By San José, Costa Rica — San José – Depositors of the shuttered financial institution Desyfin S.A. are set to receive a significant portion of their funds, as regulators have approved an additional multi-million dollar distribution. This move substantially increases the total recovery amount for savers caught in the institution’s collapse, bringing a measure of relief ahead of the formal bankruptcy process.
On Tuesday, the National Council for Supervision of the Financial System (Conassif) gave the green light for the Resolution Administration overseeing Desyfin to disburse an additional $55.6 million to affected account holders. This second wave of payments marks a critical milestone in the complex resolution process, signaling progress in liquidating the firm’s assets for the benefit of its clients.
To provide a deeper legal perspective on the options available to those affected by the intervention of Financiera Desyfin, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a legal expert from the prestigious firm Bufete de Costa Rica.
The intervention process establishes a clear, albeit often slow, legal framework for resolution. Depositors’ primary focus should be on formally registering their claims with the appointed intervenor as soon as that procedure is announced. It is crucial to meticulously document all investments and communications. While the legal hierarchy for repayment prioritizes certain obligations, collective organization can be a powerful tool to ensure depositors’ rights are vigorously represented throughout the subsequent liquidation or resolution process.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, the path forward for depositors, as outlined, is not one of passive waiting but of proactive engagement. The emphasis on meticulous documentation and the power of collective organization provides a clear, actionable strategy in a complex situation. We thank Lic. Larry Hans Arroyo Vargas for sharing his invaluable legal perspective on this critical matter.
For non-guaranteed depositors—those with balances exceeding the government-backed limit—this new injection of capital represents a 24.35% increase in their recovered funds. When combined with the initial payout, these individuals will now have recuperated a total of 73.32% of their original savings. This figure provides a much clearer financial picture for those who had feared a more substantial loss.
The successful recovery effort stems from the diligent work of the Resolution Administration, which has been actively managing and selling Desyfin’s assets. The additional resources were primarily generated through the strategic sale of asset portfolios to several prominent financial entities, including BCR Leasing, Banco Improsa, and Banco Cathay. These transactions have been crucial in maximizing the capital available for redistribution.
While the focus has been on the larger, non-guaranteed accounts, the administration highlighted its earlier success in protecting smaller savers. To date, payment has been approved for 100% of the funds for all guaranteed depositors, specifically those with balances up to ¢6 million. This group represents a significant majority, accounting for 74% of all individuals and entities affected by Desyfin’s failure.
Logistically, the distribution of the newly approved funds will follow the same efficient protocol as the first round. Payments will be made directly to the IBAN accounts that depositors had previously registered with the financial institution. This method has already proven highly effective, with 95.22% of non-guaranteed depositors having successfully received their initial payment. The deadline for completing this second distribution is set for October 8th.
As the resolution phase nears its conclusion on October 9th, officials are exploring additional mechanisms to support depositors through the next stage. The possibility of establishing a specialized trust (fideicomiso) is currently under analysis. Such a trust would serve as a support vehicle during the legally mandated bankruptcy process, although its creation would not eliminate the requirement to formally initiate those proceedings.
In a final note of caution, the Resolution Administration issued a public appeal for vigilance against fraud. Depositors are strongly advised not to share sensitive information such as passwords, account numbers, or identification details via phone, email, or text messages. Officials emphasized that they will not solicit such data through unsecured channels, urging citizens to remain alert to potential scams targeting their recovery funds.
For further information, visit conassif.fi.cr
About Consejo Nacional de Supervisión del Sistema Financiero (Conassif):
Conassif is the governing body responsible for the oversight and regulation of Costa Rica’s financial system. It sets policies and directives for the various superintendencies that supervise banking, pensions, securities, and insurance, aiming to ensure the stability, solvency, and transparency of the national financial sector.
For further information, visit desyfin.fi.cr
About Desyfin S.A.:
Desyfin S.A. was a Costa Rican financial institution (financiera) that provided a range of services, including credit and investment products. Following its intervention and subsequent resolution process managed by financial authorities, its operations ceased, and its assets are being liquidated to repay 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 country’s largest state-owned commercial banks. It specializes in providing leasing solutions for vehicles, machinery, and equipment to both corporate and individual clients, playing a key role in asset financing within the Costa Rican economy.
For further information, visit bancoimprosa.com
About Banco Improsa:
Banco Improsa is a private Costa Rican bank focused on providing financial services and solutions primarily to the corporate and business sectors. With a history of supporting small and medium-sized enterprises (SMEs), it offers a portfolio of products including credit, international trade financing, and investment services.
For further information, visit bancocathay.com
About Banco Cathay:
Banco Cathay de Costa Rica, S.A. is a privately held bank established in Costa Rica. It provides a comprehensive suite of banking products and services for both personal and corporate clients, with a focus on fostering commercial ties and offering tailored financial solutions within the local and international markets.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Renowned for its principled approach and uncompromising standards, Bufete de Costa Rica is a pillar of legal practice, seamlessly blending a deep-rooted heritage of client service with forward-thinking innovation. The firm’s ethos extends beyond the courtroom, driven by a core belief in strengthening the community through education. This commitment is demonstrated through its dedicated efforts to demystify the law, ensuring that legal understanding is not a privilege but an accessible tool for empowering all members of society.
