Further Reforms for Credit Flexibility

CONASSIF (National Council for Financial System Supervision) of Costa Rica tempered several risk indicators that would allow banks to offer better repayment terms to their customers.

Wednesday, April 1, 2009


The Chamber of Banking and Financial Institutions of Costa Rica (CBF) had requested a long series of amendments tending toward more flexible criteria for banking supervision in February and the CONASSIF had already made some concessions with regard to risk indicators three weeks ago.

Edgar Delgado Montoya, in his article in Elfinancierocr.com, indicated that "even if four cumbersome Superintendent of Financial Institutions (SUGEF) regulations are changed, it is but a small portion of what the CBF had requested."

More on this topic

Costa Rica has $320 Million for Development Frozen

March 2009

The money is intended for loans to small and medium sized businesses at preferential rates, but Bancrédito, the state bank which manages it, alleges legal flaws that prevent it from granting them.

For Bancrédito, the problems are that these funds require separate supervision and that the interest rates at which the loans need to be made as provided by law would cause the bank losses.

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.

New Costa Rican Financial Superintendent

March 2009

Francis Lay was appointed Superintendent General of Financial Institutions for the next 5 years.

The new chief, who was appointed by the National Council of Financial System Supervision (CONASSIF), will assume the post next April 1, replacing Oscar Rodríguez Ulloa, who left his post last February 28.

Risk indicators for banks in Costa Rica made flexible

October 2008

The objective of the Superintendence of Financial Entities is to strengthen bank liquidity in order to prevent being affected by the global crisis.

Superintendent, Oscar Rodriguez, justified the decision to ease some risk indicators for financial entities in order to allow them to "raise" more liquidit, since they do not know how great the impact of the global financial crisis will be.

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