哥伦比亚顶尖银行家警告称，政府高昂的借贷成本正在推高企业融资成本并抑制投资。他们表示，这使得国会通过财政救助方案显得刻不容缓。
Colombia’s top bankers are warning that high government borrowing costs are driving up financing costs for businesses and damping investment. That makes it urgent for Congress to pass the fiscal rescue package, they said.
哥伦比亚最大金融控股公司 Grupo Aval 首席执行官 María Lorena Gutiérrez 表示，本地政府债券（即 TES）的收益率实际上设定了银行吸引存款必须支付利率的下限。她称，这正在压缩利差、推高贷款利率并削弱信贷需求。
Yields on local government bonds, or TES, effectively set a lower limit for the rates banks must pay to attract deposits, said María Lorena Gutiérrez, chief executive officer of Grupo Aval, the nation’s biggest financial holding company. That is squeezing margins, pushing lending rates higher and weakening credit demand, she said.
Gutiérrez 周三在智库 ANIF 于波哥大举办的活动上表示：“TES 成为金融部门存款利率的地板。”
“TES become the floor for deposit rates in the financial sector,” Gutiérrez said Wednesday at an event organized by think tank ANIF in Bogota.
Banco Davivienda 首席执行官 Javier Suárez 也表达了相同观点，他表示住房是受 TES 收益率上升冲击最大的行业之一。他称，住房贷款利率已飙升至 14%-15%。根据国家金融监管机构收集的数据，仅 18 个月前，抵押贷款平均利率为 11.9%。
Her comments were echoed by Javier Suárez, CEO of Banco Davivienda, who said housing is among the sectors most exposed to the rise in TES yields. Rates on home loans have soared to 14%-15%, he said. Average interest rates for mortgages were 11.9% just 18 months ago, according to data collected by the nation’s financial watchdog.
Suárez 预计明年抵押贷款发放量将几乎不增长。他表示，该行业还受到新房库存短缺的冲击，这是此前几年项目开发疲软所致。
Suárez expects mortgage disbursements to grow little next year. The sector is also being hit by a shortage of new housing inventory after several years of weak project development, he said.
代表建筑业的团体 Camacol 数据显示，2026 年上半年房屋销售同比下降 9.9%，新项目开工量下降高达 20%。
Home sales fell 9.9% in the first half of 2026 from a year earlier, while new project starts declined by as much as 20%, according to Camacol, a group representing the construction industry.
政府已寻求国际货币基金组织帮助，以应对国家财政账户的急剧恶化。银行家们的警告显示，投资者对主权债务信心的丧失正通过金融系统传导，推高了家庭和企业的借贷成本。
The government has reached out to the International Monetary Fund as it seeks to address a sharp deterioration in the nation’s fiscal accounts. The bankers’ warnings show how investors’ loss of confidence in sovereign debt is feeding through the financial system, raising borrowing costs for households and companies.
Grupo Cibest（Bancolombia 母公司）负责人 Juan Carlos Mora 称财政状况“不可持续”，并表示哥伦比亚的信誉正处于关键时刻。
Juan Carlos Mora, head of Grupo Cibest, Bancolombia’s parent company, called the fiscal situation “unsustainable” and said confidence in Colombia is at stake.
莫拉表示，国会目前正在辩论的财政救助法案是试图“扑灭一场大火”。
The fiscal rescue bill currently being debated by Congress is an attempt to “extinguish a fire,” Mora said.
受该行持有的政府债券出现亏损，以及信用卡和抵押贷款拨备增加的影响，Bancolombia第三季度利润较上年同期下降3%。Grupo Aval同期利润下降29%，原因类似，不过其业绩还受到收购Itaú银行零售部门相关拨备增加的影响。
Bancolombia’s profit fell 3% in the third quarter from a year earlier, amid losses on the bank’s holdings of government debt and higher provisions for credit cards and mortgage loans. Grupo Aval’s profit fell 29% during the period for similar reasons, though its results were also affected by higher provisions related to the acquisition of Banco Itaú’s retail unit.
6月阿贝拉多·德拉埃斯普里耶拉赢得总统大选后，哥伦比亚信用风险大幅下降，投资者预期将出现更有利于投资的政府。但政府公布2027年预算后，信用违约互换又再次上升，预算显示如果没有重大调整，财政赤字可能超过GDP的9%。
Colombia’s credit risk fell sharply after Abelardo de la Espriella won the presidential election in June, as investors anticipated a more investment-friendly government. But credit-default swaps rose again after the government unveiled its 2027 budget, which showed the fiscal deficit could exceed 9% of GDP without a significant adjustment.
政府请求国会批准一揽子方案，旨在明年将财政赤字削减相当于GDP两个百分点以上。
The government is asking Congress to approve a package intended to cut the fiscal deficit by the equivalent of more than two percentage points of gross domestic product next year.
该提案包括大幅削减开支和增税，其中一些措施在国会遭遇强烈反对，包括来自政府自家联盟内部的反对。法案需要在年底前获批，这些措施才能于2027年初开始生效。
The proposal includes large spending cuts and tax increases, some of which have faced stiff opposition in Congress, including from within the government’s own coalition. The bill needs to be approved before the end of the year for the measures to start taking effect in early 2027.
Aval的古铁雷斯表示，该提案包含有价值的要素，包括承诺让哥伦比亚回归财政规则并设定中期目标，这有助于恢复信心。不过她警告称，有争议的措施——包括提议将增值税扩大到咖啡和私人医疗计划等产品——可能会在国会消耗时间，使政府在年底前获得批准的目标变得复杂。莫拉敦促立法者不要让个别税收争端使整个方案脱轨。
Aval’s Gutiérrez said the proposal has valuable elements, including a commitment to return Colombia to its fiscal rule and set medium-term targets that could help restore confidence. Still, she warned that controversial measures, including proposals to expand VAT to products such as coffee and private health plans, could consume time in Congress and complicate the government’s goal of securing approval before year-end. Mora urged lawmakers not to let individual tax disputes derail the broader package.
这其中包括对银行自身征收更高的税收。该提案将把一项原定于2027年到期的、针对金融机构的5%附加税延长。莫拉和苏亚雷斯表示，鉴于财政形势的紧迫性，该行业已准备好承担额外负担，尽管他们质疑长期保留该附加税的明智性。
That includes higher taxes on banks themselves. The proposal would extend a 5% surcharge on financial institutions that is due to expire in 2027. Mora and Suárez said the industry is prepared to absorb the additional burden given the urgency of the fiscal situation, even as they questioned the wisdom of keeping the surcharge over the longer term.
莫拉说：“如果我们都说每个人都必须做出贡献，我不能说其他所有人都该贡献，唯独我们不用。”
“If we all say everyone has to contribute, I can’t say everyone else should contribute except us,” Mora said.
古铁雷斯则警告了长期成本，她表示，当把附加税、金融交易税和地方税费都算进去时，金融行业的整体税负正变得不可持续。
Gutiérrez, meanwhile, warned about the longer-term cost, saying the financial industry’s overall tax burden is becoming unsustainable when the surcharge, the financial transactions tax and local levies are taken into account.
她说：“有了这样的负担，买TES（哥伦比亚公债）比持有金融机构的股权更划算。”
“With that burden, it is better to buy a TES than to have equity” in a financial institution, she said.