Government reduces in 10% the deposits in the bank

The shortage of bolivars presses the interbank rate (Eduardo Sources)

The Government has begun to retire resources placed in deprived financial organizations, and the result is a strong pressure by shortage of bolivars in a group of banks.

In agreement with data of the Supervision of Banks, between September and November of 2008, the deposits of organisms public in the deprived financial organizations descend 10.2%, from 24 thousand 102 million strong bolivars to 21 thousand 630 million.

Before the declivity of the oil entrance the Government has begun to cover cost with a portion of the resources that traditionally has maintained by long time in the bank.

The problem is that the retirements have not been of general form, are concentrate in a specific group of banks, in fact, in a financial organization median the fall is of 55%.

The result, is that these banks do not have another option that to be called on the door of other financial institutions to ask for credits of short term, that allow them to balance the daily operations.

Rate overnight, that marks to the price which the banks lend bottoms to each other, reflects the misalignment. The average of the operations jumps from 8.8% in October to 28.1% in December and in the first fifteen days of this year it stays under strong pressure.

The 15 of January, the rate overnight reached maximums of 33% and the average of the transactions was located in 29,3%.

Another signal of the overheating of the market, is that in October the banks gave every day, in average, thousand 500 million strong bolivars and in December, this number increases up to 4 thousand 255 million.

In the first two weeks of 2009, the amount average of the daily loans has fluctuated between a minimum of 2 thousand 500 million strong and maximum bolivars of 3 thousands 200.

Everything aims at that two financial systems exist: one good capitalized and with sufficient levels of liquidity and another one with evident samples of fragility.

In agreement with the norms of the Supervision of Banks, at least, the financial institutions must maintain a capital equivalent to 8% of the assets.

The November report, reveals that nine banks, that altogether knead 20% of the deposits of the public, tell on an index of capitalization inferior to the required minimum.

Even, the Industrial development bank of Venezuela, the main financial institution of the State, has an index of capitalization of only 1.28%.

In order to alleviate the pressure on the unliquidated financial organizations, the Central bank released bottoms. From 2007, of each 100 bolivars caught on the balance to 2006 July, the financial towers had to congeal 30 bolivars to embroider way, but from the 5 of January of this year, this proportion fell up to 27 bolivars.

This way, the banks have more bolivars available, but so far, the measurement has not managed to calm to the market.