The Banking Association has confirmed that the entities will not provide the Superintendent of Financial System with information requested from them on the 100 largest depositors of each entity.
Armando Arias, president of the Salvadoran Banking Association, said in an article on Elsalvador.com that "... they will respect the secrecy provisions of the Law on Banks and will not give to the Superintendency of the Financial System (SSF) confidential information on depositors, as this entity has requested."
Between March last year and the same month in 2014, total deposits in the domestic financial system went from $3.431 billion to $4.185 billion.
More deposits by households, businesses and government boosted growth of deposits by 2.3 % in March compared to the previous month. The dynamism was recorded in overnight deposits, which grew 35.5 %, while fixed term deposits and savings deposits grew 20.5 % and 5.8 % , respectively, according to the Monetary and Financial Code and the Central Bank of Nicaragua (BCN).
Economic growth and low interest rates in the United States explain the increase between 2011 and 2013.
With an average annual growth of 8% in the past five years, according to data from the Superintendency of banks of Panama (SBP), bank deposits were $59.626,93 million in February of 2014 $39.919,66 million in February 2009.
The Administrative Tribunal of Costa Rica has rejected a suit by the National Stock Exchange (BNV in Spanish).
Since the Costa Rican Central Bank (BCCR) created a market for liquidity (MIL) in 2009 to negotiate short-term operations, the interbank market (MIB) operated by the National Stock Exchange for the same purpose, has been affected, as the BCCR’s intention is that all transactions be done on its system, so that there will be better control of financial system liquidity, and hence inflation.
Interest rate on 60 to 89 days Electronic Term Deposits (DEP), increased from 4.25% to 4.40%.
Terms on 90 to 179 days increased from 4.55% to 5.05% and for 180 to 269 days from 5.57% to 6.32%.
"This is the third interest rate change made by Central Bank after the sharp cut of 1.50 points made on August 19 August." La Nacion reports on its website, "…the rate for 180 days to 269 days was cut from 6.75% to 5.50% on August 19th and with Saturday´s adjustment it reached 6.32%."
For 1080 to 1799 day electronic deposits, the entity rose its interest rate from 11.13% to 11.35%.
For deposits longer than 1800 days, the rate also increased, going from 11.23% to 11.35%. This rates do not include an 8% tax on interests.
Journalist Patricia Leitón writes for newspaper Nación: "The minimum deposit for investing in these securities is ¢100.000 ($170), and they are purchased through the "Central Directo" system, available at the web site of the Central Bank. Anyone with a bank account can transfer resources to the Central Bank and invest in these deposits."
Interest rates on Termed Electronic Deposits (DEP) of less than 180 days increased by one percentage point.
The one day rate (overnight deposits) reached 7.75%. It was previously at 6.75%.
An article in elfinancierocr.com stressed that the DEP's, which are supplied by the Central Bank of Costa Rica, may have higher rates than the state banks: "Central Direct offers an 8.65% rate for 30 day DEP's; an electronic deposit in the National Bank yields 6.35% for the same time period."
In a notice on its web page, the bank advises that a person or corporation will be limited to holding a maximum of five billion colons (about 9.6 million dollars) of short-term notes with expiry dates of between one and 30 days.