Regulatory Alerts2021-08-24
Agreement No. 003-2021 Adding Article 7-A to Agreement No. 2-2021 Regarding Modified Credits
The Superintendence of Banks of Panama issued Agreement No. 003-2021 to add Article 7-A to Agreement No. 2-2021, establishing the delinquency counter for restructured modified credits. This regulation mandates that the delinquency period for such credits restarts from the payment default date specified in the restructuring plan. If the client defaults again, banks must reclassify the loan as subnormal after 91 days, removing its status as a modified credit.
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