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The Venezuelan banking regulator Sudeban began its investigation of several banks that are in debt to the loan guarantee fund Fogade, government news source Venpres reported.
Fogade confirmed earlier this month that eight financial institutions, both large and small, owe a combined 8.5bn bolívares (US$4.4mn) to the agency, local press reported Fogade president Jesús Caldera Infante as saying.
"We already requested all the information from Fogade to perform the investigation into the banks that are late with payments," Sudeban head Trino Alcides Díaz said.
"Sudeban will take action concerning the analysis of the data in coming days," Díaz added.
The banking regulator will begin by verifying the data on the debtor banks, and will subsequently levy sanctions on institutions in violation with banking law regulations.
Fogade is an autonomous entity that guarantees public deposits in Venezuela's financial system. Among its duties is the liquidation of banks, credit unions and other financial institutions according to regulations set out by the central bank.