{"id":10068,"date":"2017-12-12T11:34:14","date_gmt":"2017-12-12T11:34:14","guid":{"rendered":"http:\/\/progresomicrofinanzas.org\/?p=10068\/"},"modified":"2017-12-12T11:53:56","modified_gmt":"2017-12-12T11:53:56","slug":"10068","status":"publish","type":"post","link":"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/10068\/","title":{"rendered":"Instructions on the modification and restructuring of loans"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-right\"><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/10068?print=pdf\" class=\"pdfprnt-button pdfprnt-button-pdf\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/pdf.png\" alt=\"image_pdf\" title=\"View PDF\" \/><\/a><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/10068?print=print\" class=\"pdfprnt-button pdfprnt-button-print\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/print.png\" alt=\"image_print\" title=\"Print Content\" \/><\/a><\/div><p><span style=\"font-weight: 400;\">The National Guarantee Fund (FNG) has published this Circular to create a short-term incentive for financial intermediaries to restructure secured debt instruments by novation. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Two new products have been created for this purpose: i) Easy Novations for SMEs, and ii) Easy Novations for Micro-enterprises. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> The maximum sum that can be secured with each the product has been set for each, as has the loan period, the coverage, the portfolio type, the currency, the fee, the minimum sum that can be claimed and the general terms and conditions of the guarantee.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What is more, transactions that need to access these mechanisms can be transferred without having to go through an early cancellation of the guarantee fee, which is put on hold for a year and will be invoiced in subsequent annual instalments of the loan repayment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These mechanisms can be applied to any of the types of loan-book restructuring established in the recent External Circular 026-2017 issued by Colombia\u2019s Financial Authority, to redefine the loan conditions for borrowers whose repayment capacity and ability to meet the original terms has been impaired.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This Circular issues instructions and introduces the concept of loan modification, in order to make it easier for borrowers to meet their obligations according to their current repayment capacity, without lowering their credit rating, while also opening up access to new funding sources.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The following are some of the conditions for modifying loans:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The modification of a loan will not be considered a restructuring and, as such, will not give rise to making loan provisions provided that in the final six months the loan does not suffer consecutive defaults (longer than 60 days in the case of microloans, 60 days for personal loans and 90 days for the commercial and housing portfolio).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">These loans must be classified according to the guidelines set in the General Accounting &amp; Financial Circular issued by the SFC.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The new conditions must meet financial viability criteria that are aligned with the debtor\u2019s capacity to pay.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Modified loans must be subjected to special monitoring. Once the debtor\u2019s regular and effective payment is verified (after 9 months in the case of microloans, a year for personal loans and 2 years for commercial and housing portfolio), this monitoring can cease. \u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Institutions should have in place information systems, policies and procedures to identify, manage and track those transactions that have been modified.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If the new credit conditions are not met (30 days\u2019 default), the loan will be classified as restructured.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Turning to loan restructuring, the following stipulations are made:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Loan restructuring policies should describe, at the very least, the requirements, tracking and classification mechanisms, approval bodies and the powers of these. \u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Special classification criteria are set for the restructuring, at the time of the change, and after it is made.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Loan restructuring procedures should allow:<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The real deterioration to the debtor\u2019s capacity to pay to be analyzed.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The financial viability of the restructuring to be set in line with the debtor\u2019s capacity to pay.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Restructured loans to be classified according to established criteria.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Information systems to be in place that identify and track the restructured transactions.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">When debtors pay on time (after 18 months in the case of microloans, 2 years for personal loans, and 4 years for the commercial and housing portfolio), institutions can de-list the loans from the restructured category. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Restructuring is considered non-compliant when the debtor defaults for 30 days or more.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Institutions may, over time, allocate a lower risk rating when the debtor\u2019s capacity to pay is verified as complying with the criteria set for improving this rating and when the debtor has also made regular, effective payments of capital and interest during the restructuring (for six consecutive months in the case of microloans and for a year in the other loan types).<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Finally, the regulation makes the provision that institutions must provide clients with a comparison which enables them to understand clearly their loan conditions before and after the modification or restructuring.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Guarantee Fund (FNG) has published this Circular to create a short-term incentive for financial intermediaries to restructure secured debt instruments by novation. Two new products have been created for this purpose: i) Easy Novations for SMEs, and ii) Easy Novations for Micro-enterprises. \u00a0 The maximum sum that can be secured with each the [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":9543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"tags":[2772,2771,619,1521,2770,2773,2769],"class_list":["post-10068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-capacity-to-pay","tag-classification","tag-colombia-en-2","tag-default","tag-modification","tag-monitoring","tag-restructuring","numero-13-en","seccion-published-and-draft-legislation-microfinance","pais-colombia-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Instructions on the modification and restructuring of loans<\/title>\n<meta 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