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COVID-19: Additional, Exceptional and Temporary Measures Adopted by the Superintendency of Banks of Panama and the Panama Banking Association.
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Rule 2-2020, as amended by Rule 3-2020 of the Superintendency of Banks of Panama (hereinafter, “SBP,” for its initials in Spanish). On March 16, 2020, the SBP issued Rule 2-2020, which was subsequently amended by Rule 3-2020 (here in after referred to as “Rule 2-2020") and "establishes additional, exceptional and temporary measures for compliance with the provisions contained in Rule 4-2013 on credit risk".”. Rule 2-2020 creates a new category of credits named "modified credits" and it allows banks, in agreement with their debtors, to modify the conditions originally agreed without this being considered a "restructured credit." Relevant topics for the purposes of this agreement are:
Circular No. SBP-DR- 0118-2020 of April 8, 2020. The SBP issued the circular to:
Official Statement on the Moratorium Extension Agreement until December 2020 issued by the Panama Banking Association (hereinafter, “ABP”). On May 4, 2020, the ABP issued the official statement on the moratorium extension understanding (here in after referred to as the "Commitment Understanding") until December 2020, in which the ABP announces the extension and incorporation of new financial relief measures to support their customers affected by COVID-19. The Commitment Understanding establishes that:
For any additional information, please contact: Kharla Aizpurúa O. MORGAN & MORGAN Tel: 265-7777 ext. 7652 Email: [email protected]
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