Savings guaranteed in El Salvador

The IGD will extend its savings guarantee to $8,500 for clients in cooperative banks and non banking financial institutions.

Friday, December 26, 2008


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As reported by elsalvador.com, the Institute for Savings Guarantee (IGD) "will provide a guarantee similar to that currently in place for banks regulated under the Banking Law, to these organizations, that will join the Institute as member entities".

More on this topic

El Salvador Will Guarantee Deposits Over $9.000

January 2010

Starting January 1st, 2010, bank deposits smaller than $9.000 are covered by the Deposits Guarantee Institute (IGD).

IGD was created in 1999, and aims to protect small depositors from the eventuality of a bank collapse.

"The initiative aims to further protect depositors", reports Laprensagrafica.com. "95% of the clients at participant institutions have deposits below the guarantee limit".

Guarantee Fund Could Pass to Central Bank

March 2013

Private banks in Costa Rica are opposed to the $30 million fund that protects small depositors being transferred to the Central Bank.

Nacion.com reports that "private banks are against transfer of the administration of the $30 million fund which protects small savers, in case of bankruptcy of a financial institution, to the Central Bank, as ordered by a Bill ruled on in the Economic Affairs Committee of Congress. "

El Salvador: Bank Deposit Insurance

December 2013

In case of bankruptcy of a bank, the accounts will be insured for up to $10,000 by the Deposit Guarantee Institute.  

The Deposit Guarantee Institute (IGD) announced that from January 1st deposits will be insured up to a limit of $10,000 per bank. Insurance is active if any of the entities registered in the Financial System goes bankrupt.

El Salvador: Comédica Builds Administrative Headquarters

March 2009

The Medical College’s Financial Cooperative is building a 2,500 square meter building that will be its administrative headquarters.

The aim is to centralize the various offices of the cooperative which are currently spread across various sectors.

An article in Elsalvador.com detailed some of the features of the new building: "It will have parking space for approximately 100 vehicles.

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