President Claudia Sheinbaum proposed to review the audit of Fobaproa to detect possible irregularities in the banking bailout implemented by the Zedillo government. The Banking Protection Fund for Savings aimed to prevent the bankruptcy of banking institutions and guarantee the deposits of Mexican savers. In this regard, Eduardo Osuna, vice president of the ABM, highlighted that the Fobaproa bailout was essential to preserve the payment system and avoid a deeper crisis.
Eduardo Osuna also mentioned that the liquidity rescue provided by Fobaproa allowed for the restructuring of the country's productive system. However, he pointed out the importance of not forgetting mortgage debtors and other affected sectors. For his part, Julio Carranza, president of the ABM, emphasized the importance of focusing on future opportunities despite the need to review the past.
During the 88th Banking Convention, Carranza highlighted that today’s banking is part of the solution, unlike three decades ago when it was part of the country’s economic problems. He also stressed the strength and stability of the current financial system, which is regulated and supervised efficiently. In this sense, he emphasized the importance of working together between government, companies, and banks to continue advancing as a country.
Claudia Sheinbaum's stance on Fobaproa generated a debate with former president Ernesto Zedillo. Representatives of the ABM, such as Raúl Martínez-Ostos, highlighted the seriousness of stopping payment on Fobaproa as some legislators have suggested, as it would send a negative signal to the market and increase financial risks when refinancing public debt. Martínez-Ostos underscored that the payment commitment has been fundamental for Mexico to maintain its investment grade and solid position in emerging markets.
