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Index Rates |
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Panamá
Panama Reference Rate:
Panamanian Law 3 dated May 20th of 1995 and its subsequent reforms establish the mechanism for the calculation of the Panamanian Reference Rate In order to calculate the Reference Rate, the Banking Superintendence of Panama obtains monthly from the Caja de Ahorros (a state-owned bank) and the five (5) private banks with the largest mortgage portfolios a summary of the interest rates charged on all active residential first-mortgage loans whose amortization schedule is no shorter than fifteen (15) years which are not subject to any subsidy in that month. The Reference Rate is equal to the weighted average of all such mortgage rates reported by the above mentioned banks, rounded to the one eighth of one percent (1/8%) in the month immediately prior to the publication date of the new Reference Rate. The Reference Rate is published by the Banking Superintendence of Panama during the first ten business days of each calendar quarter. (see Bloomberg: PNMR).
For additional information, please consult the website of the Banking Superintendence of Panama: www.superbancos.gob.pa
We have also included a copy of the Preferential Interest Rate Law and its reforms. (Text only available in Spanish).
Reference Rate
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Quarterly |
Year |
I |
II |
III |
IV |
1985 |
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13.00% |
13.00% |
1986 |
12.75% |
12.75% |
12.50% |
11.75% |
1987 |
11.25% |
11.25% |
11.25% |
13.00% |
1988 |
13.00% |
13.00% |
13.00% |
13.00% |
1989 |
13.00% |
13.00% |
13.00% |
13.00% |
1990 |
13.00% |
13.00% |
13.25% |
13.25% |
1991 |
13.25% |
13.00% |
11.50% |
12.25% |
1992 |
12.50% |
12.00% |
12.00% |
11.75% |
1993 |
11.50% |
11.25% |
11.25% |
11.00% |
1994 |
10.75% |
10.75% |
10.75% |
10.75% |
1995 |
10.75% |
10.75% |
11.00% |
10.75% |
1996 |
10.75% |
10.75% |
10.75% |
10.50% |
1997 |
10.50% |
10.50% |
10.50% |
10.50% |
1998 |
10.25% |
10.00% |
10.25% |
10.00% |
1999 |
10.00% |
9.75% |
9.75% |
9.75% |
2000 |
9.75% |
9.75% |
9.75% |
9.75% |
2001 |
10.00% |
10.00% |
10.00% |
9.75% |
2002 |
9.25% |
9.00% |
9.00% |
9.00% |
2003 |
8.50% |
8.75% |
8.25% |
8.00% |
2004 |
8.00% |
7.75% |
7.50% |
7.25% |
2005 |
7.00% |
7.00% |
7.00% |
6.75% |
2006 |
7.00% |
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7.00% |
7.00% |
2007 |
7.00% |
7.00% |
7.00% |
6.75% |
2008 |
6.75% |
6.75% |
6.75% |
6.50% |
2009 |
6.50% |
6.75% |
6.75% |
6.75% |
2010 |
6.75% |
6.75% |
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El Salvador
Index Rate:
As established in the Transaction Documents of the La Hipotecaria securitizations of mortgage portfolios in el Salvador, the Index Rate is the rate for assets with terms greater than one year during the previous calendar year as calculated and published by the Central Reserve Bank of el Salvador, rounded to the nearest one sixteenth (0.0625%).
The Central Reserve Bank of El Salvador has established a document entitled methodology for the Calculation and Publication of the Weighted Average Interest. According to this document, each banking institution in El Salvador is required to provide weekly to the Central Reserve Bank of El Salvador information regarding amounts and interest rates charged on all operations. All interest rates for assets with maturities of more than one year are calculated weekly and weighted average figures of weekly publications are published monthly and annually by the Central Reserve Bank of El Salvador.
The historical publications of the Central Reserve Bank of El Salvador for assets with maturities of more than one year can be found on the website of the Central Reserve Bank of El Salvador, www.bcr.gob.sv in the section titled “Tasa de Interés Promedio Ponderado Anual de Bancos”, under the section titled “Activas” and the column titled: “Mas de Un Año”.)
Year |
Index Rate |
1998 |
10.4375% |
1999 |
10.6875% |
2000 |
10.6875% |
2001 |
10.8125% |
2002 |
8.8750% |
2003 |
8.0000% |
2004 |
7.7500% |
2005 |
8.2500% |
2006 |
9.0000% |
2007 |
9.4375% |
2008 |
9.6875% |
2009 |
10.9375% |
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© 2008, La Hipotecaria
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