QCOSTARICA — Costa Rica’s financial system is far from suffering a catastrophe, according to Rocío Aguilar, Superintendent of the General Superintendence of Financial Entities (Sugef), who said that the declarations of “non-viability” for Desyfin and Coopeservidores are exceptional cases.
“We have already said on repeated occasions that there is good supervision, however, information is being hidden from us,” said Aguilar.
The Consejo Nacional de Supervisión de Sistema Financiero (Conassif) appointed Marianne Kött as Resolver for the Desyfin process, which could last up to a year, as stipulated by the Law for the Creation of the Deposit Guarantee Fund.
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Desyfin was intervened on August 13, 2024m due to poor management of the loan portfolio whose balance was ¢125 billion colones last June.
Losses amount to ¢21.9 billion colones as of August 2024, mainly derived from said adjustments and the drop in the equity sufficiency which went from 10.3% reported in July 2024 to -10.7% as of August 2024.
“The existence of a set of valuable and desirable assets in the financial institution would allow the recovery of liabilities in a beneficial condition compared to a bankruptcy process, seeking to obtain the greatest benefit for the savers and investors of the Financial Institution,” concluded Laura Suárez, president of the Conassif.
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