CIRCULARS - BANKS

Date
Description
11 March 2020
Circular N.° SBP-DJ-0041-2020. Attention to preventive measures for COVID-19. Taking into consideration the potential effects on the regular operations of the banking system, in the face of the possible massive spread scenarios related to COVID-19, as it is being experienced in other countries, the SBP urges the system to adopt several measures. In first instance, to attend and stay informed of the prevention and control measures issued by the Ministry of Health and the National Government related to COVID-19, commonly referred to as Coronavirus in the territory of the Republic of Panama. In this regard, it is necessary to keep calm, prudence and good judgment that must be following in this situation.
17 March 2020
Circular N.° SBP-DR-0051-2020. Issuance of Rule 2-2020 “Whereby additional, exceptional and temporary measures to comply with the provisions of Rule 4-2013 on credit risk are established.” The aforementioned Rule will permit banks to modify the conditions of corporate and retail loans of clients whose payment capacity is affected by the crisis triggered by COVID-19, in order to provide economic relief to them.
18 March 2020
Circular N.° SBP-DR-0052-2020. Circular SBP-DR-0037-2020 (Report on future capital needs). The submittal of the aforementioned report to the SBP has been extended for 90 additional days to the deadline provided in Circular SBP-DR-00374-2020, considering the effects of the COVID-19 pandemic.
18 March 2020
Circular N.° SBP-DJ-0053-2020 . Suspension of procedural and administrative deadlines. The Superintendency of Banks, by means of General Resolution SBP-RG-0001-2020 dated 18 March 2020 ordered the suspension of procedural and administrative deadlines for fifteen (15) business days, extendable, as of 8:00 a.m. on Thursday 19 March 2020 without implying the closing of the SBP nor of its operations.
19 March 2020
Circular N.° SBP-DR-0055-2020. Temporary extension (reporting requirements /General Resolution SBP-RG-0002-2017). The reports listed below will be temporarily extended: • AT12 (Collateral atom) • BAN01 (Branch offices atom) • BAN07 (Property acquired by the bank and subsidiaries) • TR01 (Wire transfer structure) • SB-CAP-A (A format) • SB-CAP-B (B format) • SB-CAP-C (C format) • SB-CAP-D (D format) • SB-CAP-E (E format) • SB-CAP-F (F format) • IF01 (CMS Claims) • RCC (Report on Consolidated Portfolio)
19 March 2020
Circular N.° SBP-DR-0056-2020. Submission of liquidity report. Determines changes in the periodicity for the reporting of weekly liquidity of banks. In this regard, banks are required to report the Liquidity Atom (LS02) in addition to the Liquidity Atom (AT10), in order to submit the reports related to the legal liquidity calculation, which must be sent to the SBP through the ITBank System twice a week.
19 March 2020
Circular N.° SBP-DR-0066-2020. Extension – Audited Financial Statements. The SBP informs banks that up to this date it has not yet submitted their audited financial statements, they will have an extension of an additional 30 days to send the statements to the SBP.
SBP-DR-FID-0068-2020. Extension – Audited Financial Statements. The SBP informs trust companies that up to this date it has not yet submitted their audited financial statements, they will have an extension of an additional 30 days to send the statements to the SBP.
20 March 2020
Circular N.° SBP-DJ-0067-2020. Temporary schedule. Business schedule of the Superintendency of Banks. Please be advised that as of Monday 23 March 2020, the SBP will operate on a temporary business schedule from 8:30 a.m. to 2:30 p.m.
24 March 2020
Circular N.° SBP-DR-0088-2020. Temporary extension (Reporting requirements/Circular SBP-DR-0034-2020 – General Resolution SBP-RG-0002-2014)
24 March 2020
Circular N.° SBP-DR-0089-2020. Temporary extension (Reporting requirements/Circular SBP-DR-0035-2020 – General Resolution SBP-RG-0002-2017). The SBP informs all banks that they will have an extension for an additional 30 days to register the personnel they have appointed as responsible for the submittal of reports to the SBP.
