About $233 million have been recovered from Banco Federal to pay guarantees

Caracas, 24 Jun. AVN .- Through the selling of bonds, shares and accounts on foreign currencies that were owned by the Banco Federal, about 233 million dollars have been recovered and will make able the payment of guarantees to the depositors of this banking institution that was intervened due to financial irregularities.

Luis Zarate, in charge of Federal”s liquidation, said that to date “we have been working with the credit portfolio requested to Banco de Venezuela, we have recovered the bonds and shares owned by the Banco Federal and the accounts on foreign currencies. That way, we recovered $233 million and we have been paying the first order of relation with said sum.”

He pointed out that for the payment of guarantees to savers between the age of 18 and 55 (third order), “we have estimated a sum of $349 million.”

“We have a group of assets that have been obtained from banking agencies that were attached to the public banking system and thanks to the contribution of the Public Banking Minister (Rodolfo Clemente) and the presidents of the banks who received almost all these goods. We will get from there the resources to pay the third order,” he explained.

Likewise, the president of the Social Protection Fund for Banking Deposits (Fogade) David Alastre underscored that 75% of the guarantees to depositors of banks intervened by the State have been already paid.

Banco Federal, Canarias, Inverunion, Banco Real, Baninvest, Banco del Sol, Helm Bank and Banpro were intervened between 2009 and 2010 by the Superintendence of Banking Institutions (Sudeban) due to irregularities in the management of their resources.

Alastre explained that so as to obtain the $349 million, the liquidation board is making a list of the assets of intervened institutions “to liquidate them, obtain the money and make the call” to savers to receive their deposits back.

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