MEXICO CITY, Dec 16, 2003 (El Universal/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- The Bank Savings Protection Institute (IPAB) has not met with the four banks involved in the Capitalization and Portfolio Purchase Program (PCCC) controversy regarding the need to carry out new audits.
"According to Congress' request, it was not possible for the IPAB to call the banks to negotiate," said a source from the institute. The legislators have demanded that Article 5 of the Bank Savings Protection Law be fulfilled.
The Treasury Secretariat, however, is meeting with the banks but has not made any progress, the source added. IPAB, meanwhile, has been relatively uninvolved with the demands from Congress, the Treasury and the Supreme Court for the banks to reach a timely solution to the affair involving the debt buyout.
However, legislators are now asking the Attorney General's Office to request intervention from the Supreme Court to force the IPAB and the banks - Banamex, Bancomer, Bital and Banorte - to negotiate a way to reduce the cost of the bank rescue, which currently reaches a total of 217 billion pesos (US$19.27 billion).
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