Compulsory liquidation of Territorial Bank is declared

The Superintendent of Banks, Pedro Solines, announced last night, amid the conference developed by President Rafael Correa in Guayaquil, that the Banking Board (JB for its Spanish acronym) decided to implement the “Plan B” for the Territorial Bank, ie, they will opt for compulsory liquidation.

Solines explained that negotiations with other financial institutions, ie, “Plan A” did not work and also said that the JB resolved to notify the Deposit Insurance Corporation (Cosede for its Spanish acronym) to proceed to the payment of depositors “starting Monday.”

Pedro Solines, Superintendent of Banks

Cosede CEO, Victor Campoverde, first indicated that they will first pay customers with deposits of up to $ 31,000, which are the majority. This will be done through agencies of the Pacific Bank of Guayaquil and Quito, where the Territorial Bank operated, “on cash and immediately,” he said.

According to the president, Rafael Correa, everything has been managed in the best way. He said that there are assets to support the bank’s debts and with that, in two days, the depositors can be attended. “The situation is under control, the control mechanisms have worked 100%,” he said while he noted that the Territorial case is “an isolated case” in the financial system.

Customers with more than $ 31,000 in deposits will also receive up to that amount on next week, and then they will receive the rest of their savings, according to a waiting list to be drawn.

This weekend it will be published in the media, the payment schedule, which will be based on the number of identity card, and the necessary documents for processing.