Are your savings safe? The recent bankruptcy of Coopeservidores and intervention of Desyfin have raised concerns about the financial stability of some institutions in Costa Rica. In this article, we’ll explore how to determine the safety of your money by understanding the Patrimonial Sufficiency Indicator (PSI) of banks and financial companies in the country.
What is the PSI?
The Patrimonial Sufficiency Indicator (PSI) is a measure used by the National Council for the Supervision of the Financial System (Conassif) to assess the solvency and liquidity of financial institutions. It’s an essential tool for evaluating the stability of banks, cooperatives, and other financial entities.
How does it work?
The PSI takes into account various factors, including:
- The institution’s assets and liabilities
- Its capital adequacy ratio
- Liquidity and cash management
- Risk exposure and management
A higher PSI score indicates a higher level of solvency and liquidity, making the institution more stable and secure.
What do the scores mean?
The scores range from 0 to 100. A score above 50 is generally considered satisfactory, while a score below 30 raises concerns about the institution’s financial stability.
Which institutions have high PSI scores?
Here are some examples of institutions with high PSI scores:
- Banhvi: With a score of 62.98%, Banhvi has one of the highest PSI scores in the country.
- Caja De Ande: This cooperative has a score of 47.74%, making it another institution with a strong financial foundation.
- Prival Bank: With a score of 40.28%, Prival Bank is a stable and secure option for savers.
What about lower-scoring institutions?
While some institutions may have lower PSI scores, this doesn’t necessarily mean they’re not safe. It’s essential to evaluate the institution’s overall financial health, management, and risk exposure before making any decisions.
How can you ensure your savings are safe?
To protect your savings, consider the following:
- Diversify: Spread your money across multiple institutions to minimize risk.
- Research: Understand an institution’s PSI score, management, and financial history before depositing your funds.
- Regularly review: Periodically review your accounts and adjust as needed to ensure you’re still comfortable with the level of risk.
What questions should you ask?
When evaluating an institution, consider asking:
- What is your PSI score?
- How do you manage risk?
- Can I access my money when needed?
By understanding the Patrimonial Sufficiency Indicator (PSI) and regularly reviewing your accounts, you can ensure your savings are safe in Costa Rica.
Final note:
When it comes to financial stability, it’s always better to be informed. Don’t hesitate to ask questions or seek advice from a trusted professional before making any decisions about your money. Your financial stability is worth the effort.
| Financial Institution | March 2024 | June 2024 |
|---|---|---|
| COOPESERVIDORES – Cooperativa de Ahorro y Credito de los Servidores Publicos R.L. | 10.50% | 0.00% |
| FINANCIERA DESYFIN – Financiera Desyfin S.A. | 11.10% | 10.20% |
| BANCO LAFISE – Banco Lafise S.A. | 12.07% | 12.04% |
| BANCO PROMERICA – Banco Promerica (Costa Rica) S.A. | 13.61% | 13.11% |
| BANCO CATHAY – Banco Cathay (Costa Rica) S.A. | 13.49% | 13.26% |
| BANCO BAC SANJOSE – Banco BAC San Jose (Costa Rica) S.A. | 13.82% | 13.44% |
