Within the framework of the 88 Banking Convention, Eduardo Osuna, vice president of the Association of Banks of Mexico (ABM), said that the fobaproa was a rescue aimed at depositors to preserve the payment system and was important to avoid a deeper crisis that was lived.
For his part, Eduardo Osuna, general director of BBVA, said that rescue, (known as Fobaproa), at that time it was for the savers to receive their deposits.
“And that rescue giving it liquidity allowed the restructures of the country’s productive system, both companies, SMEs and mortgage debtors, which reasonably allowed them to give life to the crisis,” he added.
It was so deep what happened in 1994, that of 18 only 4 banks did not end up breaking, and of those 4 banks only one did not change the owner in the recapitalization process, said Eduardo Osuna.
The banker assured that the payment system cannot fail, because it causes financial runs and deeper economic problems.
Today we have a solid bank as a result of the 1994 crisis and the strength we have is thanks to a regulation, he added.
Julio Carranza Bolívar, president of the Association of Banks of Mexico (ABM), said that bank rescue is a situation that happened more than 30 years ago, when the regulations and the situation of our country was completely different from what we are living today.
“What happened at that time (was) because there was no such complete regulation, the bank was part of the problem at that time,” said the banker.
“Today we are complying with the best standards worldwide,” he recalled
Currently, Mexico has a very strong, supervised and regulated bank, so it makes it part of the solution of the problems that arise in Mexico.
“It is worth checking what happened in the past, but you must think to the future as together government, companies and bank we can make this country progress,” said Julio Carranza Bolivar.
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