Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
May 2006
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    © 2006 International Monetary Fund

    Production: IMF Multimedia Services Division

    Cover design: Luisa Menjivar

    Typesetting: Alicia Etchebarne-Bourdin

    Cataloging-in-Publication Data

    Central America: structural foundations for regional financial integration/[authored by a staff team lead by Patricia Brenner]—Washington, D.C.: International Monetary Fund, 2006.

    p. cm.

    ISBN 1-58906-492-5

    Includes bibliographical references

    1. Intermediation (Finance)—Central America. 2. Insurance—Central America. 3. Securities— Central America. 4. Migrant remittances—Central America. I. Brenner, Patricia DeCoster. II. International Monetary Fund.

    HG185.L29C36 2006

    Price: US$28.00

    Please send orders to:

    International Monetary Fund, Publication Services

    700 19th Street, N.W., Washington, D.C. 20431, USA

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    Contents

    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (e.g., 2004–05 or January–June) to indicate the years or months covered, including the beginning and ending years or months; and

    • / between years (e.g., 2004/05) to indicate a fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

    Preface

    This book was prepared as part of the Central America Financial Sector Regional Project (FSRP) by staff of the IMF’s Monetary and Financial Systems Department and Legal Department and of the World Bank. The countries covered in the FSRP comprise the six Spanish-speaking countries of Central America: Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama. The chapters provide an overview of the principal issues and findings of the project, and background on financial development and soundness in the six countries, trends in regional financial integration and supervisory responses, development of the insurance sector, development of payment and securities settlement arrangements, and worker remittances.

    The book is the product of a team effort led by Patricia Brenner. The team included Massimo Cirasino, Jens Clausen, Mario Guadamillas, Daniel Hardy, R. Armando Morales, Miguel Palomino, and Dilip Ratha, with contributions by Joaquín Bernal, Katharine Christopherson, Luis Cortavarría, Marco Espinosa, Wim Fonteyne, Antonio Hyman-Boucherau, Ross Leckow, Maike B. Luedersen, Michael Moore, Marina Moretti, Gabriela Rosenberg, Moni SenGupta, Debbie Siegel, Manuel Vásquez, and Rogerio Zandamela. The team is indebted to numerous colleagues throughout the IMF for detailed comments on the papers, to Janet Stanford King and Carolina Worthington for assisting with numerous drafts, to Claudia Pescetto and Lani Wu for research assistance, and to Archana Kumar of the External Relations Department for editing the manuscript and coordinating production of the publication.

    The opinions expressed in the book are those of the authors and do not necessarily reflect the views of the IMF, its Executive Directors, or the authorities of the countries covered in the study.

    Abbreviations and Acronyms

    ACH

    Automated clearinghouse

    AML/CFT

    Anti–money laundering/combating the financing of terrorism

    ATM

    Automated teller machine

    BANGUAT

    Banco de Guatemala

    BCCR

    Banco Central de Costa Rica

    BCEAO

    Banque Centrale des États de l’Afrique de l’Ouest

    BCH

    Banco Central de Honduras

    BCN

    Banco Central de Nicaragua

    BCR

    Banco Central de Reserva de El Salvador

    BdB

    Banco do Brasil

    BEAC

    Banque des États de l’Afrique Centrale

    BFI

    Bank with links to other regional financial institutions

    BIS

    Bank for International Settlements

    BMI

    Banco Multisectorial de Inversiones (El Salvador)

    BNP

    Banco Nacional de Panamá

    BVDN

    Bolsa de Valores de Nicaragua

    BVP

    Bolsa de Valores de Panamá

    CABEI

    Central American Bank for Economic Integration

    CAFTA-DR

    Central American–Dominican Republic Free Trade Agreement

    CAMC

    Central American Monetary Council

    CCS

    Central American Council of Superintendents of Banks, Insurance, and Other Financial Institutions

    CEBS

    Committee of European Banking Supervisors

    CEMAC

    Central African Economic and Monetary Community

    CEMLA

    Center for Latin American Monetary Studies

    CEO

    Chief executive officer

    CEDEVAL

    Central de Depósito de Valores (El Salvador)

    CENIVAL

    Central Nicaragüense de Valores

    CEPROBAN

    Centro de Procesamiento Bancario (Honduras)

    CEVAL

    Central de Valores (Costa Rica)

    CHIPS

    Clearinghouse interbank payment system

    CIASA

    Centro de Intercambio Automatizado, S.A. (Panama)

    CLC

    Cámara de Compensación y Liquidación de Cheques(Costa Rica)