24 March 2020
Circular N.° SBP-DR-0090-2020. Communication of adopted measures. In virtue of the issuance of Rule 2-2020 that permits banks to modify the originally agreed on loan conditions of those customers who are economically and financially affected by the situation triggered by COVID-19, we highly appreciate your submittal of the communication plan you have implemented to keep customers informed on the actions and measures you have adopted. We also request that you inform us the name and contact information of the official responsible for sending the communications to the different bank customers, and whether that person will be the liaison party with the SBP for us to make the relevant queries on measures the bank has adopted.
24 March 2020
Circular N.° SBP-DR-0091-2020. Change in Loan Atom (AT03 structure – Report on modified loans according to the provisions of Rule 2-2020
25 March 2020
Circular N.° SBP-DR-0092-2020. Request for additional information. Information that will be sent through the Liquidity Atom (AT10) and Liquidity Atom (LS02). We have enclosed an Excel file, requesting additional information that must be submitted every Wednesday along with the LS02 from the report submitted on Wednesday, April 1, 2020.
26 March 2020
Circular N.° SBP-DJ-0093-2020. Extension of validity of personal identity documents for Panamanians and resident foreigners. The validity of the personal identity documents of all Panamanians of legal age and underage (juvenile ID card) and the permanent resident cards issued by the Electoral Court is extended until April 15, 2020.
26 March 2020
Circular N.° SBP-DR-0095-2020. Informs the issuance of Rule 3-2020 “Whereby Article 3 (7) of Rule 2-2020, by means of which additional, exceptional and temporary measures to comply with the provisions contained in Rule 4-2013 on credit risk were established, is amended.”
27 March 2020
Circular N.° SBP-DJ-0096-2020. Temporary schedule. Business and customer service schedule of the Superintendency of Banks. Please be advised that as of Monday, 30 March 2020, the customer service schedule at the SBP and for those employees personally working in its facilities will be from 8:30 a.m. to 12:30 p.m.
31 March 2020
Circular N.° SBP-DR-0106-2020. Revision of the collection of fees and charges. We urge banks to review the collection of fees and charges for the benefit of customers, in order to alleviate in a way their financial situation before the high unemployment scenario that has resulted from the measures adopted by the National Government to prevent the spread of the disease and the collapse of our health system.
2 April 2020
Circular N.° SBP-DR-0107-2020. Clarification of Circular SBP-DR-0092-2020. Some clarifications were included in the Excel file, with which banks must submit the LS02 every Wednesday, as of Wednesday, April 1, 2020.
3 April 2020
Circular N.° SBP-DR-0108-2020. Board of Directors’ General Resolution SBP-GJD-0002-2020 “Whereby the temporary parameters for the disclosure of customer information to data processing agencies or offices for operating purposes of the implementation of ‘Plan Panamá Solidario,’ created by the National Government to mitigate the COVID-19 health crisis, are established,” in accordance with the provisions of Article 111 of the Banking Law and Executive Decree 400 dated 27 March 2020.
7 April 2020
Circular N.° SBP-DJ-0109-2020. Extension of the suspension of procedural and administrative deadlines established by means of General Resolution SBP-RG-0001-2020 dated 18 March 2020, for an additional fifteen (15) days, extendable, as of 8:00 a.m. on Thursday, 9 April 2020, without implying the closing of the SBP nor of its operations.
8 April 2020
Circular N.° SBP-DR-0118-2020. Prohibition to charge interests on interests. We kindly request banks to make sure of not charging interests on interests, delinquency rate, neither the capitalization of interests on loans that were subject to modification, according to the provisions of Rule 2-2020, amended by Rule 3-2020.
13 April 2020
Circular N.° SBP-DR-0120-2020. COVID-19 and IFRS 9. Due that the use of these standards have an impact on the capital adequacy of the reporting entities, a basis for thee security and soundness of our banking system, we deemed it important to issue the following comments, according to similar comments made by first-class international banking regulators. Furthermore, we kindly request you to meet with your external auditors to discuss the impact of the IFRS 9 application in the financial statements and the resulting impact to capital adequacy that would require a lot of thought. Additionally, as models, scenarios, provisions and capital adequacy data are updated, we recommend you to contact us to keep us informed.
