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.



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