New Vallarta, Nay. The president of the association of Banks of Mexico (ABM), Julio Carranza, agreed on Thursday that “the rescue process of the banks, undertaken by the government of former President Ernesto Zedillo 30 years ago and generated one of the greatest public debts for the country.
The bankers assured that “it would be very serious” for the federal government to stop paying the promissory notes that the public administration issued to finance the bank rescue, which generate interest every year, and that, for the most part, they are held by the banks themselves.
“We have to talk about the opportunities that occur today in the country, which are many, and of course, it is worth reviewing what happened in the past and what pays the future is to think like Government, companies and banks we can make this country continue advancing,” Carranza said at a press conference prior to the start of the 88 Banking Convention.
“We are talking about a situation that happened more than 30 years ago when the regulation and situation of our country was completely different from what we are living, what happened at that time is that because we do not have a regulation as complete as we have today,” he said.
He pointed out that, at that time “the bank was part of the problem, today we are with a regulation with the best standards worldwide and that allows us to have a very strong bank, very well regulated and that today makes the bank in part of the solution of the country’s problems.”
Raúl Martínez-ostos, vice president of the ABM, said that in the event that the fobaproa debt would stop paying “it would be a very negative signal and in general to all local and international creditors of Mexico and that would generate an additional risk.”
Eduardo Osuna Osuna, vice president of the association, commented that of the “18 banks” in the financial system at that time “only four did not break”, which is a sign of the solid levels of capital that are today.
