Savings and loans troubles

[NewsWhore]

Diario Libre reports that of the 18 savings and loans associations in the country, only five comply with the Banking Superintendence's regulations. This is according to an evaluation by the Banking Superintendence, carried out with support from the International Monetary Fund (IMF). Although the document was supposed to be confidential because of some anomalies in the process, details have been leaked. Only one association, the Central Association for Savings and Loans, has been "intervened" by the superintendence. Diario Libre writes that many of these associations function more like cooperatives or credit unions, and that this puts the public's savings in jeopardy. Pension fund money is involved in this case. In the DR, all pension plan savings are deposited in local banks.

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