Central bank begins asset fire sale of 1998 banking crisis victims

Monday, September 26, 2011

Ecuadorian central bank BCE has begun auctioning off 51 properties belonging to the banks that collapsed in the 1998 financial crisis.

The crisis, the worst in the history of Ecuador's financial system, sunk the country's biggest banks Banco del Progreso, La Previsora and Filanbanco.

The auction of warehouses, real estate properties and land aims to raise US$2.9mn to pay back the deposits of the collapsed banks' customers.

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