Regulatory Alerts2021-01-01
Added · Updated
Circular 117 (2021)
The Superintendency of Banks of Panama issued General Board Resolution No. SBP-GJD-0006-2021 to temporarily extend the validity of appraisal reports held in bank files for the constitution of guarantees on movable and immovable property. This extension grants an additional six-month period for the validity of these reports, subject to specific exceptions outlined in the resolution. The resolution entered into force upon its signature, requiring bank managers to instruct their personnel on compliance.
October 21, 2021 Circular No. SBP-DR-0117-2021
To: General Manager Dear Sir/Madam:
Reference: General Board Resolution No. SBP-GJD-0006-2021 (“Which temporarily recognizes the validity of Appraisal Reports”)
Dear General Manager:
We are pleased to inform you that General Board Resolution No. SBP-GJD-0006-2021 of October 19, 2021, “Which temporarily recognizes the validity of Appraisal Reports,” has been issued.
Through the aforementioned Resolution, the validity of appraisal reports currently held in the bank’s files for the constitution of guarantees on movable and immovable property is extended for an additional period of six (6) months, with the exceptions set forth in the cited Resolution.
This Resolution shall enter into force from the date of its signature.
Attached you will find a copy of the aforementioned Resolution, which you may access through our website www.superbancos.gob.pa in the laws and regulations section.
We thank the General Manager for issuing pertinent instructions to the personnel under your charge for the compliance with the present resolution.
Sincerely,
Amauri A. Castillo Deputy Superintendent
Attachment: As indicated ARV/sac