Government Liquidation

He added that the social impact that was happening in the Federal Bank is the main concern of the national Government and in particular of President Hugo Chavez, who instructed us to this option which is the partial sale of assets by the liquidation Board and the rest by Fogade. Says, that the liquidation Board will sell assets to cancel to 873 thousand people, the vast majority of the public sector, which had placed money in the Federal by concepts like savings and funds for the payment of social benefits. Adds, which from this group of people, 1,115 million bolivares correspond to workers in the public sector and 92 million who work in the private economy wing. Edgar Hernandez Behrens, who was beside the Minister of finance, said that the liquidation Board will have time to sell assets and cover deposits that are in boxes of savings, benefits and social welfare trust, the rest will go to liquidation by Fogade. Fogade covers depositors with up to 30 thousand bolivares insurance and those who had placed a sum is greater in the Federal must wait for the Fund sells assets to receive and calculate how much can reinstate them.

Once you exit the resolution in the Gazette begins a year Fogade to start the process of preparation of liquidation balance sheet, define assets, availabilities, convert assets to liquid value and pay up to where the assets are met, it is the law, indicates the President of Fogade David Alastre. Jorge Giordani explained that the amount that is not covered by the guarantee of Fogade and that could recover, depending on the value that have assets, amounted to 1,156 million bolivars. By the payment of the guarantee, Fogade is obliged to cancel 2.151 billion bolivares that have already been disbursed mostly. In total there is an equity loss of 4 thousand 884 million bolivares fuertes, pointed out the Finance Minister. The Government assesses the possibility of acquiring the Federal Bank agencies to expand the geographical coverage of the public financial system. It specifically contemplates acquiring 62 agencies, as well as a portion of the loan portfolio. Humberto Ortega, Minister for the public banking sector, indicated that in relation to the sale of portfolios will have a valuation of the same with the intention that involved public and private banking. (The Conclusion on definitive is not yet known when people who keep their money in the Federal Bank will receive the rest of your money, if really will cancel everything what is debited, the important thing is to point out that all this represents health, damage that it causes to those who should not be facing this situation, more when they have relied on a bank that guarantees the receipt of your money and that the State has spoken without assessing what it has represented for many, who have saved all of his money and that when need it do not have this. I of be expected, that the Government take more seriously the manner of intervening banks, considering the economic, psychological effect that it detaches and seriously affects people, the Venezuelan family.