Regulatory Alerts2020-03-27
Agreement No. 003-2020 Modifying Article 3 of Agreement No. 2-2020 on Credit Risk
The Superintendence of Banks of Panama issued Agreement No. 003-2020 to modify the formalization requirements for loan modifications under Agreement No. 2-2020. This amendment expands the definition of the modification date to include any form of debtor acceptance, such as electronic means, tacit acceptance, or presumed acceptance by silence. The measure aims to provide economic relief to clients affected by the COVID-19 pandemic by simplifying the administrative process for banks to classify loans as modified.
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