Minister Montenegro points out that Banco Fassil must manage its assets and solve the liquidity problem

Minister Montenegro points out that Banco Fassil must manage its assets and solve the liquidity problem

April 21, 2023, 10:24 PM

April 21, 2023, 10:24 PM

The Minister of Economy and Public Finance, Marcelo Montenegro, stated that Banco Fassil must manage all its assets so that in this way it can get out of a liquidity problem that it is facing, and that has led the entity to a tense situation with its savers who make a pilgrimage to withdraw their savings.

“It corresponds to a bank to manage all its assets to get out of a liquidity situation (problem), as they (Fassil) stated. They have assets, I understand that they can manage it to generate a recovery plan,” said Montenegro. in an interview with the Central Affairs program.

He explained that it is in the hands of the governance or board of the Fassil bank to carry out internal management and use its assetsis worth to say, the set of assets and rights that he ownsin order to get out of the crisis and clear up the rumors of bankruptcy.

He revealed that the Financial System Authority (ASFI) entered the regularization of banking entities a month ago, including Fassil, in which is evaluating day by day what is happening.

In this sense, he remarked that if they observe a significant deterioration in their finances they will be framed in what the law establishesand to proceed later.

“If they have assets, it is not a matter of solvency, but a liquidity problem that we have observed”, he insisted.

During the interview with the radio program, Marcelo Montenegro called for the tranquility of depositors and savers mentioning that according to Law 393 of Financial Services, the right of citizens to have their deposits protected and duly guaranteed is enshrined.

“No depositor has to fear that their savings are going to be lost,” he said.

On Monday, April 17, the financial institution issued a statement on its social networks announcing the disabling of your debit, credit and prepaid cards until further notice.

Also thanked for understanding, solidarity and support despite the inconveniences that they have been registering in their services for a month.

“We inform our clients and the general public that debit, credit and prepaid card services are temporarily disabled for national and international operations,” reads the beginning of the first statement.

Such an announcement caused even more susceptibility in savers, and an echo in social networks, which strongly criticized the situation facing Banco Fassil. During this week, several citizens crowded into the branches of said entity to try to withdraw an amount of their savings and in that effort there were altercations between them and the officials.

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