Territorial Bank’s asset rating culminates today

The Superintendence of Banks and Insurances (SBS for its Spanish acronym) hopes to finish today the rating of assets and liabilities of the Territorial Bank, which has suspended operations since last Monday by order of the Banking Board and, starting tomorrow, to meet with financial institutions that are interested in trading these healthy assets and liabilities.

Last Monday, the Territorial Bank was suspended form its functions.

On declarations to Ecuavisa, Superintendent of Banks, Pedro Solines revealed that so far there are “two banks that would be interested and that maybe this weekend, we will have a positive response to the depositors.”

Solines insisted that there are only two possible resolutions according to the General Law of the Financial System, the first one, that for 15 days good assets and liabilities get excluded and later transferred to a bank of good health within the financial system, to which it qualified it as Plan A and, the second one, or Plan B, that starting from day 16, the Deposit Insurance Corporation is available to deliver a check to each depositor if the first scenario does not materialize.