Marcel said Chilean banks had enough headroom to meet the central bank’s capital requirements given the past profits they made in 2022.
Ministry of Finance, Mario Marcel , a significant impact on the availability and cost of bank credit was excluded. This is after the Countercyclical Capital Controls (RCC) triggered by the central bank.
Markets questioned the move, saying it could slow the national economy.
The decision of the Central Bank Council for the first time in its history Invoked a regime requiring national banks to recapitalize by 0.5% of risk-weighted assets within one year.
It was estimated at about $1.5 billion.
The purpose of this measure, explained by the governing body, is to: Preparing the country’s financial industry for increased external uncertainty in the global context of the bankruptcies of US banks such as Silicon Valley Bank, Signature Bank, or the collapse of Swiss giant Credit Suisse.
Given the concerns of users, such as what will happen to consumer loans and whether requirements will be tightened, Minister Marcel said: Earnings in the past The capital generated by Chilean banks in 2022 has a headroom to meet this capital requirement.
And for that reason he said: Central bank requests do not affect the availability or cost of credit. Also, interest rates have reached the cap, so interest rates will not rise.
Ricardo Meves, president of the Consortium of Producers and Commerce (CPC), spoke of this, noting that the measure: It will likely affect the creditworthiness of individuals and businesses.
SOFOFA Chairman Richard von Appen commented: We trust the technical capabilities of central banks.
He also said he sees Chile as having very strong banks and expects the impact to be small.
Economist Alejandro Alarcon, a former adviser to the Banking Association, said the decision was made before the financial crisis. The risk of reduced liquidity represented by domestic sectors such as isapres and the possibility of bankruptcy thereof.
Demanding more capital from the current composition of the Bankers Association There will be a contraction effect on credit, and it is not understood how this would reconcile with the current economic scenario.