15 April 2020
Circular N.° SBP-DR-0121-2020. Reporting requirements for the 2019 period/General Resolution SBP-RG-0002-2017. The SBP has deemed it appropriate that banks and trust companies, which as of this date have not yet submitted a hardcopy of their audited financial statements for the 2019 period, as well as the relevant annual certifications required in the aforementioned Resolution, may submit these documents electronically through the Bank Helpdesk e-mail address. Once the national emergency declaration is lifted, they must submit physically the documents to the SBP, for which we will be informing trust companies in a timely manner the period established for the submittal of the printed documents.
SBP-DR-FID-0122-2020.
15 April 2020
Circular N.° SBP-DR-0123-2020. Circular SBP-DR-0200-2015 Annual Report Rule 7-2014. We inform you that the submittal of the aforementioned report to the SBP has been extended for a period of 30 additional days to the deadline established in Circular SBP-DR-0200-2015, as an exceptional measure due to the current situation in the country.
15 April 2020
Circular N.° SBP-DR-0124-2020. Dynamic provision registration. Pursuant to the provisions of Article 5 of Rule 2-2020 dated 16 Mach 2020, whereby banks are permitted to use up to eighty percent of the dynamic provision to create specific provisions, the SBP deems it prudent o share an accounting guide for the use of the dynamic provision.
16 April 2020
Circular N.° SBP-DR-0125-2020. Preventive measures against threats and vulnerabilities. We urge banks to review the potential emerging risks resulting from the global pandemic, in order to maintain continuous monitoring of their systems and operations, to supervise the security of the technology environment and to strengthen risk mitigation and control measures to prevent and reduce the occurrence of financial frauds, risks related to information technology and to money laundering and terrorism financing that, as a result of the use of e-banking, could increase significantly and criminals and criminal organizations may take advantage of such.
17 April 2020
Circular N.° SBP-DR-0127-2020. Clarification of Circulars SBP-DR-0092-2020 and SBP-DR-0107-2020 by means of which we requested banks to report additional information through an Excel file that must be submitted along with LS02, requested by means of Circular SBP-DR-0056-2020 dated 19 March 2020. In addition to the Excel file referred to in the captioned subject circulars, we have enclosed hereto a new table containing additional information that banks must report to the SBP. The information required in the new Excel file must be submitted on Wednesdays along with the LS02 starting from the next report of Wednesday, April 29, 2020.
20 April 2020
Circular N.° SBP-DR-0128-2020. Board of Directors’ General Resolution SBP-GJD-0003-2020 by means of which the frequency of risk rating updates, established by means of Article 4 of Rule 2-2010 on bank’s risk rating, is temporarily extended.
20 April 2020
Circular N.° SBP-DR-0129-2020. Board of Directors’ General Resolution SBP-GJD-0004-2020 by means of which the validity of appraisal reports is temporarily recognized.
20 April 2020
Circular N.° SBP-0130-2020. Board of Directors’ General Resolution SBP-GJD-0005-2020 by means of which special and temporary considerations related to Article 2 of Rule 3-2016 on risk-weighted assets are established.
27 April 2020
Circular N.° SBP-DJ-0131-2020. Extension of the suspension of procedural and administrative deadlines. The Superintendency of Banks by means of General Resolution SBP-RG-0002-2020 dated 3 April 2020 extends the suspension of procedural and administrative deadlines, originally established in General Resolution SBP-RG-0001-2020 dated 18 March 2020, for an additional fifteen (15) days, extendable, as of 8:00 a.m. on 4 May 2020, without implying the closing of the SBP nor of its operations.
28 April 2020
Circular N.° SBP-DR-0141-2020. Extension. Quarterly unaudited financial statements. The SBP informs to all banks that they will have up to 30 calendar days additional to the deadline established in General Resolution SBP-RG-0002-2017, i.e. until 30 May 2020 to submit the quarterly unaudited financial statements of the 1Q2020 through the TIDSO system.
