Govt. may target banks stalling on Fogade contributions
Bnamericas Published: Wednesday, December 08, 2004
Venezuelan deposit guarantee fund Fogade may take legal action against banks that fail to pay their legal contribution to the fund, the office of the presidency reported. As of June 30 this year, several financial institutions owed Fogade a combined 8.5bn bolívares (US$4.4mn), according the report. The debt has grown considerably in recent months, and may be as high as 12.2bn bolívares, according to Fogade president Jesús Caldera. One of the measures being taken against the banks in arrears is the addition of accruing interest for late payments. Most banks are however up to date with their contributions, according to Caldera.
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