AGD to list debtors of liquidated banks

Tuesday, November 4, 2003

Ecuador's deposit insurance agency AGD will list this week debtors of liquidated banks under its control, local daily El Telegrafo quoted AGD head Wilma Salgado as saying.

This new inventory represents the third such list published by AGD targeted to clean up the bad debt portfolio of the liquidated banks, Salgado said, adding that a third of the names have already been confirmed.

"There are around 2,000 new debtors on this list whose debts reach US$45mn," Salgado said.

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AGD was set up as a result of Ecuador's banking crisis in 1998-1999 and was responsible for intervening and closing insolvent banks as well as reimbursing depositors.