Agreement signed with Ecuadorian Superintendency of Banks and Insurance

(Quito, June 2006).- With the presence of the CAF representative in Ecuador Luis Pálau-Rivas; deputy director Mauricio Salazar; Banking Superintendent Alberto Chiriboga Acosta and other officials, a technical cooperation agreement was signed to strengthen supervision of the social security institutions.

The operation is part of the CAF strategy to provide integrated support for the development of the capital market in which the pension savings deposit institutions and the national social security system as a whole are fundamental actors.

The mission of the Banking and Insurance Superintendency is to strengthen a system of social security and pension savings to guarantee the welfare of the insured population.

Thanks to CAF support the social security agencies - which include the Social Security Institute, the Armed Forces Security Institute and the National Police Social Security Institute - will receive investment supervision tools such as: manuals, regulations and training. The signing of this agreement will strengthen the National Social Security Department, which is responsible for the supervision and control of the pension savings deposit institutions and the national social security system.