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All the banks will apply presidential directive to attend emergency by COVID-19

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This was announced this Friday by the Costa Rican Banking Association (ABC) in a meeting with the President of the Republic, Carlos Alvarado.

The fourteen banks affiliated to the Costa Rican Banking Association (ABC), between public and private, will apply the presidential directive to readjust the credits of the people and companies affected by COVID-19.

This was announced by the president of the ABC, Álvaro Saborío, in a meeting this Friday morning with the president of the Republic, Carlos Alvarado, in which the general managers of the National Bank, Gustavo Vargas and the BAC Credomatic also participated, Federico Hate.

“All banks, in support of the productive sector and households, have decided to support the Government and Costa Ricans at this time of national emergency. For this reason, although the authorities issued the guideline for state banks, it will also be applied by private banks, because we are most willing to support the affected sectors and contribute to the recovery of the national economy, ”said Álvaro Saborío. , president of ABC.

The presidential directive urges banks to apply the following measures:

  1. Decrease in interest rates, according to the conditions of each credit and debtor.
  2. Extension of the term of the credits.
  3. Extension in the payment of the principal and / or interest for the time that is necessary.
  4. Extraordinary payments to the principal amount without penalty.

Aid management to be carried out by banks will be focused on the sectors affected by COVID-19. Each client must follow the instructions of their bank to manage the corresponding support, since the procedure to follow may vary from one entity to another.

For his part, President Alvarado thanked the banking sector for its response to this national emergency, which has already materialized with the announcement of some private banks to apply the directive issued on March 18, seeking to protect individuals and companies. “It is at this time that Costa Rican values are placed at the center to build well-being. We will demonstrate that together, as a country, we will be able to overcome this enormous challenge, ”reflected the president.

Finally, Saborío reaffirmed that “from ABC we reiterate our commitment to the country, since the recovery of the economy requires the work of all sectors. We urge customers who are being affected by the COVID 19 situation to follow their bank’s instructions to receive the support they need and to use the digital platforms of banks to carry out their ordinary procedures, “he concluded.

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