The Board of Chile's Central Bank will hold its second Financial Policy Meeting (RPF) of the year on Friday the 13th and Monday the 16th of November 2026. The statement will be published on Monday the 16th from 6 p.m., and the next day, Tuesday the 17th, the second-half Financial Stability Report (IEF) will be released (Central Bank). The central decision is the countercyclical capital buffer (RCC), a capital cushion banks must build in normal times so they can keep lending if a crisis hits. At the May meeting, the Board unanimously raised it from 0.5% to 1% of risk-weighted assets, its neutral level, with 24 months to comply (La República; CNN Chile).
View the data as a table
| Countercyclical buffer | 1% |
| CET1 capital headroom | 3.2% |
| Return on equity | 15.07% |
| 90+ day delinquency | 2.36% |
What November's Financial Policy Meeting decides
The RCC was first activated in May 2023, at 0.5%, and stayed there until May 2026. In November 2025 the Board had announced it would assess convergence to the neutral level depending on macro-financial conditions, and in May it did so. To justify it, the Central Bank pointed out that global risks remain elevated, with a possible escalation of the Middle East war and its effect on inflation and growth, and that banks had CET1 capital headroom of 3.2% of risk-weighted assets as of February, several times the required increase (CNN Chile). The CMF, Chile's financial regulator, issued a prior favorable report.
In November, the Board can keep the 1%, change its implementation period or, if it saw an abrupt deterioration, release it so banks can use that capital and keep lending: that is the logic of a countercyclical cushion. The Central Bank does not pre-announce its decision; what it says on Monday the 16th will be known with the statement. Which banks are the largest and how much capital they hold is in our ranking of banks by assets and profits.
- May 2023Activated at 0.5%First use of the tool
- Nov 2025Board says it will assess raising it
- May 18, 2026Raised to 1%, its neutral levelUnanimous; 24 months to comply
- Nov 13 and 16, 2026Financial Policy MeetingStatement from 6 p.m. on Monday the 16th
- Nov 17, 2026Financial Stability Report
What the May Financial Stability Report said
The first-half IEF, published on May 19, identified an abrupt tightening of financing conditions as the main global risk. It added other vulnerabilities: high public debt in several economies, high valuations of risky assets and the growing role of non-bank financial intermediaries. Locally, it described household and corporate vulnerabilities as contained, bank profitability above its historical average and banks with enough capital and liquidity to remain solvent in a severe stress scenario (CNN Chile).
Two things have changed since then. The economy weakened more than expected: in September the Central Bank cut its 2026 growth forecast to 0.25%-0.75%, and the September Imacec grew just 0.2%, as we detailed in the Imacec article. And the region had a reminder of banking risk with the Ueno Bank crisis in Paraguay, which we reviewed in what Chile's deposit guarantee covers. The IEF on the 17th will show how those changes weigh.
How banks arrive: profits, lending and delinquency as of September
The latest data from the Financial Market Commission, published on October 29 (CMF), show profitable banks with little new lending. Profits through September totaled US$4,616 million, up 2.78% in real terms from a year earlier, thanks to a wider interest and indexation margin. Loans reached US$297,749 million and grew just 0.93% in real terms over twelve months, with commercial loans at +1.57% and consumer loans falling. 90+ day delinquency rose to 2.36% (2.34% in August).
| Indicator (banking system) | August 2026 | September 2026 |
|---|---|---|
| Loans, real 12-month change | — | 0.93% |
| Accumulated profits | — | US$4,616 million |
| Return on equity (ROAE) | — | 15.07% |
| Return on assets (ROAA) | 1.34% | 1.34% |
| Provision ratio | 2.51% | 2.49% |
| Impaired portfolio | 5.88% | 5.81% |
| 90+ day delinquency | 2.34% | 2.36% |
Source: CMF, Banking System and Cooperatives Performance Report as of September 2026, published on October 29, 2026. A dash means the release does not give the August figure. Among supervised credit cooperatives, loans grew 5.15% in real terms and 90-day delinquency rose to 2.50%.
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See advertising optionsHow much extra capital the 1% means
The requirement is calculated on risk-weighted assets: each bank's loans and investments, adjusted for how risky they are. A mortgage carries less weight than a consumer loan, for example. With a 1% RCC, for every CLP 100 billion of risk-weighted assets the bank must add CLP 1 billion of additional core capital, on top of the minimums set by the General Banking Law. In May, the Central Bank estimated that banks' capital headroom, at 3.2% of risk-weighted assets as of February, was several times the required increase, which is why it allowed 24 months to complete it (CNN Chile).
What the countercyclical buffer means for borrowers
For a customer, the RCC is not a fee and does not directly change a loan's rate. What it does is force banks to back their loans with more of their own capital. In theory, that can make credit somewhat more expensive or slower while it is built up; in May the Central Bank argued that existing headroom allowed banks to absorb the increase without restricting lending. The flip side is that, in a crisis, the cushion can be released so banks do not cut financing to households and firms. This article is informative and does not constitute financial advice.
Frequently asked questions about the Financial Policy Meeting
When is the November 2026 Financial Policy Meeting?
On November 13 and 16. The statement is published on Monday the 16th from 6 p.m.
What is the countercyclical capital buffer?
Additional capital the Central Bank requires from banks in normal times and can release in a crisis. It is currently set at 1% of risk-weighted assets, with a 24-month period from May 2026.
When is the Financial Stability Report released?
On Tuesday, November 17, 2026. It is the second-half report; the previous one was published on May 19.
How much did Chilean banks earn through September 2026?
US$4,616 million accumulated, 2.78% more in real terms than a year earlier, according to the CMF.
