Regulatory Alerts2020-04-29 | ASFI/CC-2843/2020Added · Updated
ASFI Circular Letter DNP CC-2843 2020 of April 29, 2020
Financial Intermediation Entities must grant credits under the Emergency Plan for Employment Support and Labor Stability with terms of up to eighteen months, a six-month grace period, and an annual interest rate of 3.73%. The maximum loan amount is Bs8,488 per worker, available to companies with risk ratings A, B, or C that had no outstanding credits as of February 29, 2020. Entities are required to adapt credit evaluation processes based on pre-quarantine data, submit pension contribution forms for January through March, and report daily to the Periodic Information Capture System. Specific provisions for these loans may exclude guaranteed amounts from direct and contingent balances, and funding is provided by the General Treasury of the Nation.