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.

More on this topic

The Importance of Deposit Insurance

March 2012

The recent financial crisis demonstrates the importance of systems that provide guarantees on bank savings deposits, giving strength and security to the financial system.

An analysis of the topic by economist Roland J. Sevilla Boza, Chairman of the Deposit Guarantee Fund of Financial Institutions (FOGADE), focuses on news about Nicaragua, but the concepts generally can be extrapolated to the whole region.

Deposit insurance analyzed in Panama

October 2008

The Superintendence of Banks in Panama is analyzing the feasibility of creating an insurance for deposit in order to protect savers.

Superintendent, Olegario Barrelier, acknowledged that up to now they had not considered this instrument because it is very expensive, however, he said that they are analyzing how it can be applied.

Nicaragua: Savings in Banking System Grow

June 2011

Economic recovery and resources from the Venezuelan Cooperation explain the rise in deposits.

The deposits in Nicaraguan national banks, especially those denominated in foreign currency, have shown significant increases in recent months.

Economists say the increase is due in part to improved economic conditions prevailing in the country, which have increased Nicaraguans savings and their confidence in the banking system.

Dispute Over Guarantee Fund for Bank Savings

March 2012

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.

Against the backdrop of a long-standing confrontation between the Costa Rican Banking Association (ABC), established in 1983, and the Chamber of Banking and Financial Institutions (CBF), founded in 1968, over which of the two unions represent the banking sector in Costa Rica, the Bill on Savings Insurance Act is giving rise to discussions that include charges of "unfair union practices."

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