In the first debate, deputies have approved the opening of branches of foreign banks in Costa Rica. This is a requirement to be allowed to incorporate the country into the Organization for Economic Cooperation and Development (OECD).
The reform of the Organic Law of the National Banking System had unanimous support among the 43 deputies. The issue will move on to the second debate on July 30.
Foreign banks were allowed before but only through a public limited company. The foreign company was therefore not able to help the subsidiary in any problems. A branch is where the parent company is inseparable and responsible for financial commitments regardless of location.
The process of entering the OECD started in 2013. 13 of 22 technical committees of the organization have admitted Costa Rica. To be approved by the rest, the country must make reforms in areas such as competition, anti-corruption, and banking, among others.