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The monetary authority says it wants to ensure the validity of the loans transferred to the government's rescue-fund agency Fobaproa. IPAB, in operations since May 1999, assumed FOBAPROA (former deposit insurer Fondo Bancario para la Proteccion al Ahorro)'s assets and liabilities. His team spent the next year bidding on bankrupt companies--everything from media outlets to manufacturing plants--being auctioned off by government bailout agency Fobaproa. |
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