Resilience, underbanking and overlending in Latin America
Disaster resilience for the Peruvian banking sector means looking at underbanking and microfinance as well. Claudia Canepa, principal supervisor for business continuity at the Peruvian regulator SBS, discusses the broader issues with OpRisk
In the aftermath of the 2007 earthquake in Pisco in southern Peru, the Peruvian central bank made an unexpected discovery. Instead of rushing to withdraw cash in order to pay for immediate survival needs such as food and shelter (as would happen in countries such as Japan after an earthquake), people in the affected areas were queueing outside banks in order to make deposits and open accounts – bringing in cash that they had previously hoarded in homes that were now destroyed or uninhabitable.
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