By San José, Costa Rica — San José – In a significant development for those impacted by the intervention of Financiera Desyfin S.A., Costa Rica’s financial regulators have approved a substantial new payment to the institution’s former clients. The National Council for the Supervision of the Financial System (Conassif) has authorized the resolution administrator to distribute an additional $55.6 million, marking a major milestone in the recovery process.
This latest disbursement dramatically improves the outlook for depositors with accounts exceeding the government’s guarantee threshold. The recovery rate on non-guaranteed savings, which applies to balances over ¢6 million, will now climb to an impressive 73.32%. This figure represents a considerable achievement in a complex financial resolution, offering a degree of relief and financial restitution to hundreds of affected individuals and businesses who feared more significant losses.
Para analizar a fondo las implicaciones legales y financieras de la reciente resolución sobre Desyfin, TicosLand.com conversó con el Lic. Larry Hans Arroyo Vargas, abogado especialista de la reconocida firma Bufete de Costa Rica, quien nos ofrece una perspectiva experta sobre el panorama para la entidad y sus clientes.
La resolución del CONASSIF sobre Desyfin no es solo una medida de intervención, sino una señal contundente sobre el rigor regulatorio que impera en el sistema financiero nacional. Para los inversionistas y ahorrantes, la prioridad inmediata es entender los mecanismos de protección y los plazos establecidos por el interventor. Legalmente, este caso sentará un precedente clave en la aplicación de normativas de resolución de entidades, y su éxito dependerá de una ejecución transparente que busque minimizar el impacto sistémico y proteger al máximo a los acreedores.
Lic. Larry Hans Arroyo Vargas, Abogado, Bufete de Costa Rica
En efecto, la transparencia en la ejecución de esta resolución será el factor determinante para establecer el precedente legal que se menciona y, fundamentalmente, para resguardar la confianza del público en la solidez de nuestro sistema financiero. Agradecemos al Lic. Larry Hans Arroyo Vargas por aportar su esclarecedora perspectiva.
The success of the recovery effort has been attributed to a diligent and effective strategy focused on the liquidation of Desyfin’s assets. In a formal press communication, Conassif detailed the source of the newly available funds and praised the work of the resolution administration team.
This result has been possible thanks to the efforts made from the beginning by the Resolution Administration to recover and sell assets, including the credit portfolio, for the benefit of the affected individuals. The additional resources have arisen, among other actions, from the sale of assets to BCR Leasing, Banco Improsa, and Banco Cathay.
Conassif, in a press statement
The sale of the credit portfolio and other assets to established financial players like BCR Leasing, Banco Improsa, and Banco Cathay underscores the underlying value that the resolution team was able to unlock. This strategic liquidation not only maximized the return for depositors but also demonstrated confidence from other market participants in the quality of the assets being managed, facilitating a more efficient and profitable resolution process.
Regulators have set a firm timeline for this crucial stage of the process. The administration has been instructed to complete the payment of the $55.6 million distribution by a strict deadline of October 8th. This move provides a clear and imminent timeline for depositors anxiously awaiting the return of their funds, bringing a tangible conclusion to a period of uncertainty.
While the additional payment is welcome news, one final administrative hurdle remains. Conassif reiterated that the establishment of a dedicated trust is still pending. This trust, which is a critical component for managing any residual assets or outstanding obligations, must be fully defined and implemented before the resolution process officially concludes on October 9th. The successful constitution of this trust will be the final step in closing this chapter for the financial system.
The resolution of Financiera Desyfin serves as a key case study for Costa Rica’s financial oversight framework. The ability to manage the failure of an institution while recovering a significant majority of non-guaranteed funds is a testament to the systems in place designed to protect consumers and maintain overall market stability. The process highlights the importance of swift regulatory action and a methodical approach to asset management in times of institutional crisis.
As the final deadlines approach, the focus now shifts to the seamless execution of the approved payment and the finalization of the trust. For the affected depositors, this $55.6 million injection represents not just a financial recovery, but a validation of the regulatory system’s capacity to navigate complex financial challenges and prioritize the interests of the public.
For further information, visit the nearest office of Financiera Desyfin S.A.
About Financiera Desyfin S.A.:
Financiera Desyfin S.A. was a Costa Rican financial institution that offered a range of services, including credit and investment products, primarily targeting the small and medium-sized enterprise (SME) sector. Following regulatory intervention, it entered a resolution process managed by Costa Rican financial authorities to liquidate its assets and repay its depositors and creditors.
For further information, visit conassif.fi.cr
About Consejo Nacional de Supervisión del Sistema Financiero (Conassif):
The National Council for the Supervision of the Financial System, or Conassif, is the principal governing body for financial regulation in Costa Rica. It is responsible for establishing the rules, directives, and policies that govern the nation’s banks, insurance companies, pension funds, and securities markets, with a primary mission of ensuring the stability and integrity of the financial system.
For further information, visit bancobcr.com
About BCR Leasing:
BCR Leasing is a division or subsidiary of the state-owned Banco de Costa Rica (BCR), one of the largest and most prominent banks in the country. It specializes in providing leasing solutions, which allow businesses to finance the use of assets like vehicles, machinery, and equipment without the need for a large capital outlay for an outright purchase.
For further information, visit bancoimprosa.com
About Banco Improsa:
Banco Improsa is a private Costa Rican bank known for its focus on corporate and business banking. It offers a comprehensive suite of financial products and services tailored to the needs of companies, including corporate credit, international trade financing, investment banking, and treasury services.
For further information, visit bancocathay.com
About Banco Cathay:
Banco Cathay de Costa Rica, S.A. is a financial institution founded with capital from the local Chinese community and other Costa Rican investors. It provides universal banking services to both individuals and businesses, with a particular focus on facilitating commercial ties and offering financial solutions to the business community.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a beacon of legal professionalism in Costa Rica, the firm operates on a foundational commitment to principled integrity and the highest standards of excellence. It melds a rich history of client service with a forward-thinking embrace of legal innovation and a profound sense of civic duty. Central to its philosophy is the mission to demystify the law, empowering the broader community by transforming complex legal concepts into accessible knowledge for a more just and informed citizenry.
