The IMF believes that the financial stability framework is not well prepared to handle a potential systemic financial crisis without seriously compromising fiscal resources.
In a review carried out late last year, the International Monetary Fund identified serious vulnerabilities in the pension sector, secondary markets and crisis management mechanisms and stated that they need to be taken care of immediately.
The margin of financial intermediation in colones fell by 1.3% and stood at 7.1%, while a rate of 3.5% was recorded dollars.
From a statement issued by the Costa Rican Banking Association:
31 March, 2016. The Costa Rican Banking Association (ABC by its initials in Spanish) presents data on the performance of the Financial Intermediation Margin (MIF by its initials in Spanish) between 2008 and 2015, showing that this was reduced at the end of last year, both in colones and dollars.
In order to prevent a repetition of cases such as that of Financial Pacific, the Superintendency of Securities is preparing legislation which incorporates an obligation to comply with good corporate governance practices.
Although details of the proposal have not yet been released, the Superintendence authorities indicated that "... it is related to general corporate governance recommendations, such as having an audit committee, a risk committee, having an independent director, among other things.
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
GUAYAQUIL, Ecuador - Microcredit in Latin America and the Caribbean remains strong and continues its expansion of the last decade, experiencing an increase in their number of customers, a variety of institutions and a downward trend in interest rates according to new data released here today by the Multilateral Investment Fund (MIF), a member of the IDB Group.
For the volume of assets and loan portfolios they manage, cooperatives together make up the fourth largest financial operator ivn the country.
In Costa Rica, the 30 cooperatives under the supervision of the Superintendent of Financial Institutions (Sugef) exceed in value the assets and loan portfolio of the "private bank BAC San José and are below the banks, Banco Nacional, Banco de Costa Rica and Banco Popular which are funded by public capital. "
The amended regulations have now been published in the Official Gazette.
The new law regulating the securities market in Panama takes effect from 2 September, establishing how participants in the stock market must operate, and what regulations they must comply with.
The next step will be to turn the Comisión de Valores into a superintendency, which must be done within two months, as required by law.
Act 311 establishes a system of coordination and institutional cooperation between local financial control centers and creates a Superintendency of the Stock Market in the reform of Decree Law 1 of 1999 and Act 10 of 1993.
A statement by the National Assembly of Panama says that the financial system will be reordered and a Superintendency of the Stock Market created after the assembly passed the bill on its third reading.