Private Banking to Pay for Deposit Insurance

Private banks in Costa Rica will start a deposit insurance fund, according to the volume of captured money.

Tuesday, June 2, 2009

The Central Bank of Costa Rica is developing a bill that it aims to send to the Assembly before 2010 to establish a deposit insurance fund, which will pay customers part of their deposits in case the bank goes under.
According to an article in, "The insurance will cover up to a certain amount of money in savings accounts. Insurance premiums will also vary according to the risk of the intermediary. It has not yet been decided whether the premium will be independent of the amount paid by each entity."

More on this topic

The Importance of Deposit Insurance

March 2012

The recent financial crisis demonstrates the importance of systems that provide guarantees on bank savings deposits, giving strength and security to the financial system.

An analysis of the topic by economist Roland J. Sevilla Boza, Chairman of the Deposit Guarantee Fund of Financial Institutions (FOGADE), focuses on news about Nicaragua, but the concepts generally can be extrapolated to the whole region.

Bank Deposit Insurance in Costa Rica (2)

March 2012

The Chamber of Banking and Financial Institutions has suggested to Parliament members that they establish 5% a year on insurable savings and not on all savings.

A statement from the Legislative Assembly reads:

Project seeks to safeguard money belonging to small savers


Bank Deposit Insurance in Costa Rica

February 2012

The Costa Rican Banking Association has made several suggestions to Members on a draft law for the system of deposit insurance and bank resolution.

The President of the Costa Rican Banking Association (ABC), Gerardo Corrales presented to the members of the Standing Committee on Economic Affairs a draft system for deposit insurance and bank resolution.

In Costa Rica the deposit insurance is still just words

October 2008

While the US Government and various European Governments have given a hand to the bank's deposit insurance to calm the markets, the authorities in CR have barely consented to discuss the possibility of creating one.

For now, the State only guarantees the total deposits of state bank clients, but private banks do not have a similar mechanism in spite of various bills that have passed - although unnoticed - through Congress.

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