CMF releases a new update on the functioning of supervised markets

October 30, 2019.- The Commission for the Financial Market (CMF) reports on the functioning of the financial system under its supervision, as a result of the monitoring carried out in the last week as a result of the incidents that occurred in the country.

From the beginning of the emergency situation 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.

Banking system

With respect to the functioning of the banking system, all institutions have been required to adopt the necessary precautions and safeguards to ensure the normal functioning 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.

It was noted that today Wednesday continues the normalization in the operation of bank branches, reaching 1,869 open branches, equivalent to 91% of total bank branches along the country.

With information as of today about 88.8% of ATMs are operating normally approximately. It includes the networks of Redbanc, Banco del Estado de Chile and Falabella. There is a percentage of ATMs operating, but with access difficulties given the locations where they are located.

Over the last few days, while new stores are opened again, the number of ATMs operating has decreased, but there are still some access problems. This trend should continue in the coming days.

ATMs October 22 October 23 October 24 October 25 October 28 October 29 October 30
Operating 58,2% 62,5% 65,0% 71,2% 76,3% 79,6% 79,4%
Operating with access difficulties 26,3% 24,4% 20,5% 17,5% 13,1% 10% 9,4%
Total 84,5% 86,9% 85,6% 88,6% 89,4% 89,6% 88,8%

Regarding Servipag, 83 percent of its 272 customer service locations are open as of today.

Securities Transport Companies (ETVs, for their Spanish acronym), responsible for supplying ATMs, have continued to normalize their operation in the last few hours.

Insurance companies

At the same time, insurance companies continued to report an increase in their locations of customer service. They are reaching 97 percent of branches working along the country in the case of general insurance companies. Their online platforms are operating normally as well.

In addition, respect for the insurance companies continued to increase the number of customer service points, reaching 98% of branches open nationwide, albeit with restricted hours. Its online platforms continue to operate normally.

Insurance Companies are receiving claims reports through their websites, or contact center, which was previously reported to brokers and through the respective websites. The claims settlement process has begun in most companies.

Likewise, 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. As in previous days, the exchanges made an adjustment to their hours of operation in order to facilitate the orderly settlement of transactions.

Citizens' services

The Financial Market Commission reiterates that its web services will be operating normally through the website, 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), to 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.

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