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Caribbean & Central America - 17 August 2004
COSTA RICA: Rumours trigger run on a bank
Jittery savers caused a run on the BAC San José bank on 9 and 10 August, after rumours broke that the general
superintendent of financial institutions (SUGEF) was about to intervene. Following a number of reassuring statements from high-profile bankers, calm appears to have been restored. The very fact, however, that savers were prepared to believe a rumour about the bank's instability, circulated purely by word of mouth, is testament to the fragility of Costa Ricans'
confidence in their nation's economy and its financial institutions.
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