UN General Assembly
1956

27. There is also the Banco de Desarrollo Economico y Social [Bank for Economic and Social Development], set up to act as the Government’s financial agent for the placement of bonds issued in pursuance of the law on economic and social development, to provide facilities for the discounting by commercial banks of long-term bills for economic development along the lines of what is done in commercial practice by the National Bank of Cuba, and to grant direct loans to private companies and government agencies in connexion with agricultural, industrial and mining programmes. There is also a Fondo de Seguro de Depositos [Deposits Insurance Fund], with an initial capital of $10 million, that is to be supplemented by an additional $5,400,000 in the form of annual contributions from the National Bank of Cuba and the associated private banks. The news of this fund’s establishment has greatly increased the use of banking facilities, and especially of savings accounts, which were previously insecure and unproductive.