State Banks Cash
Infusion Of us$117.5
Million Will Be
Immediate
All that is required now
is the publication in
the official government
newsletter, La Gaceta,
for state banks to
receive an infusion of
us$117.5 million
dollars, said the
ministro de Hacienda,
Guillermo Zúñiga, after
legislators yesterday
approved the "proyecto
de capitalización
bancaria".
The approval was only in
first debate. The second
debate is scheduled for
tomorrow (Friday),
although Zúñiga
confirmed that the
Imprenta Nacional
(National Printer) has
already been notified to
schedule the printing
asap, so that the funds
can be disbursed before
December 31.
The bank capatilization
project will inject
us$50 million dollars
into the Banco de Costa
Rica (BCR) and Banco
Nacional (BN) and
us$17.5 million dollars
into the Banco Crédito
Agrícola de Cartago (BanCrédito),
for the state banks to
offer small and medium
sized manufacturers
credit line during the
global financial crisis.
"Following the second
debate, we have
coordinated with the
Imprenta Nacional to
publish the document as
soon as possible so that
we can disburse the
funds to the banks
immediately", said
minister Zúñiga.
The minister added that
the rush is on for the
legislation calls for
the disbursement of
funds before December
31. This means that
Hacienda employees will
have to work during
while other central
government employees go
on holidays at the end
of business on Friday.
"The employees of
Hacienda are well aware
that the government
holiday vacation period
begins on December 19,
however, if they have to
work beyond that, they
will have to", said
Zúñiga.
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