The BCP announced the start of the financial dissolution process

Considering that Crisol and Encarnación Financiera Saeca (Cefisa) had voluntarily submitted a regularization plan, the Superintendency of Banks began a process of supervision, control and intensive monitoring of the entity, as announced yesterday by the head of the Central Bank of Paraguay (BCP), José Cantero, in a press conference.

Within the framework of this intensive supervision, the breach of commitments assumed by the entity to correct the situation was verified, which originated the regularization process, with the consequence established in article 11 of Law No. 2334/2003, of according to details specified by the president of the BCP, who was accompanied by the superintendent of banks, Hernán Colmán.

According to Cantero, the auditors will determine, as soon as possible, the patrimonial situation of Cefisa and will exclusively carry out acts of conservation and what is necessary to carry out the resolution of the entity, which means its dissolution, in accordance with the regulatory norm issued by the BCP Board of Directors.

“Cefisa is a very small entity within the system. Its credit portfolio represents only 0.33% of the national financial system and its total deposits are equivalent to no more than 0.38% of the total deposits in the system. As regards dependency and services structure, it has a headquarters and four branches, five ATMs and a self-service terminal. Regarding its operations in fund transfers via the Paraguayan Payment System (Sipap), a low participation is verified, reaching only 0.19% in national currency and 0.24% in foreign currency of the total movements”, he pointed out.

The BCP must decide on the resolution mechanism that best satisfies the rights of depositors. Preferably, according to the president of the BCP, the corresponding actions will be carried out to enable the direct transfer of deposits with the right to guarantee.

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