The Superintendent of Panamanian Banks (SPB) stresses confidence in the stability and liquidity of the system-
The banking center of Panama has overcome hurdles in the past such as the implementation of a
ctions taken in 2001 to cooperate in the fight against money laundering through a program designed by the Financial Action Task Force (FATF). Panama was seen as solid according to the latest reports by the regulatory entity. The executive summary published by the SBP in January, 2009 reported that the operations of the banking system in Panama were sound and stable.
The SPB concluded that the banking system has seen an overall growth of 12.3 percent compared to the period of a year earlier and, although this growth is slower than the 14.9 percent recorded in December, 2008, it does confirm the liquidity of the financial system.Signs to considerDuring the presentation of the executive summary in January by the SPB, the superintendent of Panamanian Banks, Olegario Barrelier, explained in a press conference that the Panamanian banking system ended 2008 on a higher note than the year before. He said that the change is attributable to the international financial crisis that arose during the fourth trimester of the year.
Barrelier expressed his desire that the slowdown be controlled during the first trimester of this year, and said that he is working on a plan to help banks that eventually may need some type of special assistance.The director of economics for the Superintendent of Panamanian Banks, Gustavo Villa, said that the slowdown in the portfolio has changed from a level of 1.2 percent in 2007 to about 1.4 or 1.6 percent, speaking in global terms.The superintendent said that it is possible that the requirements for access to capital in the Panamanian Colon Free Zone (ZLC) could increase. The SPB said that banks will have to determine if the level of investment will be sufficient to sustain the protected sales in the ZLC.