28 April 2020
Circular N.° SBP-0142-2020. Board of Directors’ General Resolution SBP-GJD-0005-2020. The SBP informs banks that the provisions contained in the aforementioned resolution apply to the submittal of the data as of the end of June 2020, which must be submitted to the SBP within 30 calendar days following the closing of the quarter, i.e. up to 30 July 0220, given that the resolution was entered into effect upon its publication on Official Gazette dated 27 April 2020. However, the SBP considers that for banks that have submitted the information with the data as of the end of March, the information will also be accepted.
8 May 2020
Circular N.° SBP-DR-0144-2020. Rule 4-2020 “Whereby Article 5 of Rule 2-2019 that amended Rule 10-2015 on preventing the misuse of banking and trust services is amended" extends the adjustment period for banks and trust companies to comply with the provisions of Articles 1 and 2 of Rule 2-2019 until 31 December 2020.
8 May 2020
Circular N.° SBP-DJ-0146-2020. Extension of validity of personal identity documents for Panamanians and resident foreigners. By means of Decree 12 dated 1 April 2020, published on Electoral Court’s Bulletin 4682, it is informed that the validity of personal identity documents of all Panamanians of age and underage (juvenile ID card) and the permanent resident cards issued to foreigners residing in the country whose ID cards are expired or will be expired will be extended until 15 May 2020.
15 May 2020
Circular N.° SBP-DJ-0156-2020. Extension of validity of personal identity documents for Panamanians and resident foreigners. By means of Decree 17 dated 13 May 2020, published on Electoral Court’s Bulletin 4691, it is informed that the validity of personal identity documents of all Panamanians of age and underage (juvenile ID card) and the permanent resident cards issued to foreigners residing in the country whose ID cards are expired or will be expired will be extended until 30 June 2020.
19 May 2020
Circular N.° SBP-DJ-0166-2020. General Resolution SBP-RG-0004-2020 dated 14 May 2020 by means of which it was ordered that as of 1 June 2020 the payments made to the SBP by reporting entities, nonfinancial reporting entities and financial entities acting as Special Interest Compensation Fund (FECI) withholding agents for the fees, examination fees, withholdings and other FECI regime-related items shall be made through wire transfers.
21 May 2020
Circular N.° SBP-DJ-0177-2020. Extension of the suspension of procedural and administrative deadlines. The Superintendency of Banks by means of General Resolution SBP-RG-0005-2020 dated 20 May 2020 extends the suspension of procedural and administrative deadlines, originally established in General Resolution SBP-RG-0001-2020 dated 18 March, until 7 June 2020, without implying the closing of the SBP nor of its operations.
26 May 2020
Circular N.° SBP-DJ-0187-2020. Clarification and request made by the National Customs Authority. Safe-conducts granted to Customs Brokers. By means of which the National Customs Authority has sent us a letter informing us that it has granted safe-conducts to Customs Brokers and, therefore, it has requested the banks of the market to allow thee aides in the import processes to have access to bank’s premises, with the specific objective of making payments for the customs clearance taxes that may be conducted in business hours other than those hours they are allowed to run errands as natural persons.
29 May 2020
Circular N.° SBP-DJ-0188-2020. New business schedule of the Superintendency of Banks. Please be advised that starting Monday 1 June 2020, the employees of the SBP will work on two temporary shifts: from 7:30 a.m. to 3:30 p.m. and from 8:00 a.m. to 4:00 p.m. and the customer service schedule will be from 8:00 a.m. to 4:00 p.m.
29 May 2020
Circular N.° SBP-DR-0190-2020. Clarification of circulars on liquidity atom (LS02) and reporting of international license banks. In order to expand the contents of the new Excel table requested by means of Circular SBP-DR-0127-2020, we have enclosed an instruction booklet containing the relevant clarifications. In regards to international license banks under the host supervision of the SBP and in order to keep the information deem relevant, we kindly request you to submit the Excel file we have requested by means of Circular SBP-DR-0127-2020. This information must be submitted on Wednesdays of every week by 12:00 noon.
