Salvadoran Financial System Recovers

At the end of 2010, the industry began to show signs of recovery, according to the Superintendent of the Financial System (SSF).

Friday, February 11, 2011

Victor Antonio Ramírez, head of the SSF, said the conclusions come from analyzing key financial indicators at the end of the year.

In the case of loans, "compared to 2009, the financial system lent 2.74% less", stated the article in

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Financial Supervision Strengthened in El Salvador

November 2011

From the merger of three former superintendents: Securities, Pensions and Financial System, emerges the strengthened SFF, which will focus on risk management.

The newly created Superintendency of the Financial System (SFF in Spanish), which encompasses the previous three superintendencies (securities, pensions and financial system) has started its first project, the creation of four new regulations aimed at financial risk.

El Salvador: New Superintendency Starts Operations

August 2011

The new supervisory body merges the former Superintendency of Securities, Pensions and Finances.

Entitled the Superintendencia del Sistema Financiero (Financial Superintendency System), the body will presided over by Victor Ramirez, who served as chief of the superintendency of the same name.

New Regional Banking Supervision Agreement

November 2009

El Salvador, Panama and Costa Rica signed a consolidated supervision agreement for entities operating in their jurisdictions.

The agreement, signed by the banking supervisors of the three countries, foresees exchanging information, providing optimal conditions for supervision, and fostering stable, solid financial systems in the three countries.

Central American Financial System Stable

August 2009

The financial sector remains stable in spite of the economic crisis and a slight increase in credit card delinquency.

For the end of 2009, delinquency of more than 90 days is expected to rise to 2.6% from 1.6%, said Victor Urcuyo, president of the Central American Council of Banking Superintendents.

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