    CLS

    Continuous linked settlement

    CNBS

    Comisión Nacional de Bancos y Seguros (Honduras)

    CNV

    Comisión Nacional de Valores (Panama)

    COBAC

    Commission Bancaire de Afrique Centrale

    CONASSIF

    Consejo Nacional de Supervisión del Sistema Financiero (Costa Rica)

    CPSIPS

    Core Principles for Systemically Important Payment Systems

    CPSS

    Committee on Payment and Settlement Systems

    CSD

    Central securities depository

    CUT

    Cuenta Única del Tesoro (Panama)

    DPR

    Diversified payment right

    DvP

    Delivery versus payment

    EBC

    European Banking Committee

    ECB

    European Central Bank

    ECCB

    Eastern Caribbean Central Bank

    ECCU

    Eastern Caribbean Currency Union

    EFTPOS

    Electronic funds transfer at point of sale

    ESCB

    European System of Central Banks

    EU

    European Union

    FATF

    Financial Action Task Force

    FDI

    Foreign direct investment

    FOGADE

    Fondo de Garantía de Depósitos (Nicaragua)

    FOSADE

    Fondo de Seguro de Depósitos (Honduras)

    FSA

    Financial Services Authority (United Kingdom)

    FSAP

    Financial Sector Assessment Program

    FSRP

    Financial Sector Regional Project

    GAAP

    Generally Accepted Accounting Principles

    IAS

    International Accounting Standards

    IBRD

    International Bank for Reconstruction and Development

    IDB

    Inter-American Development Bank

    IFI

    International financial institution

    IFRS

    International Financial Reporting System

    IGD

    Instituto de Garantía de Depósitos (El Salvador)

    IOSCO

    International Organization of Securities Commissions

    ISIN

    International securities identification number

    ITIN

    Income taxpayer identification number

    MEF

    Ministry of Economy and Finance (Panama)

    MFI

    Microfinance institution

    MIB

    Mecanismo Interbancario de Dinero (Costa Rica)

    MIT

    Mecanismo Interbancario de Transferencias (Guatemala)

    MONED

    Mercado Organizado para la Negociación Electrónica de Divisas (Costa Rica)

    MOU

    Memorandum of understanding

    MTO

    Money transfer operator

    NPL

    Nonperforming loan

    OECD

    Organization for Economic Cooperation and Development

    OFAC

    Office of Foreign Assets Control

    OTC

    Over the counter

    P&A

    Purchase and assumption

    PML

    Probable maximum loss

    PROFECO

    Procuraduría Federal del Consumidor

    PvP

    Payment versus payment

    RFC

    Regional financial conglomerate

    RNVI

    Registro Nacional de Valores Inmobiliarios (Costa Rica)

    ROA

    Return on assets

    ROE

    Return on equity

    RTGS

    Real-time gross settlement

    S&P

    Standard & Poor’s

    SAT

    Superintendencia de Administración Tributaria (Guatemala)

    SB

    Superintendencia de Bancos (Guatemala)

    SBOIF

    Superintendencia de Bancos y Otras Instituciones Financieras (Nicaragua)

    SBP

    Superintendencia de Bancos de Panamá

    SICOF

    Sistema Contable Financiero (Guatemala)

    SINEDI

    Sistema de Negociación Electrónico de Divisas (Guatemala)

    SINPE

    Sistema Interbancario de Negociación y Pagos Electrónicos (Costa Rica)

    SIPS

    Systemically important payment systems

    SITE

    Sistema Integrado de Transacciones Electrónicas (Costa Rica)

    SML

    Securities Market Law

    SPID

    Sistema Interbancario de Divisas (Guatemala)

    SPV

    Special purpose vehicle

    SRO

    Self-regulatory organization

    SSF

    Superintendencia del Sistema Financiero (El Salvador)

    SSS

    Securities settlement system

    STP

    Straight-through processing

    SUGEF

    Superintendencia General de Entidades Financieras (Costa Rica)

    SUGEVAL

    Superintendencia General de Valores (Costa Rica, Panama)

    SV

    Superintendencia de Valores (El Salvador)

    SWIFT

    Society for Worldwide Interbank Financial Telecommunications

    TEBEL

    Transacciones Electrónicas Bursátiles en Línea (Costa Rica)

    TEF

    Transferencia Electrónica de Fondos (Costa Rica)

    TPL

    Third-party liability

    TTS

    Transferencia Telefónica Segura de Fondos (Nicaragua)

    WAEMU

    West African Economic and Monetary Union

    WHF

    Western Hemisphere Payments and Securities Settlement Forum

    WOCCU

    World Council of Credit Unions

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