Retirement Funds To Be Transferred to Banks

Guatemala's monetary authority (Junta Monetaria - JM), passed new regulations by which retirement funds at non-banking financial entities can now be transferred to banks.

Thursday, January 28, 2010

The JM ruled this in its latest resolution, named 14-2010.

They explained that investors must approve the transference, and once in a bank, "the funds will be protected by FOPA (a fund protecting savings)".

Banking executives explained that the measure affects only deposits with less than $2.300, which account for 95% of retirement funds at non-banking financial institutions.

More on this topic

Financial Companies Unregulated in Costa Rica

February 2015

Iconi Holding and Intermarket are the companies that the Securities Regulator has warned not have support or supervision in the country.

The Superintendency of Securities (Sugeval) has updated the list of unsupervised and unregulated entities for which reports have been received of possible unauthorized securities offerings, which could even be fraudulent.

Panama: More Supervision for Financial Companies

December 2014

In addition to the two audits a year, the idea of amending the legislation to increase the oversight of the 161 financial companies registered in the country is being contemplated.

According to the Panamanian authorities it is important to update the legislation and supervision of financial institutions, as it is an important sector which manages $1.17 billion in assets.

Financial Inclusion: Data and Trends

November 2014

The microcredit portfolio in Latin America and the Caribbean is worth over $40 billion, is awarded by more than 1,000 institutions, and reaches more than 22 million customers.

From a statement issued by the Inter-American Development Bank (IDB):

A new report documents significant expansion of microcredit in Latin America and the Caribbean

Workers Lend Cheap Money to the State

February 2014

The interest rate that the Government of El Salvado pays for money from the Pension Funds is not more than 1.3%, while international investors are paid more than 7%.

Ricardo Soriano, Chairman of the Committee for the Defense of Workers Pension Fund of El Salvador (Comtradefop) reported that since the year 2006, the State has forced the Pension Fund Administrators (AFP) to invest the money belonging to Salvadoran workers in Pension Certificates, initially 30% and the 45% in 2012, money which has suffered a loss greater than $938 million each year.

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