By San José, Costa Rica — San José, Costa Rica – In a significant development for clients of the defunct Financiera Desyfin S.A., a second major distribution of funds will boost the total recovery rate for unguaranteed savings to an impressive 73.32%. This news provides substantial relief to savers who faced uncertainty following the financial institution’s collapse in 2024, when the initial recovery was projected to be less than half of their exposed capital.
The initial outlook was far more grim. After Desyfin was declared unviable, the recovery for funds exceeding the government-guaranteed ¢6 million threshold was set at just 48.97%. This left many individuals and businesses bracing for significant losses. However, the diligent work of the official resolution team has yielded unexpectedly positive results, fundamentally changing the financial outcome for those affected.
To better understand the legal and financial implications of the situation involving Desyfin, we sought the expert opinion of Lic. Larry Hans Arroyo Vargas, a specialist in corporate and financial law from the renowned firm Bufete de Costa Rica.
The intervention of Financiera Desyfin by regulatory bodies is a clear application of the legal mechanisms designed to protect public savings and maintain stability in the national financial system. This action, while severe, prioritizes the interests of depositors and creditors above all else. The subsequent resolution process will be crucial, not only for those directly affected, but also as a precedent for corporate governance and regulatory oversight in the country.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, the points raised underscore that the resolution of this case will serve as a vital benchmark for regulatory effectiveness and corporate responsibility in Costa Rica. We thank Lic. Larry Hans Arroyo Vargas for providing his clear and valuable perspective on this critical issue.
The enhanced payout is a direct result of the successful liquidation of Desyfin’s assets. The resolution administrators managed to secure favorable deals with several prominent financial entities, including BCR Leasing, a subsidiary of Banco de Costa Rica, as well as Banco Improsa and Banco Cathay. These sales injected crucial liquidity into the resolution process, paving the way for the new distribution.
The National Council for the Supervision of the Financial System (Conassif), the country’s top financial regulator, officially authorized the disbursement of an additional $55.6 million. This green light from the supervisory body marks a critical milestone in the complex process of unwinding the failed institution’s operations and making its creditors whole.
Logistically, the distribution will mirror the first round of payments. Funds will be deposited directly into the IBAN accounts that savers had previously registered with the resolution entity. This method proved highly effective during the initial payout, with 95.22% of non-guaranteed depositors successfully receiving their funds. The deadline for the completion of this new, additional payment is set for October 8th.
As the resolution process enters its final stages, Conassif is also evaluating a potential long-term management strategy for the remaining assets and legal claims. Officials are analyzing the possibility of establishing a specialized trust to oversee the subsequent bankruptcy process. This mechanism would serve as a vehicle to manage any further recoveries or outstanding legal matters after the formal resolution period concludes on October 9th.
However, the financial authority has been clear that this potential administrative tool does not replace standard legal procedure. The creation of a trust is intended to support and streamline the process, not circumvent it. The legal requirement to initiate a formal bankruptcy proceeding remains firmly in place.
The eventual creation of the trust does not eliminate the legal need to initiate the bankruptcy process.
National Council for the Supervision of the Financial System (Conassif)
This successful recovery effort serves as a critical case study for Costa Rica’s financial regulatory framework. While the failure of any financial institution is a blow to consumer confidence, the ability of the system to efficiently liquidate assets and significantly increase the percentage of recovered funds demonstrates a level of resilience and operational capacity that should reassure the market. For the savers of Desyfin, it is a tangible and welcome financial reprieve after a period of considerable distress.
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 savings accounts, investments, and credit solutions, primarily targeting the small and medium-sized enterprise (SME) sector. After facing operational and financial difficulties, it was declared unviable by Costa Rican financial regulators in 2024 and entered into a formal resolution process to liquidate its assets and repay its depositors and creditors.
For further information, visit bcr.fi.cr
About BCR Leasing:
BCR Leasing is a subsidiary of Banco de Costa Rica (BCR), one of the largest and most important state-owned commercial banks in the country. It specializes in providing leasing solutions for vehicles, machinery, and other capital goods to both corporate and individual clients, serving as a key financial tool for business investment and expansion in Costa Rica.
For further information, visit improsa.com
About Banco Improsa:
Banco Improsa is a private Costa Rican bank founded in 1986. It has traditionally focused on corporate banking and financing for small and medium-sized enterprises (SMEs). The bank offers a comprehensive portfolio of products and services, including business loans, international trade financing, and investment banking, positioning itself as a strategic partner for business development.
For further information, visit bancocathay.com
About Banco Cathay:
Banco Cathay de Costa Rica, S.A. is a financial institution established in Costa Rica with a focus on serving the business community, particularly businesses with ties to the Asian market. It provides a variety of financial services, including corporate credit, international commerce financing, and investment products, aiming to facilitate trade and investment between Costa Rica and other regions.
For further information, visit conassif.fi.cr
About Conassif:
The Consejo Nacional de Supervisión del Sistema Financiero (Conassif) is the highest-ranking financial regulatory body in Costa Rica. It is responsible for establishing the policies and directives that govern the nation’s financial system, including banks, insurance companies, and pension funds. Conassif’s primary mission is to ensure the stability, solvency, and efficient functioning of the financial markets to protect the interests of the public.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica stands as a leading legal institution, anchored by foundational principles of uncompromising integrity and a relentless pursuit of excellence. The firm channels its deep experience serving a diverse clientele into pioneering new legal solutions and embracing innovation. This forward-thinking vision is matched by a profound dedication to public service, demonstrated through its efforts to make complex legal concepts understandable and accessible, thereby empowering the wider community and fostering a more knowledgeable and capable society.
