October 25, 2019.- The Financial Market Commission (CMF) reports on the functioning of the financial system under its supervision as a result of this week's monitoring due to incidents in the country.
Since the beginning of the state of emergency, the Commission has been in permanent contact with banks, insurance companies, fund managers, stock exchanges, market infrastructure entities, and government authorities. The aim is to coordinate any action necessary to ensure the proper functioning of the market, allowing individuals and companies to receive the most appropriate service possible from financial institutions, considering the situation.
Banking System
As for the functioning of the banking system, all institutions have been required to continue adopting the necessary precautions and safeguards to ensure normal operation of their branches, ATMs, and electronic platforms. They have also been instructed to duly inform their customers of the location and hours of operation of authorized branches.
Said entities have reported to this Commission that their main electronic payment systems, such as debit cards, credit cards, and electronic transfers, are operating normally.
According to information gathered today, normalization continues in the operation of bank branches, with 1,704 open branches. This amounts to 83 percent of branches along the country.
The percentage of branches in operation has increased steadily during the week, going from 14.6 percent on Monday to 31.5 percent on Tuesday, 61 percent on Wednesday, and 77 percent on Thursday. Meanwhile, 99 percent of cooperatives' branches are open.
As for ATMs nationwide, which includes the Redbanc, Banco del Estado de Chile and Falabella networks, approximately 88 percent of ATMs are operating normally as of today. This includes a percentage of operating ATMs with access difficulties due to their location.
Throughout the week, as the opening of new businesses has resumed, the number of ATMs operating with access difficulties has decreased. The trend should continue in the coming days.
The following table summarizes the situation:
|
ATMs |
October 22 |
October 23 |
October 24 |
October 25 |
|
Operating (%) |
58.2 |
62.5 |
65.0 |
71.2 |
|
Operating with access difficulties (%) |
26.3 |
24.4 |
20.5 |
17.5 |
|
Total |
84.5 |
86.9 |
85.6 |
88.7 |
Regarding Servipag, 67 percent of its 272 customer service locations are open as of today. Said figure also rose during the week, from 7.7 percent of Servipag customer service locations open on Monday.
Securities Transport Companies (ETVs, for their Spanish acronym), responsible for supplying ATMs, have continued to normalize their operations.
Insurance Companies
Furthermore, insurance companies continued to report an increase in their locations of customer service, reaching 97 percent of branches working at a national level. Their online platforms are operating normally as well.
The System of Consultations and Offers of Pension Amounts (SCOMP) is also functioning normally, allowing the adequate processing of pension subscriptions in the modalities of life annuities in insurance companies and programmed retirement through AFPs.
Stock and commodity exchanges and market infrastructure entities also operated normally. Like in previous days, these entities announced an adjustment in their operating hours to facilitate the orderly settlement of transactions. The Santiago Stock Exchange and Electronic Exchange scheduled their closing for 2:00 PM, while the Commodities Exchange set it at 1:30 PM.
Citizen Services
The Financial Market Commission reiterates that its web services will be operating normally through the website www.cmfmascerca.cl, where it is possible to make queries, complaints or claims, as well as obtain information on services and procedures.
To facilitate the sending of information to this Commission by audited entities, public entities, and citizens in general, the CMF launched the website CMF sin Papeles (Paperless CMF), through which they can submit information, documents, and correspondence.
The CMF will continue to work in full coordination with the Ministry of Finance, the Central Bank, other regulators, and the relevant authorities to ensure the proper operation of the financial system and the capital market.
