PERU

On September 3, the Ministry of Economy and Finance, through the Ministerial Resolution No. 261-2021-EF/15, amended the Operating Regulations of the National Government’s Guarantee Program for companies in the financial system. The regulation stipulates that the commission established in the guarantee contract must be paid in advance by the financial company for the granting of the guarantee to the loan portfolio. At the same time, the maximum amount of the loan portfolio that each entity may issue was set at 850 million soles (USD $200 million). The regulation is already in force.

In this regard, the resolution stipulates that the maximum amount of the loan portfolio that each company of the financial system may enroll in such program will be based on its effective equity as of February 29, 2020, adjusted according to its risk classification, or the amount of 850 million soles, whichever is lower. It is worth mentioning that previously the maximum amount was 600 million soles.

On the other hand, the regulation specifies that the limit will be 100% of the effective equity for those financial companies with a risk rating between A+ and B- issued by a risk rating agency; while it will be 90% for those with a rating between C+ and C-. Meanwhile, the limit will be 80% of the effective equity for financial companies classified in risk categories below C-.