Numerous ahorristas of Stanford Bank went in the morning in hours from this Thursday to the office of Ordaz Port, located in Alta Vista, and they were whereupon the bank had been taken part by the Executive. Minister of Economy and Finanzas, Alí Rodriguez Araque, showed that the measurement was taken to protect the interests of the clients.

Maria Ramirez Hair
Photo Rangel Carnation

Police civil servants guarded the office of Stanford Bank in Ordaz Port

However, the intervention of the bank on the part of the national Executive, published in the Official Newspaper Nº 39,123 of the 18 of February, prevented that the ahorristas could retire their money.

A worker of the bank, that he preferred not to identify itself, indicated that the hours in the morning meant a madness because the clients were desperate to remove their money “but already the bank not even had system so operations of any type could not be processed”.

The despair of the clients caused, even, whom a numerous group of police civil servants they had to approach the environs to guard the institution.

Throughout the morning, several ahorristas approached the institution, but they were surprised by the measurement of intervention of the bank.

Brave Amilcar was one of them. It went early to the office of the bank in Alta Vista to retire part of his savings, but it was impossible. “Whatever he has savings in this bank, he feels fear”, said, while he indicated the necessity that the Executive works for “endorsing the money of the ahorristas”.

It assured that in the year that it has as client of the bank never had appeared problems, but now “I want to retire all my money”.

Just intervention
Minister of Economy and Finanzas, Alí Rodriguez Araque, in interview with Venevisión, showed that in situations of in excess or massive retirement from the depositors, “the authorities of the country must take measures in defense from the interests of the depositors and to guarantee the continuity of solidity and stability of the Venezuelan financial system”.

It assured that this situation does not emanate of internal factors, but of external variables, because the Venezuelan financial system is solid.

After which the Commission of Values of the United States congealed the accounts of the main shareholder of the Stanford group and its halting, the depositors - mainly of class To and b of Venezuela they realised “nervous and massive retirements” of his positionings, reason why it was come custom-made because the organization entered a “precarious situation”.

The authorities of Colombia, Panama, Peru and Ecuador also have taken part the branchs or ordered the temporary suspension of the activities.

In that sense, a together inspector conformed by Simón Rausseo, Jorge Of Blanca and Rafael Antolinez was satisfied, that will have to present/display a proposal for the process of immediate sale of the financial institution, that already counts on some interested.

Banking auction
Once the bank is sold, will be able to be responded to the obligations with the ahorristas. “The Venezuelan authorities will make everything to guarantee that their positionings are not affected since it has happened in other opportunities”.

Holder of Economy and Finances indicated that “the financial system in Venezuela is protected among others mechanisms by the control of change, that has allowed that in spite of the very serious crisis of the world-wide system that has affected many countries, in Venezuela - except for this incident it has not happened anything that disturbs the good operation”.

It is important to stand out that the measurement is stipulated in the General Law of Banks and Other Financial Institutions and was endorsed by the National Banking Council, whose president Victor Gil assured that the action speaks very well of the supervision of the financial system.

Used legal embroider

The freezing of the goods of the main shareholder of the Stanford group, as well as the application of restrictive measures to three of its companies, in Antigua and Houston, caused in agreement with expressed the Official Newspaper Nº 39,123 of the 18 of February, massive retirements of the deposits of the clients of the organization “which has generated liquidity problems which they put in danger the stability of the financial institution and therefore the interests of its depositors”.

The closing of the 18 of February, the organization was seen in the obligation use resources deposited in the account of embroider of the Central bank of Venezuela by Bs.F. 75.000.000 to cover the retirements with the public, being been a balance in the account of embroider of Bs.F. 27.000.000.