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Venezuelan Banking Crisis Of 2009–2010
The 2009–2010 banking crisis in Venezuela occurred when the government took control of several banks following revelations that institutions owned by supporters of Hugo Chavez supporters were in financial trouble after engaging in questionable business practices. Some were seriously undercapitalized, others were apparently lending large sums of money to top executives, and at least one financier couldn't prove where he got the money to buy his banks in the first place." In November and December 2009 seven banks were taken over, accounting for around 12% of total deposits.''BusinessWeek'', 9 December 2009/ref> In 2010 more banks were taken over. The government arrested at least 16 bankers and issued more than 40 corruption-related arrest warrants for others who had fled the country. 2009 In September and October 2009 Ricardo Fernández Barrueco had led a group of investors in taking over four banks - Canarias, Confederado, Bolívar and BanPro - together accounting for 5.7 percent o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Venezuela
Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and many Federal Dependencies of Venezuela, islands and islets in the Caribbean Sea. It comprises an area of , and its population was estimated at 29 million in 2022. The capital and largest urban agglomeration is the city of Caracas. The continental territory is bordered on the north by the Caribbean Sea and the Atlantic Ocean, on the west by Colombia, Brazil on the south, Trinidad and Tobago to the north-east and on the east by Guyana. Venezuela is a presidential republic consisting of States of Venezuela, 23 states, the Venezuelan Capital District, Capital District and Federal Dependencies of Venezuela, federal dependencies covering Venezuela's offshore islands. Venezuela is among the most urbanized countries in Latin America; the vast majority of Venezuelans live in the cities of the north and in the capital. The territory o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Venezuelan Banking Crisis Of 1994
The 1994 banking crisis occurred in Venezuela when a number of the banks of Venezuela were taken over by the government. The first to fail, in January 1994, was Banco Latino, the country's second-largest bank ($1.3 billion bailout). Later, two banks accounting for 18% of total deposits ( Banco Consolidado and Banco de Venezuela) also failed. The crisis led the President Rafael Caldera to suspend constitutional rights in order to impose price controls, exposure of deep corruption in the Venezuelan banking system, and the resignation of Finance Minister Julio Sosa Rodriguez. History The Venezuelan government spent $5 billion from January to June 1994 to try to rescue 8 banks, which were all declared bankrupt in June 1994. State officials suggested that most of the public funds for recovery had been stolen by bankers fleeing the country's crisis. At this point, reserves at the Central Bank dropped from $12 billion to $8 billion. On 9 August 1994, Banco de Venezuela became the ten ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking Crises
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Of Venezuela
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2010 In Economic History
1 (one, unit, unity) is a number, numeral, and glyph. It is the first and smallest positive integer of the infinite sequence of natural numbers. This fundamental property has led to its unique uses in other fields, ranging from science to sports, where it commonly denotes the first, leading, or top thing in a group. 1 is the unit of counting or measurement, a determiner for singular nouns, and a gender-neutral pronoun. Historically, the representation of 1 evolved from ancient Sumerian and Babylonian symbols to the modern Arabic numeral. In mathematics, 1 is the multiplicative identity, meaning that any number multiplied by 1 equals the same number. 1 is by convention not considered a prime number. In digital technology, 1 represents the "on" state in binary code, the foundation of computing. Philosophically, 1 symbolizes the ultimate reality or source of existence in various traditions. In mathematics The number 1 is the first natural number after 0. Each natural number, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2009 In Economic History
9 (nine) is the natural number following and preceding . Evolution of the Hindu–Arabic digit Circa 300 BC, as part of the Brahmi numerals, various Indians wrote a digit 9 similar in shape to the modern closing question mark without the bottom dot. The Kshatrapa, Andhra and Gupta started curving the bottom vertical line coming up with a -look-alike. How the numbers got to their Gupta form is open to considerable debate. The Nagari continued the bottom stroke to make a circle and enclose the 3-look-alike, in much the same way that the sign @ encircles a lowercase ''a''. As time went on, the enclosing circle became bigger and its line continued beyond the circle downwards, as the 3-look-alike became smaller. Soon, all that was left of the 3-look-alike was a squiggle. The Arabs simply connected that squiggle to the downward stroke at the middle and subsequent European change was purely cosmetic. While the shape of the glyph for the digit 9 has an ascender in most modern typefa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2010 In Venezuela
