Banco Central de Costa Rica

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Administrative Procedures

 

With the aim of improving our services, BCCR would like to inform about administrative procedures and legal requirements so clients may properly meet them.

 

System of Payments Division

 Región de Acordeón

Authorizing Auxiliary Cash Custodies

 

 

Working Hours:

Mon-Fri  09:15 am-04:00 pm

 

 

 

Purpose of Procedure/Service:

Granting autonomy in the administration of cash and as a contingent method.

 

 

Requirements

Pursuant to the System of Payments Regulations.

 

 

Legal basis

BCCR Organic Law, No. 7558, Article 2, Paragraph C.

System of Payments Regulations.

 

 

Term for Bank to Resolve:

60 working days

 

 

Validity of License, Authorization or Permit:

Not applicable

 

 

Fees/Charges:

None

 

 

Contact:

 

 

 

 

Elizabeth Córdoba Acuña

cordobaaa@bccr.fi.cr

Phone: 2243-3552

 

 

Ronald Corrales Brenes

corralesbr@bccr.fi.cr

Phone: 2243-3517

 

 

Authorizing inclusion of an entity to SINPE

 

Working Hours:

Mon-Fri  09:15 am-04:00 pm

 

 

Purpose of Procedure/Service

To determine whether the entity has a strategic value for the System of Payments, and send the documents to SINPE’s Operations Center if the application is approved.

 

 

Requirements

Meet the requirements under Section 5 of the Rule on Requirements to join SINPE.

 

 

Legal Basis

System of Payments Regulations and Rule to Join SINPE.

 

 

Term for Resolve

5 working days

 

 

Validity of License/Authorization/Permit

Not applicable

 

 

Fees/Charges

None

 

 

 

 

 

 

Contact

Eli Romero Cordero

romeroce@bccr.fi.cr;

Phone: 2243-3665

 

 

SINPE Operations Center

cos@bccr.fi.cr;

Phone: 2243-3700, 2243-4000

 

 

Comments:

The Head of the System of Payments Division will inform the applicant entity about the decision within 5 working days after the request is received. If the application is approved, the entity should then start the administrative procedure to join SINPE.

 

Administration of Assets and Liabilities Division

 Región de Acordeón

Recognition as First Tier Foreign Banks

Working Hours:

Mon-Fri 10:00 am-04:00 pm

 

 

Purpose of Procedure/Service:

To assess whether institutions submitting their applications through their legal representatives may be recognized as first tier foreign banks.

 

 

Requirements

1. The name/trade name and legal address of the bank.

 

2. Information on branch offices, agencies, subsidiaries, etc.

 

3. A power of attorney issued by the applicant whereby it is empowered to perform this act with BCCR.

 

4. Applicant bank risk ratings, including both long and short-term ratings. They should be granted by an internationally recognized rating agency that has been authorized to operate by the US Securities and Exchange Commission.

 

5. Financial statements for the last completed quarter, upon request, and up-to-date information on the bank’s capital.

 

6. Both the request and the power of attorney should be authenticated and legally certified in the place of origin, pursuant to the consular legislation. Furthermore, signature of the consul processing the documents should be authenticated by Costa Rica’s Ministry of Foreign Affairs. If the power of attorney were granted to a third party whose legal address were in Costa Rica, the application for recognition should not be processed at the consulate, but it should be authenticated.

 

7. Financial information on the applicant bank should be obtained from public information sources (financial statements published by Bank superintendent offices or national stock exchage commissions), or otherwise be dully certified by independent auditors. Certifications by independent auditors should also be authenticated and legally certified as mentioned in the above paragraph. In case any of the documents are not written in Spanish, the applicant bank should provide translated versions of those requested by BCCR.

 

 

 

Legal Basis

 Rules for the Recognition of First tier Banks (Normas para el reconocimiento de Bancos Extranjeros de Primer Orden)

 

 

Term for Resolve:

60 working days.

 

 

Validity of License/authorization/permit

Validity of recognition as a first tier bank will be maintained, provided that the bank meets the provisions in the respective rules & regulations. Recognized entities acquire an obligation to send up-to-date financial statements every year, and to inform BCCR in a timely manner about any changes in conditions under which they were granted recognition. Should a recognized bank change its name or trade name, BCCR should be informed and provided with financial information and credit ratings for the new bank, so as to ensure that it meets the provisions in these rules & regulations.

 

 

Fees/Charges

None

 

 

Contact

 

 

 

 

Humberto Grant Alpízar

grantah@bccr.fi.cr

Phone: 2243-3788

 

 

Luis Diego Coto  Ruiz

cotorl@bccr.fi.cr

Phone: 2243-3785

 

 

Authorizing entities to participate in the exchange market

Office in Charge:

Registry and Liquidation Department

 

 

Working Hours:

Mon-Fri  09:15 a.m.-04:00 p.m.

 

 

Purpose of Procedure/Service:

Authorizing a financial entity to participate in the country’s exchange market as an intermediary.

