Panamanians Owe Financing Companies $48 MillionThursday, February 25, 2010 50% of all loans granted by financing companies are in a state of default. This was stated by Alicia Sáenz de Guinard, president of the National Association of Financing Companies. She added that 20% of the debtors are individuals who paid via direct deduction from their salaries. Increase in Minimum Capital For Operating Finance InstitutionsThursday, March 20, 2014 The minimum amount of capital required to establish and operate a financial institution in Nicaragua has risen to $2.1 million. The Superintendency of Banks and Other Financial Institutions agreed to raise the minimum capital required for the establishment and operation of financial institutions. The amount increased from C50 million (U.S. $1,953,071) to C$55 million (U.S. $2,148,387). Honduras launches financial education campaignWednesday, November 5, 2008 The Honduras Association of Banking Institutions will try to decrease the risks and delays in the use of credit cards with a financial education campaign at the national level. The program to be implemented includes several bases (education, public relations and advertising) that will be used to facilitate a culture of responsibility and to create awareness about the possible impact of the global financial crisis. Salvadoran stock exchange analyzes financial crisisTuesday, October 14, 2008 The global financial crisis and its implications for El Salvador are topics that will be analyzed by Rolando Durate Schlageter, president of the Stock Exchange, on Wednesday 15 October. The theme of the conference by Duarte will be "The international financial crisis and its implication for El Salvador," and will be held at the Campestre Club at 7:00 a.m. Lot of attention on financial innovationTuesday, February 3, 2009 Regulation, surveillance, and supervision of the financial systems in Central America and the Dominican Republic. International financial innovation has become one of the factors behind the current global financial crisis. According to estimates, almost 78% of global liquidity is concentrated in derivative instruments , which have come to represent at least 94% of the global GDP. Nicaragua: Fundeser Becomes Financing CompanyTuesday, December 18, 2012 Micro financing company Fundeser, also known as the Foundation for Socio Economic Rural Development will in February its formal application to become a regulated financial company. Since 2008 there has been interest from the Foundation to be regulated by the Superintendency of Banks and Other Financial Institutions (Siboif), but the proceedings were suspended because of the financial crisis. Panama: More Supervision for Financial CompaniesTuesday, December 9, 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. El Salvador: New Financial Company Begins OperationsFriday, December 12, 2014 The Superintendent of the Financial System has authorized the Savings and Credit Society Multivalores to start operating from December 22. Sociedad de Ahorro y Crédito Multivalores, whose main shareholder is Nicaraguan, start operations on December 22 and will be headquartered in San Salvador. The Lehman effect on HondurasWednesday, September 17, 2008 "The global financial crisis has cause the main investment bank in the US to go bankrupt and will produce an strong impact on the Honduras' weak economy. "Economic growth will stop, limiting access to credit and as a result the upward trend of interest rates will continue," the ex-president of the Central Bank of Honduras, Maria Elena Mondragon, warned. Some effects of the financial crisis in GuatemalaFriday, September 19, 2008 This week, the news is about the continued crisis in the US financial sector and its impact on the economic sectors around the world. At the time of this writing, one of the main investment banks (Morgan Stanley) was about to enter negotiations for its purchase by a Chinese bank. And while we have heard a lot of information about names related to the financial sector in the US such as Goldman, Washington Mutual, Citigroup, etc., the question that arises is will this financial crisis affect Guatemala, and how? Stricter financial supervision for Costa RicaMonday, November 17, 2008 Approved modifications to the Central Bank Law will allow the Suget to review, request information, and if necessary, intervene in any of the companies than make up the financial groups. Up to now, the General Superindendence of Financial Entities (Sugef) could only supervise local banks and the groups as a whole, but it was not allowed to review their subsidiary companies individually, including the offshore banks. Panama: New Regulations for Credit CompaniesFriday, September 18, 2009 The Commerce and Industries Ministry is preparing the regulation, which could be ready in two months. Setting maximum limit for interests, in addition to regulationg closure expenses, are the key issues of these new rules. "Inconsistencies" in Panamanian Finance CompanyFriday, March 30, 2012 Supposedly only 12 loan transactions have been recorded in the four years that Pronto Cash has been operating. According to an article in Panamaamerica.com: "The Ministry of Trade and Industry (MTI) announced yesterday that it has not yet completed the audit which it is carrying out on the lender Pronto Cash, but said they have found several inconsistencies in the operations of the company which is also being investigated by the Attorney General and the Superintendent of Banks for allegedly taking funds illegally." List of Informal Finance Companies in Panama GrowsThursday, January 17, 2013 The number of companies or individuals raising money from investors without authorization from the Superintendency of Banks now totals 73. Since 2000 to date 73 companies have been reported as raising money from investors without a proper license to operate in the country. Financial Companies Unregulated in Costa RicaMonday, February 23, 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. |
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