The banks will deliver a schedule of studies to the government and the Central Bank (BC) on the causes of high interest rates on credit card revolving credit cards, said the Minister of Finance, Fernando Haddad, last night (17). He met with representatives of financial institutions to discuss a solution for the rates of this modality, which are at 417.4% a year, according to the BC. According to Haddad, the first meeting, which lasted about an hour, served only to outline a diagnosis of the sector. The minister promised to present a study soon and the BC’s involvement in the discussions. “We were with four or five CEOs [presidentes-executivos] of banks here, not just Febraban [Federação Brasileira de Bancos]. We are going to involve the Central Bank in the discussions. They will deliver a presentation schedule of a study [para os juros do rotativo]. I asked for speed, they asked to involve the BC because it has the regulation of the product”, said Haddad after the meeting at the Ministry of Finance. The president of Febraban, Isaac Sidney, and former federal deputy Rodrigo Maia, president of the National Confederation of Financial Institutions (CNF), were present at the meeting. They were accompanied by presidents of four banks: Octavio de Lazari (Bradesco), Milton Maluhy (Itaú-Unibanco), Mario Leão (Santander Brasil) and Cristina Junqueira (Nubank). According to Haddad, the discussion is not simple because the credit card industry has many actors involved: “there are many interlocutors: flag, ATM, banks and shopkeepers”. da Alvorada, accompanied by the Executive Secretary of Finance, Gustavo Galípolo, and the Secretary of the Federal Revenue, Robson Barreirinhas, for a meeting with President Luiz Inácio Lula da Silva. to Congress, the minister only replied: “We will find out now.” Willingness On the side of financial institutions, only the president of Febraban spoke to the journalists. He said that the entity is willing to build, with the federal government and the Central Bank, solutions to reduce interest on credit card revolving. He said that a working group will be set up, with no deadline for completing the analysis. “It is important that we attack not only the causes of the high bank spread, but also understand the causes of the high cost of credit. This is not the time to point out ways or discuss proposals. The paths need to be discussed after a correct diagnosis”, he declared. Earlier, Haddad had stated that the government intends to release, this week, 14 measures to stimulate the credit market in Brazil. With the forecast that the group of work will only start activities in the next few days, a measure for credit card revolving should be left for later. According to the president of Febraban, one of the suggestions to be presented by financial institutions will be a new legal framework for guarantees (goods and assets that cover any defaults), whose project is being discussed in the National Congress. “One of the reasons for high bank interest rates is the low effectiveness of guarantees. If the country has the Legal Framework for Guarantees, we will take an important step towards reducing the cost of credit”, said Isaac Sidney.
Agência Brasil
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