In Costa Rica the deposit insurance is still just words
While the US Government and various European Governments have given a hand to the bank's deposit insurance to calm the markets, the authorities in CR have barely consented to discuss the possibility of creating one.
Monday, October 20, 2008
For now, the State only guarantees the total deposits of state bank clients, but private banks do not have a similar mechanism in spite of various bills that have passed - although unnoticed - through Congress.
The recent financial crisis demonstrates the importance of systems that provide guarantees on bank savings deposits, giving strength and security to the financial system.
The Superintendence of Banks in Panama is analyzing the feasibility of creating an insurance for deposit in order to protect savers.
Economic recovery and resources from the Venezuelan Cooperation explain the rise in deposits.
The two business associations that claim to represent the sector in Costa Rica are at odds over the fate of the $31 million held by the savings insurance fund.
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