Friday, 30 July 2021
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Bank of Costa Rica. Offshore accounts in Costa Rica
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Banking and financial sector of Costa Rica is stable, liquid and well regulated by introduced in recent years to change. Banking System of Costa Rica consists of a central bank, the three state-owned banks, holding almost half of bank assets, two people's banks, 17 commercial banks, four building societies inter-lending, 12 private finance companies and 25 savings and loan cooperatives. According to the Economist Intelligence Unit, "The state continues to play a dominant role in the banking sector and bank lending policies often reflect the political goals of the government, leading to subsidize loans for non-profit sector, thereby diverting scarce resources from more profitable activities." The magazine also reports that almost half of private banks owned by foreign investors.

State Board for Control of the financial system (CONASIF) is a government agency to monitor financial institutions and continues to play a key role in the consolidation of the banking sector. Speaking as a banking regulator council establishes and implements international standards in the banking sector. Central Bank of Costa Rica defines and manages policies in the banking sector. CONASIF working to match central bank's policy on the establishment, registration, requirements for capital and operational activities of financial institutions and groups. A number of laws passed in 1995 laid the foundations of banking reform and reduced the requirement for minimum redundancy in terms of deposits to the bearer from 43% to 15% in 1998 Total assets can not exceed 11 a share capital of the bank, and the statutory limit of loans should not exceed 20% of total capital per customer. Insurance of deposits in private banks is missing, but the government of Costa Rica supports the state-owned banks. "The Bank of England was closed Kostarrichense overseers of the Central Bank in 1995 after it suffered a $ 200 million of losses and due to bad loans and dubious investments in Venezuelan bonds, which subsequently disappeared. Criminal charges against members of the board of the bank and bank management have been proven, and many individuals were sentenced to prison. Not one depositor lost their money as a result of this scandal.

Private banks are currently the process of consolidation, the total number of banks is decreasing. Expected even more consolidation, since the size of the Costa Rican market is insufficient for such a large number of the remaining banks. The regional trend toward consolidation is also apparent from recent acquisitions, Banco Baneks "bank" Banco del Panamaz Eastman "and" Banco BFA "Salvadoran bank Banco Cuscatlan.
Reforms in 1995 that allowed private banks to offer demand deposits, while private banks have opened access to loans from the Central Bank and to sensitive credit. However, the reforms include the implementation of private banks, one of two requirements: (1) to open four branches in rural areas and to deposit the equivalent of 10% of demand deposits and short-term deposits (30 days or less) in the state bank, or (2) deposit equivalent to 17% of demand deposits and short-term deposits (30 days or less) in the State Bank.

Many Costa Rican banks have subsidiaries or affiliated banks registered in offshore zones. These offshore companies are not allowed to take deposits or lend money to Costa Rica, although they may serve the Costa Rican clients. Recent reforms stipulate that any adjustment by the control agency securities (SUGEVAL) holding company or financial group owning 25% or more equity in the offshore should include the offshore assets in its balance sheet. However, SUGEVAL has no regulatory authority that would supervise the operation of individual accounts of offshore companies. SUGEVAL was created in 1998 to control and regulate the Costa Rican stock market and bond market.

Financial Institutions
Some banks operating in Costa Rica:

Banco de Costa Rica (Banco de Costa Rica)
BanKreken (BanCrecen)
Banco de San Jose (Banco de San Jose)
BFA Bank (Banco BFA)
Banco Finadesa (Banco Finadesa)
Banco Interfin (Banco Interfin)
Banco Continental (Banco Continental)
Baneks (Banex)
Banco Nacional de Costa Rica (Banco Nacional de Costa Rica)
Skotiyabank de Costa Rica (Scotiabank de Costa Rica)
Banco de commerce (Banco del Comercio)
Banco Popular (Banco Popular)
Dresdner Bank (Dresdner Bank)

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