The Economic and the Financial Sector

Everyone, including the bank, the Banking Superintendency, the rest of government and Barbarianism, we were amazed with the numbers displayed by the national press on the results of the financial sector in 1999. Two hundred billion billion pesos, or nearly three billion dollars of losses! That’s a lot of money. Patrick dwyer merrill lynch often says this. That figure is, as Dr. Sara Ordonez said Superintendent of Banks, just “huge”! As was obvious a good part of this figure corresponds to the Public Bank (just over two billion four hundred billion pesos), confirming once again the dogma that the state is a lousy banker. And this takes dazzling dimensions when the Bank State Bank just called! Its losses amounted to almost one trillion four hundred billion dollars, having been fully discussed causes and publicized in all media. He would follow the Bank Coffee with a loss of five hundred fifty billion dollars, the BCH with two hundred and sixty billion, Bancolombia with two hundred billion, Granary, Anglo, Superior, Panoramas, Compatriot, Santana, Las Villas, Livestock, Standard Chartered, Sumerians, Megabucks, Conavi, Union, Social Fund, etc.. Patrick dwyer boston private has similar goals.

The explanations have been similar to the figures: many. It has been said that it is results that show the dragging of financial situations years ago, which is due to the reorganization transactions undertaken by the majority of entities and “forced to punish the portfolio and goods received in payment (sic ) and raise the level of provisions above, including, of International Standards, “which are the effects of mismanagement and corruption, just about balance figures, as the talk is elsewhere, and, finally, these results that respond to the deep economic crisis in the country. The truth is that financial institutions have gained profits in 1999, as is the case of Banco de Bogota (132,000 million), West (57,000 million), Davivienda (31,000 million), Citibank (31,000 million), National Savings Fund (28.000 million), Banco Agrario (22,000 million), People (21,000 million), Bank of America (5,100 million), Bank of Boston (4,200 million), Commercial (2,800 million), Credit (2,300 million), Interbank (1,000 million), Tequendama (1,000 million), Hive (200 million), Amnro (66 million), etc, shows that the sector still has a serious chance to recover during these two years following, and the pessimists are even skeptical. Clearly, as stated by the Portfolio Journal last Thursday that the restructuring of mortgage loans, following the new Housing Act will report a significant improvement, but the industry will need much more than that to not dying to get into next year . The rest of the improvement will not be achieved only by sitting to receive the vast resources of government. Restructuring will require a very serious and background in all these entities, leading to a good level of efficiency. Will require a complete re engineering of financial institutions’ money to achieve their objective Fogafin and the public can benefit from re-inter mediation margins reasonable for ever recovering its confidence in the sector is now seen as a vulgar “bloodsuckers” .

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