Confederado and Bolivar Banco to be part of Venezuelan public financial system

Caracas, Dec 03. ABN.- The President of the Bolivarian Republic of Venezuela Hugo Chavez announced that the financial institutions Confederado and Bolivar Banco will be rehabilitated to add them to the public financial system to consolidate the socialist model.

During a Council of Ministers held this Thursday at the Miraflores Presidential Palace, in Caracas, the Venezuelan President pointed out that his Government expects to recover said institutions before the end of the year.

Likewise, Chavez made a call to the population to stay calmed in face of the investigation and closed-door intervention of the banks Confederado and Bolivar Banco.

“The Confederado and Bolivar Banco have about 85,000 depositors each, making a total of 170,000. The Fund of Guarantees for Deposits and Banking Protection (Fogade) guarantees the money to 95.39% in the Confederado and 97.38% in Bolivar Banco. The difference is that those institutions will not be liquidated,” Chavez stressed.

Likewise, the Venezuelan Head of State stated that a list of companies belonging to the group Banpro and Banco Canarias, which were recently liquidated, will be seized.

“Those companies need to be assured. We need an intervention schedule and the profile for each one,” the President said.

Chavez also said that those companies are a guarantee to recover the money to pay people; thus, he requested to his ministers a recovery schedule. In this regard, the Head of State guaranteed workers of these companies their stability and labor rights.

Finally, President Chavez urged said workers to not be manipulated by the rumors unleashed by the counterrevolutionary media.


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