New Rules for the Banking System

The Central Bank of Costa Rica has increased to $27 million the minimum amount of capital required by banks to operate, and to $5 million the minimum amount for financial companies.

Tuesday, June 26, 2018

Yesterday the Central Bank agreement which establishes the changes was published in the official newspaper, La Gaceta, The minimum operating capital for private banks increased by 5.8%, rising from $25.6 million to $27.1 million. In the case of financial companies, the increase was from $5.1 million to $5.4 million.

Nacion.com reports that "... The increase, which is carried out each year, aims to improve the ability to face risks and give more confidence and security to the financial system, as explained by the Central Bank in the text of the agreement."

"... In the case of Banco Cathay, the new limit leaves it a little below the minimum, meaning that it will have to increase its capital. For its part, the financial company Credilat, of the Monge Group, registered a minimum capital below the current threshold in May 2018. The financial manager of Banco Cathay, Dannel Huang, said that they will carry out the adjustment requested by the supervising entity."

See La Gaceta of June 25, 2018. (In Spanish)

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