In contrast to international doctrine on access to public information, a ruling by the Costa Rican Supreme Court has accepted as valid a crude duplicitous technique used to block data management required to a public institution.
Last Friday the Comptroller General of the Republic ratified a contract for the Coffee Trust. For months several administrative obstacles had delayed approval of the trust which will be used to provide support to producers affected by the coffee rust fungus.
The new law eliminates the minimum legal reserve amount required by the Central Bank of Costa Rica (15%) for funds destined for home loans.
The application of the new law for middle classhousing signed yesterday by the Costa Rican government is in the hands of financial institutions who provide loans for house purchases, which still must consider what returns they will obtain.
Credit histories of businesses and individuals will be more thoroughly reviewed, as well as their actual repayment capacity.
"We want entities to analyze peoples's debts with everyone, because they may have a loan here and there, and in the end owe millions," said Javier Cascante, chief of the General Superintendence of Financial Entities (Sugef).
Federico Carrillo, executive vice president and general manager of the International Bank of Costa Rica, has been dismissed by the Board.
Through a press release, the Bank reported that "the dismissal of Mr. Carrillo Zurcher is based on a loss of confidence by the Board, due to the failure to control some of Bicsa's financial operations, namely swaps" .
The Superintendent of Financial Institutions of Costa Rica reported that the repossession of property for unpaid debts rose 77% from February 2008 to February 2009.
The increase in auction advertising for goods recovered by the banks is well-known, especially for real estate and cars whose owners cannot continue to make the monthly payments due to loss of income, unemployment and primarily because of the increase in interest rates.
The GE Money Bac Credomatic Excellence Center was opened with an $11.6 million investment.
Edmundo Vallejo, GE Money Latin America president, reported that the decision to invest in Guatemala was due to the modern telecommunications infrastructure, a young, educated and bilingual workforce, and its strategic location.