The amount allocated to savers represents such a low percentage of the IPAB Fund that Limón said they hope to recover it in two months with contributions from the banks.
“We are hoping that in two months and days it would be back to the level of the September closure,” he said.
To measure, the money allocated by the IPAB for the liquidation of Banco Ahorro Famsa, in 2020, was 24,561 million pesos, which took 40% of the fund.
In the case of Accendo Banco, in 2021, resources of 1,314 million pesos were used, implying 2.87% of the total fund at that time.
Limón added that 99.4% of people with an account at CI Banco are protected under this insurance and that a universe of 197 people had an amount greater than 3.42 million pesos.
“Those who have more than that amount, we give them up to the coverage limit (3.42 million),” he explained at the IPAB offices, located in the Juárez neighborhood.
To recover the surplus, clients must initiate a legal process. The instruments protected by the IPAB are debit accounts, checking accounts or savings accounts.
Limón highlighted that on Monday around 2,700 savers were registered whose resources represented 863 million pesos, that is, 8% of the more than 4,000 million that will be delivered.
99.7% of savers in Mexico have less than 3.24 million
Regarding the Protection Fund that banks have, Limón highlighted that in Mexico savers in all banks have an average of 20,000 pesos in their accounts, so it is unlikely that more than 99% of savers will lose their money.
“In general, people think that Mexico is rich and that savers have a lot of money,” he noted. “We have statistical information month by month and 99.74% of the accounts have less than 400,000 UDIs.”
Only 0.26% of savers in Mexico have an average of more than 20 million pesos. In the case of CI Banco, the IPAB still does not know what the average amount that people have is.
Limón highlighted that Mexico is one of the countries with the highest deposit insurance in the world, only below countries like the United States and Norway.
“We are not a developed nation like the United States or Norway and we are among the highest in the world,” he said.
“After this event, (the Fund) is enough to cover up to 40 small banks,” he assured.
Who will IPAB pay after the liquidation?
On the night of October 13, the National Banking and Securities Commission (CNBV), Bank of Mexico (Banxico) and IPAB made the liquidation of CI Banco official, so the latter entered into its role as liquidator of the bank. As liquidator of CI Banco, IPAB has the mission of selling all assets.
“We are in charge of the institution as a liquidating agent, we are about to sell the credit portfolio, instruments, securities and foreclosed assets,” Limón said.
By doing so, a priority list is formed to whom CI Banco must pay:
- In first place are the savers, who receive insurance coverage: 3.42 million pesos.
- Secondly, the settlements of the bank’s workers must be paid.
- Thirdly, the IPAB must pay the tax credits.
- Fourthly, the IPAB recovers the expenses it incurred as liquidator.
- If there is still money left, unguaranteed liabilities are collected next on the list, such as savers who had amounts greater than 3.42 million.
What will happen to Intercam?
Regarding the case of Intercam, Gabriel Limón said that after the restructuring of the bank in which business lines were sold to Kapital Bank, Intercam was left with cash, securities and an overdue credit portfolio, all financed.
“Therefore, there are no savers,” he said.