3 June 2020
Circular N.° SBP-DR-0199-2020. RTGS System/scheduled sessions for ACH service. Pursuant to the processes involved in the implementation of the RTGS system, by means of Circular 20(21000-03)12 dated 28 May 2020, the Clearing House of Banco Nacional de Panamá has informed on the implementation, as of 22 June 2020, of the new process of cutoff, clearing and settlement for the daily scheduled sessions for the ACH service. In this regard, the SBP informs banks on the adoption of this new process, for them to implement the necessary technical and operational actions and procedures that allow their participation in the RTGS system and the proper processing of ACH transactions.
8 June 2020
Circular N.° SBP-DJ-0200-2020. Extension of the suspension of procedural and administrative deadlines. General Resolution SBP-RG-006-2020. The Superintendency of Banks by means of General Resolution SBP-RG-0006-2020 dated 8 June 2020 extends the suspension of procedural and administrative deadlines, originally established in General Resolution SBP-RG-0001-2020 dated 18 March 2020 and its extensions, until 28 June 2020, without implying the closing of the SBP nor of its operations.
11 June 2020
Circular N.° SBP-DR-0210-2020. MITRADEL consultation tool on suspended contracts. As a result of the State of Emergency declared by the National Government due to the COVID-19 pandemic, we wish to inform you that the Ministry of Labor and Workforce Development (MITRADEL, for its acronym in Spanish) has enabled an online consultation system on its website identified as “Consulta de Contratos Suspendidos” (Consultation on Suspended Contracts), by means of which all contracts suspended due to COVID-19 have been registered, which allows verifying the contracts that have been suspended because of the pandemic.
We urge banks to use the information tool provided by MITRADEL as a source of support for the verification and validation of clients whose contracts have been suspended as a result of the COVID-19 pandemic. Specially for the assessment of request for loan modifications submitted under the criteria of “modified loans” that are established in Rule 2-2020 “Whereby additional, exceptional and temporary measures for compliance with Rule 4-2013 on credit risk are established.”
11 June 2020
Circular N.° SBP-DR-0211-2020. Rule 5-2020 dated 9 June 2020 “Whereby articles 39, 41 and 42 of Rule 4-2013 on credit risk management inherent in credit portfolio and off-balance sheet operations are amended.” The aforementioned rule added letters of guarantee issued by the Micro, Small and Medium Enterprise Authority (AMPYME, for its acronym in Spanish) under the Micro and Small Business Financing Program (PROFIMYPE, for its acronym in Spanish) as admissible collateral for the calculation of specific provisions established in Rule 4-2013 on credit risk, in order to support the loans granted by banks to micro and small businesses that apply to said program.
17 June 2020
Circular N.° SBP-DR-0212-2020. Board of Directors’ General Resolution SBP-GJD-0006-2020 dated 12 June 2002 “Whereby Board of Directors’ General Resolution SBP-GJD-0002-2020 dated 3 April 2020” is rescinded,” by means of which the aforementioned banking regulation is repealed, in view of the fact that the solidarity support was not implemented through the savings or current bank account mechanisms that would govern its application.
18 June 2020
Circular N.° SBP-DR-0213-2020. Rule 6-2020 dated 16 June 2020 “Whereby Rule 1-2016 on ACH settlement and fund availability is amended,” by means of which the periods for the remittance of funds to Banco Nacional de Panamá accounts for ACH clearing and the periods for the settlement, availability and release of ACH transaction funds are updated.
23 June 2020
Circular N.° SBP-DR-0215-2020. Extension. Table of Types of Financial Relationships (BAN19). (Circular 002-2020 is rescinded). Banks were informed that due to the effects of the COVID-19 global health pandemic recently declared by the World Health Organization, the SBP has deemed it appropriate to supersede the aforementioned circular SBP-DR-0002-2020 to extend and establish a new frequency for the submittal of Table of Types of Financial Relationships (BAN19) and its ancillary tables.
24 June 2020
Circular N.° SBP-DR-0216-2020. Circular SBP-DR-0052-200 (Report on Future Capital Needs). Banks were informed that the submittal of the aforementioned report to the SBP has been extended for a period of 90 calendar days in addition to the deadline provided in Circular SBP-DR-0052-2020, considering the effects of the COVID-19 global health pandemic recently declared by the World Health Organization, for banks to be able to include in the aforementioned capital projections and risk related report with the appropriate and updated information.
