Banco Bolivariano Survives the Storm

Banco Bolivariano Survives the Storm

Andean

Miguel Babra Lyon The Ecuadorian banking system collapsed in 1999, and the banks left standing are still reeling from the aftershocks. In July, the Ecuadorian government shut down the country's largest state-owned bank, Filanbanco, because of severe liquidity problems. Filanbanco reported more than $100 million in losses for 2000 despite a $300 million capital infusion from the central bank. Thousands of depositors were left with devalued accounts and frozen assets until Banco Bolivariano agreed to help out. Along with several other domestic banks, Bolivariano assembled a $266 million trust to help Filanbanco

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