Saturday 19 June 2021

Banco Central To Build Buildings For Financial Superintendencies

Banco Central (Central Bank) building in downtown San Jose
Banco Central (Central Bank) building in downtown San Jose

QCOSTARICA – Through a real estate development fund, US$40 million dollars will be raised from the local market to build an office building for the four superintendents of financial markets.

The state managed BN Sociedad Administradora de Fondos de Inversión (BN Administrative Society of Investment Funds) is the manager of Fondo de Inversión de Desarrollo Inmobiliario de Infraestructura Pública, created by the Central Bank of Costa Rica (BCCR) to attract the necessary funds to construct a building to house the offices of the regulators of pensions, insurance, securities and financial institutions.

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In the fund’s prospectus it states that BN Fondos will issue shares in dollars in the local market with a term of five years. In addition, temporary liquidity loans can be acquired for working capital or permanent financing.

The fund is restricted and public offering aimed at investors with an equal or greater than US$1 million net worth and ability to assume the risks of an investment of this nature.

The aim to move public institutions like the Superintendencias de Seguros (Sugese) – Superintendent of Insurance – the Superintendencias de Valores (SUGEVAL) – Superintendent of Securities – that currently rent space in the Torre del Este in Montes de Oca; the  Superintendencia de Pensiones (SUPEN) – Superintendent of Pensions – renting in the Equus building; and the Superintendencia General de Entidades Financieras (SUGET) – Superintendent of Financial Institutions – leasing space in the Forum II in Santa Ana.

The four agencies for 2015 have budgeted ¢1.323 billion colones (US$2.5 million dollars) for rental payments, two thirds alone to be spent by the SUGEF, according to the report by the Contraloria (Comptroller General).

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Source: La Nacion

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