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Credit Institutions

The Bank’s prudential supervision of credit institutions is aimed primarily at promoting the stability, integrity, efficiency, safety, and soundness of the financial system of the Countries Curaçao and Sint Maarten and safeguarding the interest of the depositors and other creditors of the credit institutions. Bank supervision entails mainly the licensing of financially sound institutions and the performance of ongoing supervision using a risk-based-approach through both on-site and off-site supervision with emphasis on monitoring the liquidity and solvency of the credit institutions. Furthermore, the Bank monitors, among other things, compliance by the credit institutions with regulations on the detection and deterrence of money laundering and terrorist financing and regulations on the disclosure of information to the public.
 

Definitions

Local general banks

Local general banks are credit institutions operating in Curaçao and/or Sint Maarten as universal banks in the legal form of a limited liability company and which are subject to the supervision of the Centrale Bank van Curaçao en Sint Maarten.      

Subsidiaries of foreign banks

Subsidiaries of foreign banks are credit institutions operating in Curaçao and/or Sint Maarten as universal banks in the legal form of a limited liability company and which are majority-owned banks of foreign credit institutions subject to supervision of a foreign supervisory authority (i.e. supervision by the supervisory authority of the parent company).

Branches of  foreign banks

Branches of foreign banks are credit institutions operating in Curaçao and/or Sint Maarten as universal banks in the form of a legally dependent office or branch from the head office which is subject to supervision of a foreign supervisory authority (i.e. supervisory authorities of the head office). 

Credit unions

Credit unions are credit institutions operating in Curaçao and/or Sint Maarten in the legal form of a cooperative union and which have as objective to render assistance to their participants in saving and to extend loans to them.

Specialized credit institutions

Specialized credit institutions are credit institutions operating in Curaçao and/or Sint Maarten and which mainly extend one type of loans (e.g. mortgage banks, development banks and banks for consumer credit).

Savings banks

Savings banks are credit institutions operating in Curaçao and/or Sint Maarten which attract their funds mainly in the form of savings.

Savings and credit funds

Savings and credit funds are credit institutions, mostly being foundations linked to enterprises, which as primary function provide savings opportunities to their participants, whether or not in order to provide them with a retirement income or an income at the termination of the employment relationship with the enterprise in question, and which extend loans to their participants.

Consolidated international banks

Consolidated international banks are international credit institutions which are established in Curaçao and/or Sint Maarten and through their parent company, are subject to adequate consolidated supervision by a foreign supervisory authority (i.e. supervisory authority of the parent company).  

Non-consolidated international banks

Non‑consolidated international banks are international credit institutions established in Curaçao and/or Sint Maarten for which the Centrale Bank van Curaçao en Sint Maarten acts as the primary supervisory authority.
 

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Last updated: 23.07.2019 21:07