1 (one, unit, unity) is a number, numeral, and glyph. It is the first and smallest positive integer of the infinite sequence of natural numbers. This fundamental property has led to its unique uses in other fields, ranging from science to sports, where it commonly denotes the first, leading, or top thing in a group. 1 is the unit of counting or measurement, a determiner for singular nouns, and a gender-neutral pronoun. Historically, the representation of 1 evolved from ancient Sumerian and Babylonian symbols to the modern Arabic numeral. In mathematics, 1 is the multiplicative identity, meaning that any number multiplied by 1 equals the same number. 1 is by convention not considered a prime number. In digital technology, 1 represents the "on" state in binary code, the foundation of computing. Philosophically, 1 symbolizes the ultimate reality or source of existence in various traditions. In mathematics The number 1 is the first natural number after 0. Each natural number, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2009 In Venezuela
9 (nine) is the natural number following and preceding . Evolution of the Hindu–Arabic digit Circa 300 BC, as part of the Brahmi numerals, various Indians wrote a digit 9 similar in shape to the modern closing question mark without the bottom dot. The Kshatrapa, Andhra and Gupta started curving the bottom vertical line coming up with a -look-alike. How the numbers got to their Gupta form is open to considerable debate. The Nagari continued the bottom stroke to make a circle and enclose the 3-look-alike, in much the same way that the sign @ encircles a lowercase ''a''. As time went on, the enclosing circle became bigger and its line continued beyond the circle downwards, as the 3-look-alike became smaller. Soon, all that was left of the 3-look-alike was a squiggle. The Arabs simply connected that squiggle to the downward stroke at the middle and subsequent European change was purely cosmetic. While the shape of the glyph for the digit 9 has an ascender in most modern typefa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banco Federal
Banco Federal was a Venezuelan bank based in Caracas. At the end of April 2010 it was the country's 11th-largest bank, with deposits of 7.66 billion bolivars, or 2.82 percent of total deposits in the banking system.''BusinessWeek'', 14 June 2010Venezuela Seizes Banco Federal for ‘Grave’ Weakness (Update2) In June 2010 the bank was taken over by Venezuela's banking regulator. It had been told to expand its capital base by 1.5bn bolivars (around $350m), and had only raised B100m. At least 12 other banks had been taken over since November 2009 after speculation about bank insolvency. On 14 June 2010 Victor Vargas, head of Venezuela's National Banking Council, indicated that he supported the takeover. "Vargas said he's sorry the takeover of Banco Federal had to occur but indicated he supported the government action by saying that sometimes interventions are necessary to keep the overall banking system running smoothly." Banco Federal is to be liquidated by the government.''El Uni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hugo Chavez
Hugo or HUGO may refer to: Arts and entertainment * Hugo (film), ''Hugo'' (film), a 2011 film directed by Martin Scorsese * Hugo Award, a science fiction and fantasy award named after Hugo Gernsback * Hugo (franchise), a children's media franchise based on a troll ** Hugo (game show) , ''Hugo'' (game show), a television show that first ran from 1990 to 1995 ** Hugo (video game) , ''Hugo'' (video game), several video games released between 1991 and 2000 * Hugo (album), a 2022 album by Loyle Carner People and fictional characters * Victor Hugo, a French poet, novelist, and dramatist of the Romantic movement. * Hugo (name), including lists of people with Hugo as a given name or surname, as well as fictional characters * Hugo Cabral (born 1988), Brazilian footballer * Hugo Chávez, president of Venezuela 1999-2013 * Hugo Gernsback, Luxembourgish American publisher (born 1884) * Hugo (musician), Thai American actor and singer-songwriter Chula Chak Charbonnages (born 1981) * Hugo (footba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banco Industrial De Venezuela
Banco Industrial de Venezuela (''Industrial Bank of Venezuela''), or BIV, was a Venezuelan state bank. History The BIV was established in 1937 with 60% state and 40% private capital investment. The state gradually gained full control, and in the 1960s and 1970s, the bank was an instrument in the government's import substitution policy of industrialization. In May 2009, the former president of the BIV, Luis Rafael Quiro, was arrested for corruption. At the time, the bank was the largest state-run financial institution in Venezuela.''Los Angeles Times The ''Los Angeles Times'' is an American Newspaper#Daily, daily newspaper that began publishing in Los Angeles, California, in 1881. Based in the Greater Los Angeles city of El Segundo, California, El Segundo since 2018, it is the List of new ...'', 20 May 2009Venezuela State-Owned Bank Boss Arrested After $90 Million Loss/ref> On February 11, 2016, the bank's assets were transferred to Banco del Tesoro. References Extern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stanford Bank Venezuela
Stanford Bank Venezuela was Stanford International Bank's subsidiary in Venezuela. History It was headquartered in Caracas and had several branches throughout Venezuela. The Venezuelan banking regulator estimated that Venezuelans had placed around $2.5bn in deposits with Stanford International.Simon Romero, ''New York Times'', 18 February 2009As Others Fled Venezuela, Stanford Saw a Chance/ref> Stanford Bank Venezuela (SBV) was a subsidiary holding company of Stanford International, operating and licensed accorded the laws and regulations within Venezuela. Currency inflation and lack of liquidity prompted a run on several Venezuelan banks including SBV, forcing the government of Venezuela to intervene. In May 2009 the Stanford Bank Venezuela was sold to Banco Nacional de Crédito for $111 m, with the bank being merged into BNC. References External links {{Portal, Venezuela, Companies Allen Stanford 'fraud': Venezuelans owed one-third of 'fraudulent certificates'- ''The D ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
