Arkhom urges external loan sources
The Public Debt Management Office (PDMO) has been asked to consider seeking external loans to diversify lending sources amid higher demand from the private sector amid the Covid-19 crisis, says the Finance Ministry.External loans should be obtained from international financial institutions as opposed to loans borrowed from overseas money markets, said Finance Minister Arkhom Termpittayapaisith.The existing borrowing costs of loans from the two sources are roughly the same, said Mr Arkhom.Of the total public debt worth 7.8 trillion baht or 49.3% of GDP, external debt is valued at 86.8 billion b...
The Bangkok Post
Banks’ bad loans to peak only by next year — Fitch
Banks’ bad loans to peak only by next year — FitchIan Nicolas Cigaral(Philstar.com) – November 23, 2020 – 6:46pmMANILA, Philippines — Banks in emerging Asia, including those from the Philippines, would continue their accumulation of bad debts until next year when several reprieve extended to lenders and cash-strapped borrowers lapse, Fitch Ratings said Monday.While some governments in the region have extended relief measures for banks and borrowers until 2021, Fitch said such a move only masked the rising credit risks that lenders are facing amid the coronavirus pandemic, adding that such risk...
Mnuchin defends ending Fed emergency programs amid sabotage claims
Washington (AFP) - US Treasury Secretary Steven Mnuchin on Friday defended a decision to halt a series of emergency lending programs after Democratic lawmakers claimed Donald Trump's administration was trying to sabotage the economy following his loss in the presidential election.Mnuchin said he was following congressional intent in phasing out at year's end Federal Reserve programs intended to help the US financial system weather the shock of the Covid-19 pandemic, adding that the funds unused by the central bank should be repurposed to other pandemic relief efforts.But the move drew scathing...
Odawna Market Fire Outbreak: MASLOC To Support Traders
The Microfinance and Small Loans Centre (MASLOC) has pledged to offer loans to victims of the Odawna Market fire disaster.The victims, mostly market women are expected to get a one year moratorium loans from MASLOC.Board Chairman of MASLOC, Seth Baah Acheampong made this known on Friday, November 20, 2020 when a team from MASLOC visited the market to assess the impact of the fire outbreak.Speaking to the traders, he said MASLOC’s Board will meet this coming Tuesday to decide how much loan to give the market women who lost their goods and stalls to the fire.He said the loans will be interest fr...
Daily Guide Network
US Treasury declines to extend Fed emergency lending tools
Washington (AFP) - US Treasury Secretary Steven Mnuchin on Thursday said he had declined to extend emergency lending facilities established with the Federal Reserve aimed at countering the coronavirus downturn. The decision, which prompted a protest from the central bank, means the facilities aimed at the inner workings of the US financial system will expire at the end of the year."I was personally involved in drafting the relevant part of the legislation and believe the Congressional intent as outlined in Section 4029 was to have the authority to originate new loans or purchase new assets (e...
Tier 1 banks’ loans up by 9% amid high exposure risk
The tier 1 banks in Nigeria, in no particular order – Access Bank, First Bank Nigeria, Guaranty Trust Bank (GTB), United Bank for Africa (UBA) and Zenith Bank Plc grew their combined loan portfolio for the period ended June 30, 2020, by 9 per cent from N11.54 trillion in FY 2019 to N12.6 trillion at half year 2020 despite the challenging business environment and economic uncertainty occasioned by the novel coronavirus which almost halted the world’s economic activities.The pandemic poses a serious threat to the world’s economy, the impact of this can be evidenced on the pressures that characte...
European Commission concludes that Cyprus is still experiencing excessive macroeconomic imbalances
The European Commission concluded today that Cyprus is still experiencing excessive macroeconomic imbalances, in particular involving a very high share of non-performing loans that burden the financial sector and high private sector, government, and external debt, in a context of moderate potential growth. This view is expressed in the Cyprus chapter of the “alert Mechanism Report for 2021”, prepared by the EC, in accordance with Articles 3 and 4 of Regulation (EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances.According to the report, the updated scoreboard includin...
Cyprus News Agency
Security Bank 9-mo income drops after hedging vs bad loans
Security Bank Corp. reported lower net profits of P6.7 billion in the January to September, citing elevated provisions for potential credit losses as cause.The listed bank noted that its 9-month earnings were nearly 13 percent lower compared to P7.7 billion it notched in the same period last year.Still, the bank recorded a 66-percent increase in total revenues for the period at P40.2 billion. Top line figures, excluding the trading gains, soared by 22 percent to P27.9 billion. Pre-provision operating profit as of end-September grew by 120 percent to P28.4 billion.Nine-month interest income pic...
13th month pay loans out, but employers fear funds would go elsewhere
13th month pay loans out, but employers fear funds would go elsewhereXave Gregorio(Philstar.com) – November 13, 2020 – 5:06pmMANILA, Philippines — The government has rolled out a program to help fund the 13th month payout of small companies, but employers fear that loan terms are not attractive enough for troubled firms that may use the money elsewhere or just opt to shut down altogether.So far, around 21,000 micro, small and medium sized enterprises (MSMEs) secured funding under the trade department’s COVID-19 Assistance to Restart Enterprises (CARES) program, Trade Secretary Ramon Lopez said...
Banks, swamped with unpaid loans, are not lending
Banks, swamped with unpaid loans, are not lendingMANILA, Philippines — Banks continued to hold back from lending as loans in their books start to turn sour with the unwinding of regulatory relief extended to customers battered by the pandemic.Outstanding loans by big banks, net of their lending to each other, inched up 2.8% year-on-year as of September, sustaining a weakening trend that started last March. The latest data was also the worst performance since June 2007’s 2.4% growth.Lending is slowing down as banks, big or small, had to contend with a surge in unpaid credit. Non-performing loan...