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Chile Strengthens Banking Regulations to Ensure Financial Stability

In a move aimed at promoting financial stability and protecting consumers, Chile’s Central Bank has issued a comprehensive compendium of regulations governing financial transactions in the country.

New Measures for Mortgage Operations and Readjustment Systems

The regulations introduce new measures to regulate mortgage operations without special guarantees, as well as readjustment systems authorized by the Central Bank. These changes aim to provide greater stability and security for consumers and financial institutions alike.

Liquidity Management and Securitization of Bank Portfolios

The compendium also establishes guidelines for banks’ liquidity management, active and passive ratios, and securitization of bank portfolios. This will help ensure that banks maintain a stable level of liquidity and minimize the risk of insolvency.

Financial Collection and Intermediation, Payment Instruments, and Interest Payments

The regulations set standards for financial collection and intermediation, payment instruments, and interest payments on current accounts. This aims to promote efficiency and transparency in financial transactions.

Derivatives and Framework Agreements

The compendium regulates contracts on bank derivatives in Chile’s local market and recognizes framework agreements for derivative products used in bankruptcy or involuntary liquidation proceedings. This will help reduce the risk of financial instability and protect consumers from unscrupulous practices.

Payment Systems and Retail Means of Payment

The regulations cover large value payment systems operated or regulated by the Central Bank, including Bank Clearing Houses, Real-Time Gross Settlement System, and Contingency Procedures for Large Value Payment Systems. Additionally, retail means of payment corresponding to Payment Cards issued or operated by banking and non-banking entities are also subject to these rules.

Savings and Credit Cooperatives, Pension Fund Managers, Insurance Companies, and Unemployment Fund Manager

The compendium addresses the operations of savings and credit cooperatives, pension fund managers, insurance companies, and the unemployment fund manager under the Central Bank’s jurisdiction. This aims to ensure that these entities operate in a stable and transparent manner.

Current Accounts, Interbank Payment Systems, Guarantors and Collaterals, and Small and Medium Business Guarantee Fund

The regulations also cover current accounts, interbank payment systems, guarantors and collaterals, payment systems using cards and other electronic means, and the Small and Medium Business Guarantee Fund. Additionally, the compendium includes repealed regulations that have been replaced by new rules.

Conclusion

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The Central Bank’s efforts aim to ensure a stable and efficient financial system in Chile, protecting consumers and promoting economic growth. By strengthening banking regulations, the bank aims to prevent financial instability and promote confidence in the country’s financial institutions.