Deal closed with Pellerano Group

[NewsWhore]

The Central Bank has announced the signing of a deal with the Pellerano Group, in the case of the banking operations of Bancredito and the offshore affiliates Bancredito Panama and Bancredit Cayman Limited that will be closed. "The Central Bank and the Superintendence of Banks, in negotiating a transactional agreement with the former directors of Bancredito and the Pellerano Group companies, to resolve the civil and criminal conflicts pending, secured immediate funds that will be used to reduce the quasi-fiscal deficit that originated after the monetization of the economy during the 2003-2004 financial crisis," stated the Central Bank. The Central Bank published the entire agreement in several dailies today. The Central Bank established that the recovery rate of the debt is 64.33%, "a proportion that is higher than the recovery level of assets in international and local bank collapse situations". The agreement establishes that the Pellerano Group recognizes a debt for RD$17.8 billion. The Central Bank received assets for RD$6.6 billion in the San Isidro Free Zone, shares in Haina Investment Corporation and Tricom. A remaining debt of RD$3.7 billion will be paid in nine years time, as reported in Hoy.

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