective as of January 1, 2018. The builders were alarmed that the document mandates entities in the public and private financial sectors keep provisions to cover the 100% of the difference between the municipal cadastral appraisal and the amount of the credit granted for the case or the unpaid balance. That is, for example, if the Municipality fixes the appraisal of a property in $ 70,000 and the financial institution grants a loan for $ 100,000, the $ 30,000 difference must be completely covered by the bank.
Enrique Pita, president of the Federation of Chambers of Construction, warned that this would jeopardize the delivery of mortgage loans because it affects the liquidity of banks when they are forced to make reserves of their assets. This week the Superintendency of Banks gave the Monetary Board the request for deferral of the resolution to the effect that the Autonomous Decentralized Governments have more time to update the cadastres and, therefore, the valuation of the assets, said the owner of the control body.
“At least in 2018 it will not come into force,” said Cruz, who clarified that the deferral was already analyzed previously, along with a review of the percentages of portfolio provision of financial institutions. It does not mean, added Cruz, that the norm will be applied mandatorily in 2019. To do this, we will first examine how the update progresses in the Autonomous Decentralized Governments. “We believe that this is not the time for it to take effect,” concluded the Superintendent.
Pita welcomed the news, although he preferred to wait for it to be ratified by the Board; situation that, according to Cruz, will become official, at the latest, in the first days of next year. For the employer, it is best to eliminate the resolution, because although it is positive that municipalities modernize their records, the reality is that not all have the resources or sufficient administrative capacity to execute the process. (I)