Costa Rica speeds up plans to capitalize banks

The decision by Government to inject capital into State owned banks, Banco Costa Rica and Banco Nacional should be ready by mid next week.

Friday, November 7, 2008

Its was confirmed by the Minister to the Presidency, Rodolfo Arias, who analyzed the topic in an extended session of the Economic Council that took place yesterday at Casa Presidencial.

He also announced that an executive decree relating to development banking will be signed next week.

More on this topic

$17.5 million for Costa Rica's Bancredito

November 2008

The government will transfer $17.5 million to Agricultural Credit Bank of Cartago (Bancredito) as part of a plan to provide capital for State banks.

The total transfer will be $117.5 million to the three State banks. The Government had already announced $50 million in capital for the National Bank and the Bank of Costa Rica

Panama: $30 Million for Banvivienda

December 2009

Grupo Mundial will enlarge the capital base of bank "Banco Banvivienda" for the second time in 2009.

In June, the group had injected $10 million in the bank.

Prensa.com reports: "...the purchase of 65% of Aseguradora Mundial on behalf of Spanish corporation Mapfre... implies a $102.7 million cash payment for the group, in additon to $4.5 million in dividends for 2009's operations, as well as 35% of Mapfre Central America".

IDB approves $500 million for Costa Rica

December 2008

The funds will be used to deal with the possible lack of liquidity next year due to the international financial crisis.

"This loan will inject Zuniga, who also added that with the funds from the IDB the authorities are seeking to provide "sustainable growth" for the Costa Rican economy.

Costa Rica: Basic Rate at Highest this Year

November 2011

With a half-percentage point increase, the basic passive rate (TBP in Spanish) has reached 8.25%, the highest value yet recorded in 2011.

The increase in the TBP to 8.25% occurs after it remained for nearly the entire month of October at 8% and last week was only 7.75%.

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