The maturity of the Global bonds 2015 is tomorrow, but the money must be transferred until today in the bank, or paying agent. The holders of these documents are scattered around the world and in other countries dawns earlier, for example, the London Stock Exchange operates six hours earlier than in New York.
Therefore, in order for that money to be in their accounts at dawn Tuesday, the money must be transferred a day before. Several press releases from 2007 indicate that the payer agent of the Ecuador bonds is Citygroup, which would be responsible for transferring to each of the holders their money, experts indicated to daily Expreso.
At the moment the Finance Ministry transfers 650 million for that compliance, the International Reserves of Free Availability (RILD for its Spanish acronym) is automatically reduced. The government has said it already has the money to pay the papers, though is still negotiating a loan with China.
The latest available data from the Central Bank of Ecuador (December 4) reflects 3.118 million dollars in international reserves, which consists of the “currency box,” net deposits in banks and foreign financial institutions, investments, term deposits and titles, gold and others.
The RILD has $ 800 million less than it had in the same month last year, but it has been declining more than half when compared with figures from September 2014, according to the Central Bank.
Translated into English by Pierina Abad