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Finance Minister Says Lenders Require $1.2b in Additional Capital

CHILE
  • Late Wednesday, finance minister Mario marcel provided further details following the announcement that the central bank would raise capital requirements on financial institutions.
    • The additional 0.5% of countercyclical capital required for the banking sector corresponds to $1.2 billion, Marcel said, adding that the risk that this measure will affect access to credit is considerably low, he said.
    • Marcel included that banks can use part of their profits from last year to meet the new requirement.
  • BCCh President Costa also took the opportunity on Wednesday to reassure markets that the capital measure focused on financial stability, and that this measure wouldn't have a big impact on monetary policy.
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