Superintendency of Banks and Insurance raises a return of funds

The Superintendency of Banks and Insurance (SBS for its Spanish acronym) will implement a mechanism for those contributors who want to withdraw their resources from pre visional funds can do it immediately. This was agreed during the meeting held by President Rafael Correa with delegates of the 54 pension funds, in Carondelet, days ago.

“The Superintendency through Resolution 504 stipulated that they had to repay at least 50% of what is saved (the contributor), and the rest at the end (to meet the deadline). At the meeting that was held with the president it was raised the possibility that the refund be immediate.Maybe with a penalty or without performance. We are analyzing it and we will do it (…), we will implement it in the coming days, “announced on August 25 Superintendent Pedro Solines, in a radio interview.

Juan José Castelló, President of the Ecuadorian Teacher´s Staff Unemployment Fund (FCME for its Spanish acronym), requested to the Commission of the Assembly Workers to “entirely rework” a new draft of Reformatory Law of the Ecuadorian Institute of Social Security and the Bank of the Ecuadorian Institute of Social Security (Biess), where it is proposed  the transfer of these funds to Biess .

This, after the four conditions stated by Correa, in his last weekly address, so that these savings are considered private. These are: return the money to the State if they have employer contributions; that the voluntary contributions be private; that contributors may voluntarily withdraw their money and file a petition of 50% + 1 of the participants, requesting the fund to be private.