Banks authorized by the Superintendency of Securities may perform operations of clearing and settlement of securities in the stock market, which until now has only been done by brokerage houses.
With this modification in the regulations banks may provide more support for trading by its investors, providing the service of clearing and settlement of securities transactions which previously were only handled by brokerage houses.
Costa Rica's Banco Nacional has been sentenced to pay compensation to 66 notaries for alleged breaches in finalizing their contracts.
The ruling by the Administrative Court, which is not yet firm, represents 30% of the bank's expected profits for 2013, and restricts the entity's ability to increase its loan portfolio.
"In case of payment of compensation it would reduce the ability of credit growth by ¢119,000 million ($237 million)," said Juan Carlos Corrales, deputy general manager of the bank, who expressed his discontent with the ruling, describing it as disproportionate and without foundation. "Unfortunately, It must be said: these are lawyers defending a lawyer' sentence," he added.
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. "