FGS Projects to Increase Mortgage Loans by Up to 23%

The program allocating 2 trillion pesos from the Sustainability Guarantee Fund (FGS) of ANSES for mortgage loans had its first auction of UVA deposits, awarding 200 billion pesos to 13 banks. 18 banks submitted bids totaling over 258 billion pesos. More than 80% of the awarded amount was concentrated in the five-year term, reaching 164.4 billion pesos at UVA + 4.94%. The consulting firm 1816 estimates that the stock of mortgage loans in pesos, currently at 8.7 trillion pesos, could increase by up to 23% with the FGS plan. The Libertad Foundation indicated that the 2 trillion pesos would help alleviate the mismatch of terms, although it does not resolve the structural shortage of long-term savings. Max Capital believes that the impact will be limited, as the funds were already in the banking system. Banks have 90 days to convert the funds into loans, with a maximum rate of UVA + 7.5% per year and a minimum term of 15 years. It is projected that between 17,000 and 18,000 credit operations will be carried out nationwide.

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