Costa Rican Government Seeks Support for Development Banking

The bill would request the transfer of a mandatory 5% of state and private bank profits to the Development Bank System.

Tuesday, April 14, 2009

The contributions would be for five years and in addition to the requirement established by existing law for banks to use 5% of their profits to create a fund to grant loans for development.

Reporter Marvin Barquero wrote for the Nacion website: "The amended law also seeks to distribute the funds of the so-called “banking toll” (17% of current accounts captured by state and private banks) among the state three banks. It is a total of about $320 million and the law states that it should only be administered by the Cartago Agricultural Credit Bank (Bancrédito)."

More on this topic

Development Banking Ineffective in Costa Rica

June 2010

Millions of dollars earmarked for developing banking are standing idle in Costa Rica, because of legal, administrative and financial oversight problems.

The very laws that created these credit instruments are the reason of their lack of use. They end up not fulfilling their role of providing low cost financing for small and medium companies.

$370 million to the Honduran banking system

December 2008

The president Manuel Zelaya passed two decrees that were approved in an extraordinary session by Congress.

The executive decree 174 - 2008 authorizes the Central Bank of Honduras to inject in the domestic financial system $ 265 million to continue the monetary policy to boost the production and development, and the other one is the executive decree 175-2008, to strengthen the entire national financial system, which consists of $ 105 million to provide credit for the Honduran financial system.

Credit Grows in Panama

May 2012

The money provided by Panamanian banks has increased by 2.3% since December 2011 due to the dynamism of the economy and competition among financial agents.

Panamanian banks granted $616.68 million in loans in the first quarter of 2012, an increase of 2.3% since December 2011, according to data from the Superintendence of Banks in Panama.

Costa Rica: Reforms to SME Financing Mechanism

August 2010

Reforms are planned to the "Sistema de Banca para Desarrollo" (SBD) "banking toll fee" arrangement with the introduction of a fixed payment.

In addition, the concept of differentiated regulation will be introduced and the role of Costa Rica's national learning institute (INA in Spanish) in carrying out business training will be clarified.

 close (x)

Receive more news about Banking

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Ferris & Asociados Abogados

Ferris & Associates is a boutique law firm specialized in Business Law, Litigation and Conflict Resolution and Foreign Investmente, as well as, providing personalized services.
Operates in Costa Rica and Costa Rica
Phone: (506) 2588 2505 - (506) 2288 2245

Company Profile

Stock Indexes

(Dec 2)
Dow Jones
-0.11%
S&P 500
0.04%
Nasdaq
0.09%

Commodities

(Dec 2)
Brent Crude Oil
55.140
Coffee "C"
145.85
Gold
1,178
Silver
16.735