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Finance
The Redefinition of the SSF was framed within
the program of restructuring, modernization and
strengthening of the financial system, initiated by the
Government of the Republic through the BCR in the
early nineties, to make it an efficient system and a
promoter of economic and social development.
The Modernization Program of the Financial System
objectives were` the following:
1. To strengthen and reorganize the equity of the
financial institutions in order to comply with the legal
requirements of liquidity and solvency.
2. To strengthen the SSF to guarantee its autonomy
and efficiency in the supervision of the institutions.
3. To establish a legal framework that allows efficient
and competitive intermediation of the financial
institutions.
4. To sell to the private sector all nationalized commer-
cial banks and savings and loan associations shares.
5. To develop capital markets through the creation of
financial instruments, the stock market and the mod-
ernization of the insurance and social security system.
The essential objective of the restructuration was
for the country to have efficient banks and financial
institutions in order for the State to be able to promote
national economic development.
The reforms implemented to the functioning of the
financial system led to a complete readjustment of the
legal framework, which included the enactment of the
Organic Law of the Superintendency of the Financial
System, which strengthened the institution to ensure
its autonomy and efficiency in monitoring financial
institutions.
Currently, the primary purpose of the Superintendent
of the Financial System is “To monitor and effectively
regulate the institutions and persons subject to
its control, based on ethical principles, laws, rules
and international standards on financia mattes, in
coordination with other overseeing agencies and
protection to the consumer”.