The Credit Guarantee Fund (FGC) has already made payments of R$26 billion to 521,000 Banco Master creditors by the end of this Friday afternoon (23). The volume corresponds to 66.4% of the total amount planned for disbursement and reaches 67.3% of investors entitled to the guarantee.
Payments started on Monday afternoon (19) and gained pace after technical adjustments that improved the performance of the fund’s systems. According to the FGC, around 2,800 orders per hour are being processed through the application, equivalent to 46 orders per minute.
In a note, the fund stated that the teams continue to monitor the systems continuously to speed up transfers. However, he warned that security and fraud prevention procedures may require additional verification steps, which may affect individual resource release deadlines.
The FGC estimates the need for approximately R$40.6 billion net to cover guarantees related to Banco Master, extrajudicially liquidated by the Central Bank in November. The value represents around a third of the resources available in the fund.
Will Bank
In addition to the Master, the FGC will have to honor guarantees related to Will Bankwhich was liquidated this week by the Central Bank. The estimate is an additional disbursement of R$6.3 billion.
The start of these payments depends on the submission of the creditors’ database by the liquidator appointed by the BC and there is still no defined deadline for the release of the amounts.
The fund highlighted that, as Will Bank has been part of the Banco Master conglomerate since August 2024, the coverage limit of R$250,000 per CPF or CNPJ is not doubled. Therefore, customers who have already received the maximum ceiling upon settlement from other institutions in the group will not have additional amounts to receive.
“The creditor who has already received the guarantee limit value of R$250 thousand will not have new payments, since all institutions belong to the same financial conglomerate”, informed the FGC.
Banco Master was subject to extrajudicial liquidation on November 18, the same day that its controller, Daniel Vorcaro, was arrested in a Federal Police operation investigating suspected billion-dollar fraud. He was later released and remains free to investigate, under precautionary measures.
