Wednesday 5 October 2022

Sale of the BCR requires 38 votes

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05 October 2022 - At The Banks - BCCR

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QCOSTARICA – The Department of Technical Services of the Legislative Assembly confirmed that the bill to authorize the sale of the Bank of Costa Rica (BCR) required a “qualified marjority”, that is the approval vote of 38 of the 55 legislators that make up Congress.

This is contrary to the words of President Rodrigo Chaves earlier this week, stating that the bill, now before the Legislative Assembly, would need a simple majority vote, that is 29 votes for endorsement of the sale.

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This opened a debate between the legislative fractions.

A report from the Department of Technical Services indicated that “in the case of state-owned banks, a qualified majority is required in the case of disposing of the sale of the shares to private parties who would become the owners.”

The leader of the Partido Unidad Social Cristiana (PUSC) legislative faction, María Marta Carballo, explained that Technical Services explained that if the sale is made to another commercial bank of the State, it would be a different matter.

And, where are the resources that the State earns in case of selling the bank directed? Carballo added that bill, if approved would become law, could specify where the resources, that is the money from the sale, could be directed and/or spent on.

 

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