An initiative by legislator Ottón Solís, from the Citizen Action Party (PAC), to unify the four financial superintendences is making progress in the legislative assembly.
The project was published on Tuesday in the Official Gazette, a necessary step to continue its path to meet the requirements.
The legislator introduced the proposal, called MERGE, on January 13th, aiming to save $10 million annually.
With the project, Solís intends to unify the General Superintendence of Financial Entities (SUGEF), Superintendence of Pensions (SUPEN), General Superintendence of Securities (SUGEVAL) and Superintendence of Insurance of Costa Rica (SUGESE).
The proposal does not include the Superintendence of Telecommunications (SUTEL) because it is not a strictly financial institution.
The new entity would be called Superintendence of Financial Markets (SUMEF) and it would be attached to the Central Bank of Costa Rica (BCCR).
The positions of superintendents and mayors, who have wages higher than ¢7 million a month will also be eliminated.
The total payroll of the institutions is 440 officials and their annual consumption budget reached ¢28,700 million in 2016.