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SourceMex PDF file 1997 right arrow May

Debtors Group, Academics Protest Plan to Capitalize Banking System

LADB Article ID: 55226
Category/Department: Mexico
Date: 1997-05-07
By: LADB Staff

In mid-April, the Finance Secretariat (SHCP) said it will proceed with a controversial plan to capitalize the banking system. The SHCP decision drew immediate criticism from the debtor-rights organization El Barzon and from several legal and academic experts. Under one phase of the plan, the savings protection fund (Fondo Nacional de Proteccion al Ahorro, FOBAPROA) would auction off a total of 340 billion pesos (US$42.9 billion) in assets confiscated from borrowers with overdue debts to commercial banks.

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