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Viewing cable 08BOGOTA997, LOAN DEFAULTS RISE WITH INCREASE IN CONSUMER CREDIT

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Reference ID Created Released Classification Origin
08BOGOTA997 2008-03-13 23:33 2011-08-25 00:00 UNCLASSIFIED Embassy Bogota
VZCZCXYZ0001
RR RUEHWEB

DE RUEHBO #0997 0732333
ZNR UUUUU ZZH
R 132333Z MAR 08
FM AMEMBASSY BOGOTA
TO RUEHC/SECSTATE WASHDC 1925
INFO RUEHCV/AMEMBASSY CARACAS 0110
RUEHLP/AMEMBASSY LA PAZ MAR LIMA 6011
RUEHZP/AMEMBASSY PANAMA 1396
RUEHQT/AMEMBASSY QUITO 6667
RUEATRS/DEPT OF TREASURY WASHDC
UNCLAS BOGOTA 000997 
 
SIPDIS 
 
SIPDIS 
 
WHA/EPSC FOR PMAIER, EEB/OMA FOR ASIROTIC, TREASURY FOR 
MEWENS 
 
E.O. 12958: N/A 
TAGS: EFIN ECON CO
SUBJECT: LOAN DEFAULTS RISE WITH INCREASE IN CONSUMER CREDIT 
 
REF: BOGOTA 583 
 
1. SUMMARY: After five years of strong economic growth, 
consumer credit has reached record levels in Colombia. 
However, the rise in consumer lending has also led to an 
increase in loan defaults and suggestions that such defaults 
could harm the solvency of Colombia's booming financial 
sector (reftel).  Despite the higher number of overextended 
Colombian consumers, most financial observers downplay the 
risk to the banking industry and emphasize that the number of 
defaulted loans remains low as a percentage of total lending 
and is centralized within specialized lending institutions. 
END SUMMARY. 
 
Just Charge It 
-------------- 
 
2. Consumer lending increased 32 percent in 2007 after 
growing 35 percent in 2006.  During the same period loan 
defaults increased 55 percent.  While the total percentage of 
consumer loans that result in default remained relatively low 
at 3.25 percent, the steep percentage increase in consumer 
credit and defaults has led some Central Bank officials to 
worry that local financial institutions are lowering their 
lending standards to aggressively pursue the lucrative 
consumer loan market. 
 
Financial Sector Largely Insulated 
---------------------------------- 
 
3. Nevertheless, local financial experts tell us that the 
private banking sector remains generally insulated from the 
threat of portfolio erosion since most of the defaults center 
in government-owned specialized lending institutions such as 
the Public Education Credit Fund (ICETEX).  Carlos Rojas, 
Vice President of the Association of Financial Institutions 
(ANIF), expressed doubt that that the overall financial 
sector would experience any destabilization at the current 
rate of defaults.  He emphasized that the banking sector 
possesses strong capital reserves and enjoys well-diversified 
lending portfolios, including strong positions in the stable 
commercial lending market. 
 
Still, Maybe Time to Rein It In 
------------------------------- 
 
4. Colombian Banking Association (Asobancaria) President 
Maria Mercedes Cuellar echoed the view that the banking 
sector maintains a very diversified credit portfolio and 
faces minimal threat from the increase in consumer lending 
defaults.  She characterized the increase in consumer credit 
as a positive indicator of Colombia's economic development 
and a legitimate extension of the financial sector to a 
market segment that has long been underserved.  However, 
Cuellar suggested that Colombia's financial system would 
benefit from closer examination of consumer credit patterns 
and incorporation of that data into updated loan quality and 
risk management models in order to avoid developing a 
consumer credit bubble. 
Brownfield