This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content in its original language here.
The CNBV issues, on a temporary basis, special accounting criteria, applicable to credit institutions, due to the recent damage caused by natural phenomena in disaster areas.
- Due to the recent damage caused by meteorological phenomena that occurred in the southeast of the country, the National Banking and Securities Commission (CNBV) temporarily issues special accounting criteria applicable to credit institutions, with respect to consumer, housing and commercial loans. , for clients who have their domicile or credits whose source of payment is in the affected areas, declared by the Ministry of the Interior or by the Ministry of Security and Citizen Protection as natural disaster areas.
In general terms, the support will consist of the credit institutions being able to offer their clients the partial or total deferral of principal and / or interest payments for three months, six months in the case of group microcredits, or up to 18 months in the case of directed credits. to the agricultural and rural sectors, with the consequent benefit for clients that their credits will continue to be reported as current before credit information companies (credit bureaus).
That is to say, credits that adhere to the benefit of special accounting criteria will allow credit institutions not to consider them as restructured in accordance with the provisions of current accounting criteria, which will allow borrowers to allocate their resources to face the possible damages that they could have suffered from natural phenomena.
The foregoing will be applicable to consumer, housing or commercial loans of clients who have their domicile or whose source of payment is located in municipalities declared as disaster areas, which includes loans with a single payment of principal at maturity, regardless of if the interest payment is periodic or at maturity, credits with periodic payments of principal and interest, as well as revolving credits.
The foregoing will be applicable as long as the credit is classified for accounting as current on the date of the claim established in the declaration, and the support implementation process is carried out within 120 calendar days following the date of the claim.
In applying the special accounting criteria, the institutions must adhere to the following conditions:
- Not to make contractual modifications that explicitly or implicitly consider the capitalization of interest, or the collection of any type of commission derived from the restructuring or renewal.
- In the case of revolving credits directed to individuals, the credit lines previously authorized or agreed upon on the date of the claim established in the declarations must not be restricted or reduced by more than fifty percent of the undrawn part of said lines, or canceled.
- In the case of credits addressed to legal entities, the credit lines previously authorized or agreed upon on the date of the claim established in the declarations must not be restricted or reduced, including the undrawn part of said lines, or canceled.
- In the case of restructuring, no additional guarantees or their replacement should be requested.
When, as part of the support to clients, deductions, forgiveness, bonuses or discounts are granted and preventive estimates for credit risks must be constituted, these may be made on the date they occur, or, in a straight line, in a period not to exceed 12 months.
The special accounting criteria may also be applicable to Regulated Multiple Purpose Financial Companies and trusts in their capacity as bank borrowers.
In this way, the CNBV reaffirms its commitment and solidarity with Mexicans, through the implementation of actions in terms of regulation and supervision to favor the well-being of the population and continue to ensure the stability of the country’s financial system.