24 June 2020
Circular N.° SBP-DR-0217-2020. Extension of new accounting atom (AT21). (Circular 020-2020 is rescinded). Banks were informed that considering the effects of the COVID-19 global health pandemic, recently declared by the World Health Organization, we have deemed it advisable to supersede the aforementioned circular SBP-DR-0020-2020 in order to establish a new chronogram for the submittal of atoms AT01 and AT21.
24 June 2020
Circular N.° SBP-DR-0218-2020. Extension for the implementation of Table SB109 (CINU). Banks were informed that considering the effects of the COVID-19 global health pandemic recently declared by the World Health Organization, the SBP deemed it appropriate to supersede the aforementioned Circular SBP-DR-0021-2020, dated 11 February 2020, in order to establish a new date for the submittal of Table SB109 through the ITBank System.
24 June 2020
Circular N.° SBP-DR-0219-2020. Quality in banking customer service. In this context, the SBP has emphasized to banks on the importance of quality in customer service and of the sensitized and empathetic treatment towards them, either through call centers or online channels or through face-to-face service for inquiries, processes and claims. We urge banks that when applying grade periods, extensions or loan modifications for the benefit of the customers financially affected by COVID-19 to clearly explain them the aspects involved in the measure applied, so that they are aware of and understand the new terms and conditions.
29 June 2020
Circular N.° SBP-DR-0220-2020. Adjustments to Table SB59 “Types of collateral” according to the provisions of Rule 5-2020. Banks were informed that the SBP has made adjustments to Table SB59 “Types of Collateral,” to include in the “Other Collateral” item the new code (0609) for the “Letters of Guarantee” issued by AMPYME, to identify the loans included in this type of collateral within the Loan Atom (AT03).
30 June 2020
Circular N.° SBP-DJ-0221-2020. General Resolution SBP-RG-0007-2020 dated 30 June 2020 by means of which we have decided to adopt the qualified electronic signature, initially for certain processes and documents, as well as the use of the Qualified Electronic Signature within the SBP, as of 1 July 2020.
3 July 2020
Circular N.° SBP-DJ-0231-2020. Extension of validity of personal identity documents for Panamanians and resident foreigners. By means of Decree 28 dated 26 June 2020, published on Electoral Court’s Bulletin 7403, it is informed that the validity of personal identity documents of all Panamanians of age and underage (juvenile ID card) and the permanent resident cards issued to foreigners residing in the country whose ID cards are expired or will be expired will be extended until 31 August 2020.
8 July 2020
Circular N.° SBP-DR-0241-2020. Disclosure of information to the bank customer on Rule 6-2020. The SBP highlights the importance of banks complying with the periods of release and availability of funds from the ACH transactions within each of the daily sessions referred to in Rule 6-2020; as well as informing the bank customer about the new sessions enabled for the availability of funds from the ACH transactions during the day.
9 July 2020
Circular N.° SBP-DR-0242-2020. FATCA and CRS reporting. We would like to inform you hereby that Executive Decree 343 dated 7 July 2020 “By means of which the list of jurisdictions identified as reportable is adopted” and other provisions are prescribed to comply with the provisions of Law 47 dated 24 October 2016 and Law 51 dated 27 October 2016, respectively, issued by the Ministry of Economy and Finance, was published on Official Gazette 29063-B dated 7 July 2020. In this regard, we urge banks to conduct due diligence on the information of the accountholders financial accounts that for tax purposes must be reported to the competent authority. The reporting must be pursuant to the guidelines stipulated by the legal provisions referred to herein.
15 July 2020
Circular N.° SBP-DR-0243-2020. Reporting of Table BAN01 (Table of branch offices). Banks were informed that the submittal of Table BAN01 (Table of branch offices) is reactivated. The information as of the end of June 2020 must be submitted by 30 July 2020. From the end of July 2020, Table BAN01 (Table of branch offices) must be submitted on a monthly basis on the first 10 business days following the month to be reported, in accordance with the frequency, manner and term established in General Resolution SBP-RG-0002-2017.