 

 

Requirements

A request from the entity’s legal representative.

 

 

 

Legal basis

Art. 86, BCCR Organic Law.

 Regulations for Cash Exchange Operations (Reglamento para las Operaciones Cambiarias de Contado).

 

 

Term for resolve:

90 working days

 

 

Validity of License/Authorization/Permit

Not applicable

 

 

Fees/Charges

None

 

 

Contact

 

 

 

 

René Núñez Villalobos

nunezvr@bccr.fi.cr

Phone: 2243-3750

Granting recognition to institutions normally devoted to international operations

Department in Charge

Registry and Liquidation Department

 

 

Working Hours:

Mon-Fri  09:15 am-04:00 pm

 

 

Purpose of Procedure/Service:

To process applications for recognition from foreign institutions normally devoted to international operations, to keep a record of capital flows, and to apply income tax to remittance delivery.

 

 

Requirements

1. Letter requesting recognition, name, I.D. Card Number and signature of applicant’s legal representative or of an agent with a Special Power of Attorney.

 

2. Audited Financial Statements.

 

3. Certified copy of the institution’s Articles of Agreement.

 

4. Certification by the oversight body indicating that the institution is authorized to carry out operations on the asset and on the liability side of the balance sheet involving the public.

 

 

Legal Basis

Rules for Recognizing Institutions Normally Devoted to International Operations (Normas para el reconocimiento de institución que normalmente se dedica a efectuar operaciones internacionales)

 

 

Term for Resolve:

60 working days

 

 

Validity of License/Authorization/Permit

Indefinitely

 

 

Fees/Charges

None

 

 

Contact:

 

 

 

 

René Núñez Villalobos

nunezvr@bccr.fi.cr;

Phone: 2243-3750

 

 

 

Economic Division

 Región de Acordeón

Provide a criterion to obtain local and foreign credit

Working Hours:

Mon-Fri  09:15 am-04:00 pm

 

 

 

 

Purpose of Procedure/Service:

To analyze the implications of monetary, credit and other variables such as the country’s ability to pay in cases of on-going credit operations on the part of public institutions (local and foreign credit), and savings and loans associations (foreign credit).

 

 

Requirements

Procedure to request BCCR’s authorization for public institutions (Procedimiento para gestionar la autorización del Banco Central de Costa Rica para la contratación de créditos internos y externos por el sector público), published in Official Gazette No. 212 from 3 November 2008.

 

 

Legal Basis

Art. 106 of BCCR Organic Law, Law No. 7558.

 

Art. 7, Law on Foreign Financing Agreements with Private Banks (Ley de Contratos de Financiamiento Externo con Bancos Privados Extranjeros), No 7010.

 

Art. 14, Law Regulating Financial Intermediation Activity of Cooperative Organizations (Ley de la Ley de Regulación de la Actividad de Intermediación Financiera de las Organizaciones Cooperativas), No 7391.

 

 

Term for Resolve:

75 working days

 

 

Validity of License/Authorization/Permit

Not applicable

 

 

Fees/Charges

Not applicable

 

 

Form(s) to be submitted

Information included in the requirements should be presented.

 

 

Contact:

 

Betty Sánchez Wong

sanchezwb@bccr.fi.cr

Phone: 2243-3277

 

 

Mario Rojas Sánchez

rojassm@bccr.fi.cr

Phone: 2243-3325

 

 

Rodolfo Durán Víquez

duranvr@bccr.fi.cr

Phone: 2243-3320

 

 

Comments:

In the case of applications presented by town councils, (for foreign credit) public universities and savings and loan cooperatives, it is no longer required to present the requirements indicated in Paragraph g), Subparagraph 2 of the above-mentioned procedure.  Moreover, savings & loan associations must provide the most recent information on the "Rating Model as per SUGEF 24-00 Agreement".

General Secretariat

 Región de Acordeón

Provide certifications of session minutes held by BCCR Board of Directors and the National Council for the Financial System’s Oversight.

Working Hours:

Mon-Fri  09:15 am-04:00 pm

 

 

Purpose of Procedure/Service:

Provide certifications of session minutes held by BCCR Board of Directors and the National Council for the Financial System’s Oversight.

 

 

Requirements

1. Request in writing the minutes from which a certified copy is to be obtained.

 

2. Provide the corresponding fiscal stamps.

 

 

Legal Basis

 

 

Term for Resolve:

10 working days

 

 

Validity of License/Authorization/Permit

Not applicable

 

 

Fees/Charges

None

 

 

Form(s) to be Presented

 

 

Contact:

 

José Joaquín Segura Sánchez

segurasj@bccr.fi.cr;

secretariageneral@bccr.fi.cr

Phone: 2243-3175

 

 

Comments:

The applicant should indicate that they are an interested party on the matter for which the documentation is being requested. To be processed, requests should be presented in writing including the corresponding legal stamps. 

The documents of which a copy or certification are to be obtained should be clearly indicated (minutes/technical documents/communiqués)

 

Reason for the request should be expressly noted.

 

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