Although one of the reasons for its existence is to offer better credit conditions for producers, the Development Banking System exceeds the interest percentages of the market.
This was revealed by an audit conducted by the Economic Services Supervision Department of the Comptroller General of the Republic (CGR), which found that in 1,200 credit operations, equivalent to 340 million, the interest rate was 43%.
Roberto Jaikel, Manager of the area of supervision of Economic Services, also explained that 92% (153) of the procedures did not have enough information and that did not guarantee the feasibility of the projects.
The sample for the audit was 166 credit operations, with a main balance of ₡10.58 billion. They found the following irregularities:
– In 13% of the cases, the debtor’s capacity to pay was not sufficiently documented.
– 43% of the cases analyzed do not have enough information to conclude on the viability of the financed project.
– In 28% of cases, the information in the file turned out to be insufficient to demonstrate the debtor’s status as a beneficiary of the SBD.
– 11% of the loans breached at least one of the financial conditions related to interest rate, maximum financing limit, investment plan, and maximum financing term.
– 45% did not prove that the analysis and identification of the possible economic interest groups of the debtor was carried out.
– 80% did not demonstrate the follow-up that the financial operator must perform on the financing and the respective project.
The study was conducted on the placement of resources of the National Development Trust (FINADE), through the loan portfolio in effect as of December 31st, 2017, which was composed of 14,689 operations.