16 July 2020
Circular N.° SBP-DR-0244-2020. Rule 7-2020 “By means of which Article 4 of Rule 2-2020 that established additional, exceptional and temporary measures to comply with the provisions of Rule 4-2013 on credit risk, is amended.” The aforementioned rule provides that banks will have up to 31 December 2020 to assess the loans of those debtors affected by COVID-19 and to make the corresponding modifications.
21 July 2020
Circular N.° SBP-DR-0245-2020. Board of Directors’ General Resolution SBP-GJD-0007-2020 – Temporary suspension of dynamic reserve. Banks were informed on the issuance of Board of Directors’ General Resolution SBP-GJD-0007-2020 dated 16 July 2020 “Whereby special and temporary considerations regarding Articles 36, 37 and 38 of Rule 4-2013 on credit risk are established.” (Dynamic provision is temporarily suspended, as well as the submittal of table BAN19 through the ITBANK system is temporarily suspended).
21 July 2020
Circular N.° SBP-DR-0246-2020. Rule 8-2020 “Whereby articles 8 and 13 of Rule 3-2008, on the claim management procedure at the SBP, are amended.” This rule made regulatory adjustments to the existing regulation in order to streamline the claim management processes at the SBP.
22 July 2020
Circular N.° SBP-DR-0247-2020. Limitation on payment on debentures due within one hundred and eighty-six (186) calendar days. It informed that according to the provisions of Article 9 of Rule 4-2008, the SBP has decided to maintain the percentage of payments on debentures and obligations established in Board of Directors’ General Resolution SBP-GJD-0003-2014 dated 28 January 2014. In view of the above, no more than 30% of the liquid assets used for calculating the liquidity ratio may consist of payments on debentures (meaning loan debentures) due within 186 calendar days after the liquidity report.
19 August 2020
Circular N.° SBP-DR-0260-2020 . Special stimulus fund for the Banking System. Template – Projected liquidity scenario. It informed that the “Special stimulus fund for the Banking System” was approved through a trust fund agreement entered into by and between the Ministry of Economy and Finance, as settlor, and Banco Nacional de Panamá, as trustee, with the funds obtained from credit facilities requested to different financial entities, to stimulate the country’s economy and face the adverse effects caused by the COVID-19 pandemic.
28 August 2020
Circular N.° SBP-DR-0262-2020. Revised semi-annual financial statements of the banking groups (consolidated). It informed banks that they will have an extension of up to 30 additional calendar days, i.e. until 30 September 2020 for the reporting of the revised semi-annual financial statements of the banking groups (consolidated).
8 September 2020
Circular N.° SBP-DPC-0267-2020. GAFILAT statement. It is informed that GAFILAT statement on COVID-19 and its associated ML and TF risks are posted on the SBP’s website. The entities under the supervision and regulation of the SBP are encouraged to pay special attention to GAFILAT statement and to take the necessary measures to prevent their systems from being used against the ML and FT risks that may arise from the global health situation.
9 September 2020
Circular N.° SBP-DJ-0276-2020. Our circular SBP-DJ-0221-020 dated 30 June 2020. Qualified electronic signature. We urged banks to take into consideration the use of the Qualified Electronic Signature for the documents and internal processes that allow it. Furthermore, should banks wish to use the qualified electronic signature they must notify the SBP in a timely manner, and they must also have the relevant procedures and controls for the proper use of this digital tool. The SBP considers that, due to the current situation in which the Republic of Panama finds itself, triggered by COVID-19, the use of this technical method becomes more relevant, since it allows improving efficiency, streamlining and simplifying processes.
10 September 2020
Circular N.° SBP-DR-0277-2020. Circular SBP-DR-0216-2020 (Report of future capital needs) – submittal through TIDSO. We referred to circular SBP-DR-0216-2020 dated 4 June 2020, by means of which the SBP has extended the deadline for the submittal of the Report on future capital needs, as provided for in Rule 1-2015 dated 3 February 2015 on Capital Adequacy, until 30 September 2020. In this regard, banks were informed that the submittal of this requirement must be made through the TIDSO.
