Costa Rica: SUGEF directive postponed

The measure which was proposed for January 2009 forces banks, financial cooperatives and credit unions to save 15% of their earnings as as protection against risk.

Friday, September 12, 2008

The president of the Central Bank, Francisco de Paula Gutiérrez, explained yesterday that the decision is because national financial market conditions have changed.

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Costa Rica: Limitations on Bank Loans

April 2017

By requiring banks to have additional capital requirements the Sugef aims to discourage consumer loans, mortgages and vehicles loans with long repayment terms.

Arguing that terms of over 30 years for housing loans and more than 5 in consumer loans encourages overindebtedness of Costa Ricans, the Superintendent of Financial Institutions (SUGEF) has presented a proposal to reform the rules on capital adequacy of financial entities, in order to require entities that carry out these credit operations to have additional capital.

Currency Risk in Costa Rica

June 2016

New regulations are being prepared for measuring currency risk for banks, whose loan portfolio in dollars grew by almost 13% in one year, while 78% of those who borrow in dollars receive their income in local currency.

Figures from the General Superintendent of Financial Institutions (SUGEF) indicate that 41% of the principal balance of outstanding loans is denominated in foreign currency and the rest in colones. Added to this it is the fact that 78% of borrowers of these loans in dollars earn their money in colones.

Financial Cooperatives in Costa Rica

October 2012

For the volume of assets and loan portfolios they manage, cooperatives together make up the fourth largest financial operator ivn the country.

In Costa Rica, the 30 cooperatives under the supervision of the Superintendent of Financial Institutions (Sugef) exceed in value the assets and loan portfolio of the "private bank BAC San José and are below the banks, Banco Nacional, Banco de Costa Rica and Banco Popular which are funded by public capital. "

Tight Credit May Result In Massive Layoffs

October 2008

The business sector is warning that the Costa Rica could enter a crisis of massive layoffs if they cannot finance their activities.

The warning is based on the scarcity of credit both from the public and private banks, which is causing many companies not to have sufficient financial resources to continue operations or expand.

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