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
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".
In case of bankruptcy of a bank, the accounts will be insured for up to $10,000 by the Deposit Guarantee Institute.
Private banks in Costa Rica are opposed to the $30 million fund that protects small depositors being transferred to the Central Bank.
Starting January 1st, 2010, bank deposits smaller than $9.000 are covered by the Deposits Guarantee Institute (IGD).
The Medical College’s Financial Cooperative is building a 2,500 square meter building that will be its administrative headquarters.
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