14 September 2020
Circular N.° SBP-DR-0280-2020. Reporting system (TIDSO). General Resolution SBP-RG-0001-2014. Banks were informed that the TIDSO will be used for receiving the reports included in the “notice of Examination,” and the documentation and information requested during the examination processes conducted.
16 September 2020
Circular N.° SBP-DR-0281-2020. Rule 9-2020. Informs the issuance of Rule 9-2020 “Whereby Rule 2-2020, by means of which additional, exceptional and temporary measures to comply with the provisions of Rule 4-2013 on credit risk, is amended.”
17 September 2020
Circular N.° SBP-DR-0282-2020. Banks are notified of the reactivation of the reporting requirements in accordance with General Resolution SBP-RG-0002-2017. Additionally, Circular SBP-DR-0055-2020 is rescinded.
22 September 2020
Circular N.° SBP-DR-0294-2020. COVID-19 and IFRS 9. It informs that the Superintendency of Banks has deemed it convenient to develop some guidelines to help banks in the analysis of their loan portfolio and the corresponding evaluation of the potential increase in credit risk, as well as the calculation of expected credit losses.
22 September 2020
Circular N.° SBP-DR-0295-2020. Correction in Rule 9-2020, which modifies the additional, exceptional and temporary measures to comply with Rule 4-2013. (It rescinds the application of Circular 281-2020). It informs that clarifications were made in Article 4C (1 and (2) of the aforementioned Rule 9-2020.
29 September 2020
Circular N.° SBP-DR-0298-2020. Board of Directors’ General Resolution SBP-GJD-0008-2020 – Temporary suspension of bad debt expenses – Art. 26 of Rule 11-2018 on Operating Risk. By means of the aforementioned Board of Directors’ General Resolution, as a temporary and exceptional measures, the bad debt expense account will not be included in the “OGO” (otros gastos operativos – other operating expenses) component for the determination of the operational risk-weighted assets, from the report corresponding to the quarter ending 30 September 2020.
2 October 2020
Circular N.° SBP-DR-0303-2020. Rule 9-2020 (Accounting registry of the provisions for the modified special mention portfolio). It informs some parameters for the accounting registry of the provisions for the modified special mention portfolio, established in Article 4-D of Rule 9-2020.
6 October 2020
Circular N.° SBP-DR-0305-2020. Report for loans in “modified special mention” Rule 2-2020 and its amendments. Informs banks that can temporarily create a new classification: Modified Special Mention combining the “Change Category” (03 – Modified Loan) and “Loan Classification” (01 – Pass or 02 – Special Mention) with which they must create the
12 October 2020
Circular N.° SBP-DR-0307-2020. Note to the financial statements on modified special mention portfolio. A standard template note to the audited financial statements is provided, to facilitate banks the drafting of information related to modified special mention loans, required by Article 4-E of Rule 9-2020. Banks must strictly adhere to this template and are free to ad other information they deem relevant to their specific circumstances.
22 October 2020
Circular N.° SBP-DR-0308-2020. Rule 13-2020. It informs the issuance of Rule 13-2020 that amends Rule 2-2020 by means of which additional, exceptional and temporary measures to comply with the provisions of Rule 4-2013 on credit risk is amended and an additional period for financial relief measures is established.
9 November 2020
Circular N.° SBP-DR-0315-2020. (New accounts) – Table of Types of Financial Relationships (BAN19). It informs that some updates were made to the BAN19 and its ancillary tables (SB14 and SB106).
1 December 2020
Circular N.° SBP-DJ-0328-2020. New validity period of personal identity documents for Panamanians and resident foreigners. By means of the Electoral Court’s Bulletin 4758-B was published Decree 48 dated 24 November 2020, which establishes that the personal identity documents of all Panamanians of legal age will remain valid for fifteen (15) years, with the exception of the personal identity documents for Panamanian citizens over 70 years whose validity will be indefinite. Similarly, the permanent resident cards hold by foreigners will be valid for ten (10) years.