National Banking System Organic Law

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The National Banking System will be integrated by the Central Bank of Costa Rica, the National Bank of Costa Rica and the Bank of Costa Rica. The functions of these banks will be to:

  • Collaborate in the execution of monetary, credit and bank policies within the Republic of Costa Rica;
  • Ensure the liquidity, solvency, and operation of the National Banking System;
  • Manage the banking deposits of the public;
  • Encourage producers to put to good use the economic and technical means of the financial system.

These state banks will have the full backing and cooperation of the state. The legal duration of all these banks is ninety-nine years. The capital of all commercial banks can be increased through the mandate of law or through the capitalization of profits. Banks will constitute their legal reserves with a portion of their profits. Net profits will be determined after deducting the sums authorized for the establishment of reserves.

The executive manager and other members of high management can attend Board meetings, but they will have no voting rights.  The law regulates the requirements, duties and responsibilities of upper management members. It gives general guidelines for the segmentation and organization of banks. 

Document Details

Title (Non-English): 
Ley Orgánica del Sistema Bancario Nacional
Document Type: 
Document Topic: 
Doument Author (Entity): 
Authoring Country: 
Originating Country or Trade Block: 
Issue Status: 
Year of Document: 
2005
Date of Document: 
Thursday, April 14, 2005
Document Authors: 
Legislative Assembly of Costa Rica
Language (This Document): 
Spanish

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