| COOPELECHEROS – Cooperativa de Ahorro y Credito de los Productores de Leche R.L. | 13.15% | 13.50% |
| BANCO NACIONAL – Banco Nacional de Costa Rica | 13.66% | 13.55% |
| FINANCIERA CAFSA – Financiera Cafsa S.A. | 14.33% | 13.63% |
| GRUPO MUTUAL – Grupo Mutual Alajuela – La Vivienda de Ahorro y Prestamo | 14.61% | 14.67% |
| MUCAP – Mutual Cartago de Ahorro y Prestamo | 15.27% | 15.01% |
| BANCO DE COSTA RICA – Banco de Costa Rica | 15.94% | 15.45% |
| BANCO DAVIVIENDA – Banco Davivienda (Costa Rica) S.A. | 15.49% | 15.50% |
| COOCIQUE – Cooperativa de Ahorro y Credito de la Comunidad de Ciudad Quesada R.L. | 15.51% | 15.51% |
| COOPEBANPO – Cooperativa de Ahorro y Credito de los Empleados del Banco Popular y de Desarrollo Comunal R.L. | 16.17% | 15.98% |
| COOPESANMARCOS – Cooperativa de Ahorro y Credito de San Marcos de Tarrazu R.L. | 14.69% | 16.41% |
| COOPEALIANZA – Cooperativa de Ahorro y Credito Alianza de Perez Zeledon R.L. | 16.68% | 16.51% |
| BANCO BCT – Banco BCT S.A. | 16.49% | 17.06% |
| BANCO IMPROSA – Banco Improsa S.A. | 16.81% | 17.09% |
| FINANCIERA MONGE – Financiera Monge S.A. | 15.16% | 17.77% |
| COOPENAE – Coperativa Nacional de Educadores R.L. | 18.30% | 18.36% |
| COOPEMEDICOS – Cooperativa de Ahorro y Credito y Servicios Multiples de los Medicos R.L. | 18.71% | 18.84% |
| COOPEANDE N 1 – Cooperativa de Ahorro y Credito ANDE No. 1 R.L. | 17.93% | 18.98% |
| SCOTIABANK – Scotiabank (Costa Rica) S.A. | 19.98% | 19.10% |
| CREDECOOP – Cooperativa de Ahorro y Credito para el Desarrollo R.L. | 19.80% | 19.68% |
| FINANCIERA MULTIMONEY – Financiera Multimoney S.A. | 18.77% | 19.91% |
| COOPEGRECIA – Cooperativa de Ahorro y Credito de la Comunidad de Grecia R.L. | 19.99% | 20.04% |
| COOPEUNA – Cooperativa Universitaria de Ahorro y Credito R.L. | 20.34% | 20.11% |
| COOPEFYL – Cooperativa de Ahorro y Credito de los Empleados del Sector Publico e Independiente R.L. | 20.73% | 20.11% |
| COOPEMEP – Cooperativa de Ahorro y Credito de los Empleados del Ministerio de Educacion Publica R.L. | 21.38% | 20.24% |
| COOPEAYA – Cooperativa de Ahorro y Credito de los Empleados del Instituto Costarricense de Acueductos y Alcantarillados R.L. | 20.92% | 20.81% |
| COOPECAR – Cooperativa de Ahorro y Credito Refaccionario de Alfaro Ruiz R.L. | 20.38% | 20.88% |
| COOPAVEGRA – Cooperativa de Ahorro y Credito Antonio Vega Granados R.L. | 21.54% | 21.23% |
| BANCO POPULAR – Banco Popular y de Desarrollo Comunal | 21.73% | 21.41% |
| COOPECAJA – Cooperativa de Ahorro y Credito de las Personas Fisicas y Juridicas R.L. | 21.82% | 22.13% |
| COOPEAMISTAD – Cooperativa de Ahorro y Credito La Amistad R.L. | 23.66% | 22.28% |
| BANCO CMB – Banco CMB (Costa Rica) S.A. | 26.08% | 23.90% |
| COOPESANRAMON – Cooperativa de Ahorro y Credito Refaccionario de la Comunidad de San Ramon R.L. | 24.16% | 24.31% |
| BANCO GENERAL – Banco General (Costa Rica) S.A. | 29.83% | 29.43% |
| COOPEJUDICIAL – Cooperativa de Ahorro y Credito de los Servidores Judiciales R.L. | 31.18% | 29.50% |
| FINANCIERA COMECA – Financiera Comeca S.A. | 32.08% | 33.94% |
| PRIVAL BANK – Prival Bank (Costa Rica) S.A. | 40.28% | 42.95% |
| CAJA DE ANDE – Caja de Ahorro y Prestamos de la Asociacion Nacional de Educadores | 47.74% | 46.05% |
| BANHVI – Banco Hipotecario de la Vivienda | 62.98% | 63.49% |