IPAB so that it can perform the powers to protect savers whose amount is not in excess of the limit described above, which makes it possible to maintain a fund for the protection of bank savings. DUE PROTECTION OF SAVERS ' INTERESTS. In the terms of Section 129 of the LIC, the National Banking and Securities Commission( CNBV), per agreement of its Board of Directors, in order to protect the interests of savers and creditors of a multiple banking institution, will declare, as a precautionary measure, that the banking institution be intervened should the circumstances set forth in the banking law arise, emphasizing, for the purposes of this study, the provisions of Section I of said legal precept when in the course of a month, the capitalization index decreases from a level equal to or greater than the one required by the CNBV in terms of Article 50 of the banking law.
It is important to restate, mainly for the purposes of this study, that it is imperative that the CNBV declares that the bank be intervened as a Precautionary Measure when there is evidence of a decrease in the required capitalization ratio and it is only optional to declare such intervention when there are irregularities of any other kind that may affect the stability and solvency of the banking institution and endanger the interests of the public or of its creditors. BANK LIQUIDATION OF‘ ACCENDO BAN-
CO, S. A.’
For the purposes of this study, and mainly to analyze whether the Mexican government institutions responsible for guaranteeing due supervision of banking institutions and due protection for bank savers and investors comply with their legal obligations, a brief analysis of the liquidation of Banco Accendo, S. A. is discussed.
On June 30, 1995, the Ministry of Finance and Public Credit( SHCP 5), granted authorization to Accendo Banco, S. A. Institución de Banca Múltiple, to organize and operate as such.
5
SHCP- By its acronym in Spanish
On September 23, 2021, the CNBV, per resolution of its Board of Governors, reversed the aforementioned authorization due to the bank ' s failure to correct previously required facts and omissions and to reimburse capital in the amount necessary to maintain its operation within the legal limits, placing the bank in a state of liquidation. The Board of Governors resolved that it was not appropriate to declare the intervention of the bank without providing a basis or reason for such a resolution and notwithstanding the fact that Article 129, Section I of the LIC, in its entirety required the necessary intervention of the bank in order to protect the interests of savers.( Agreement published in the Federal Official Gazette dated September 29, 2021).
By the execution of the aforementioned Agreement and the failure to comply with the obligation to appoint a receiver in this case, as provided in section 129, paragraph I of the LIC, every saver and investor whose deposits were in excess of 400,000 UDIS guaranteed by the IPAB were affected, since, in terms of the provisions of section 180 of the LIC, which establishes the order in which the liquidator must pay the institution in liquidation, it places the credits of savers and senior investors whose limit is in excess of 400,000 UDIS in the sixth place and after the IPAB has been paid what was disbursed by said institution for the guaranteed credits up to 400,000 UDIS – as well as any other liability in favor of the institution.
This means that the Banking Law privileges payment to IPAB notwithstanding the fact that such Institute, as previously mentioned, receives ordinary and extraordinary contributions from all banks, specifically to pay guaranteed savers, but it is perceived that then, IPAB will recover again what it paid for such guaranteed loans with the savings and equity of savers and investors whose deposits are in excess of 400,000 UDIS. continued on page 56
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