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