Definition:The Deposit Guarantee Fund (DGF) was created by Law No. 9816, Law for the creation of the Deposit Guarantee Fund and resolution mechanisms for financial intermediaries, to guarantee a maximum of up to ₡6,000,000.00 of deposits that individuals and legal entities maintain in financial intermediaries supervised by the General Superintendency of Financial Entities (Sugef), with the exception of the Banco Hipotecario de la Vivienda (Banhvi), as well as savings and loan mutuals.
The objective of this law is to strengthen the financial safety net of the national financial system; creation of the DGF is intended to protect the most vulnerable, less sophisticated and smaller depositors and savers.
Governance:
The Deposit Guarantee DGF is created as an autonomous asset; the Central Bank of Costa Rica is responsible for the administration of the DGF, while the issuance of its technical regulations is the responsibility of the National Council for the Supervision of the Financial System (Conassif).
