FOBAPROA


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AcronymDefinition
FOBAPROAFondo Bancario de Protección al Ahorro (Spanish)
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References in periodicals archive ?
Faced with what it perceived as a liquidity crisis, the government instructed Fobaproa to set up the Credit Purchase and Capitalization Program (PCCC) to buy uncollectable debts with special promissory notes.
The banks will receive about 107 billion pesos (US$9.3 billion) in new bonds issued by IPAB and return around 226 billion pesos (US$19.8 billion) in FOBAPROA notes.
PROCAPTE allowed banks needing additional capital to issue five-year convertible bonds, which were purchased by FOBAPROA. Participating banks agreed to surrender their institution to banking authorities if they were unable to convert their debt into equity capital.
FOBAPROA was created to avert a crisis in the financial system that resulted from the peso devaluation of 1994 (see SourceMex, 1995-03-08 and 1995-03-15).
"Three years ago Fobaproa notes represented around 80% [of deposits], while at the end of the first quarter 1999 the percentage had dropped to 45%.