16 March 2020
SBP urges to keep calm and prudence against COVID-19. The Superintendency of Banks of Panama (SBP) calls for calm, prudence and good judgment that must be kept during the situation triggered by COVID-19. In order to protect the integrity of our employees, we have strengthened preventive measures such as the removal of all of our supervision staff from all reporting entities, to comply with the protocols issued by the Ministry of Health and the National Government. We also urge the public in general that, in case of having any enquiry or claims, please use our customer service telephone numbers: Panama 506-7800/506-7897; Chitré 970-20/21/22 and David 777-5611/12/13; the toll free line: 800-7897, or through e-mail addresses: firstname.lastname@example.org or email@example.com
16 March 2020
SBP instructs temporary measures to modify loan terms and conditions. The Superintendency of Banks of Panama (SBP) adopted measures to maintain the stability of the financial system and to mitigate any potential deterioration that affects the situation of the national banking system derived from the spread of COVID-19. With these measures, it is expected to provide support to bank customers at this “unprecedented” moment: ● A category called “modified loans” was established, so that customers have the choice of adjusting the payment to their obligations and mitigating a potential loan deterioration; ● Banks may review the terms and conditions of loans, in regards to interest rates and terms, which will permit them to agree on and grant grace periods maintaining the loan classification as of the time of entry into force of this provision; ● Adjustments will be made according to the reality of each debtor who has been affected by COVID-19 and those who have payment in arrears of up to 90 days; ● Modifications may be made upon the customers’ request or by the banks’ own initiative; ● Banks have an initial period of 120 days to assess their customers; ● Loan modifications will not generate additional costs, therefore, they will be exempted from fees or new appraisals; ● Banks will be permitted to use the dynamic provision, a tool called “countercyclical buffer,” which is part of the capital each bank has created during times of high economic growth, as the current situations calls for; ● This should translate into less pressure for banks, allowing them to improve their position and willingness to grant loans that improve the banks’ balance sheets.
18 March 2020
The suspension of procedural and administrative deadlines is ordered.
20 March 2020
Temporary business schedule of the Superintendency of Banks. The Superintendency, as a preventive and control measure in addition to implement telecommuting to a significant number of employees, has deemed it necessary to temporarily modify its business schedule until the emergency situation in the national territory, due to the risk of spreading the COVID-19 outbreak, changes.
27 March 2020
Issuance of sovereign bonds. The Superintendency of Banks of Panama (SBP) recognizes the work done by the fiscal team behind the successful issuance of sovereign bonds for the amount of USD 2.5 billion, expiring on 2056, accomplished under the current unprecedented circumstances the country is experiencing, to face the crisis triggered by COVID-19.
6 April 2020
Extension of the suspension of procedural and administrative deadlines for fifteen (15) business days.
27 April 2020
Press release: Impact of the Banking Rule 2-2020 on the National Economy to mitigate adverse effects of the spread of COVID-19. The Banking Rule 2-2020 has been a key factor that has provided banks with the necessary tools to gradually and progressively give clients affected by the harsh economic context financial relief in their payment flow
24 April 2020
Extension of the suspension of procedural and administrative deadlines. To extend the suspension of procedural and administrative deadlines for an additional fifteen business days, extendable, from 8:00 a.m. on 4 May 2020, the suspension of procedural and administrative deadlines established by means of General Resolution SBP-RG-0001-2020 dated 18 Mach 2020, extended by General Resolution SBP-RG-0002-2020 dated 3 April 2020.
13 May 2020
Listing of Panama in the EU’s List is unfair and untimely. The listing of Panama in the EU list of non-cooperative jurisdictions for tax purposes is misguided, even more so considering what we are going through in the turmoil of a global, unprecedented pandemic that have triggered a severe financial crisis all over the world, including Panama.
21 May 2020
Extension of the suspension of procedural and administrative deadlines. The Superintendency of Banks has deemed it necessary to adopt, by means of General Resolution SBP-RG-0005-2020 dated 20 May 2020, the following measure: to extend until 7 June 2020 the suspension of procedural and administrative deadlines.
29 May 2020
As of Monday, 1 June 2020, the Superintendency of Banks employees will work in two temporary shifts. Please be advised, that from Monday, 1 June 2020, the Superintendency of Banks employees will work in two temporary shifts, as follows: from 7:30 a.m. to 3:30 p.m. and from 8:00 a.m. to 4:00 p.m., and customers services hours will be from 8:00 a.m. to 4:00 p.m.
25 June 2020
Procedural and administrative deadlines enabled. It informs that as of Monday, 29 June 2020 all procedural and administrative deadlines at the Superintendency are enabled.
22 October 2020
The SBP establishes an additional deadlines until 30 June 2021 for the financial relief measures.