Developments: Banks Re-Negotiate R$500 Million Debt | Economy

Banks renegotiated nearly R$500 million of 150,000 debt contracts during the first five days of Disnerola, a negative debt renegotiation program launched by the federal government.

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During this period, financial institutions cleared the names of more than 2 million defaulters owed up to R$100. The data is from the Brazilian Federation of Banks (FIBRABAN), which includes 115 financial institutions.

It should be noted that Nobank is not part of the entity. The digital bank joined Desenrola last Wednesday

In a separate balance sheet, Banco do Brasil reports that it renegotiated R$255 million under the federal program in the same five days. The value is equivalent to more than half of the total renegotiated amount. According to the Public Bank, 34 thousand customers participated in the renegotiation.

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In this first phase of Desenrola, financial institutions will automatically clear the names of those who owe up to R$100, and they will have regulatory advantages to renegotiate the debts of consumers with a monthly income of up to R$20,000.

Payments will be made within at least 12 months, as determined by the government. However, the conditions offered by the institutions are much more advantageous than the requirements: there are installments of up to 120 installments and discounts of up to 96% for cash payments.

“Each bank has its own business strategy and adopts its own policies for joining the programme,” Veerappan points out. Terms of debt renegotiation, at this point, “will be differentiated and it will be up to each financial institution that joins the program to determine them.”