Banco de Reservas having bad times?????

NINO

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Jan 5, 2002
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Hi does anyone know how is the state of the Banco de Reservas??.
I heard some rumores they are almost bankrupt,may-be in time to get my money out.
Friendly greetings.
 

Pib

Goddess
Jan 1, 2002
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Bankrupt?! hehe. They can't be, they own the money-printing machine.

My dad has been a customer of BR for nearly 40 years, he's lost money in at least 3 other banks during the Great Bank Masacre of the 80's, didn't lose a penny in BR. I will stick with them.

The Dominican banking system is being put through a lot of pressure nowadays, caused by the stupid economic policies implememted by His Dumbness, Hipo I, but I think they are still strong enough. And even if they all fall, BR will be the last one standing. Kinda like the proverbial Mohican...
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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NINO said:
Hi does anyone know how is the state of the Banco de Reservas??.
I heard some rumores they are almost bankrupt,may-be in time to get my money out.
Friendly greetings.
They are the retail arm of the central bank more or less, e.g. they are owned by the state. The state usually won't go bankrupt, e.g. they won't either. (Well, Argentina, New York City, etc., have done)
 

tht

Master of my own fate.
Oct 10, 2002
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Know nothing specific about Banco de Reservas, but Listin Diario reported a couple of weeks ago that commercial banks cash reserve above the required minimum was RD$ 400 million at the end of June 2002, down from RD$ 2,700 million at the end of june 2001. A solid drop in one year. No reason to believe the figures are wrong.
 
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Pib

Goddess
Jan 1, 2002
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Banreservas has always been the government's piggy bank. There have been a lot of scandals, accusations of money being "lost", the government borrowing money never to pay and everything you can imagine. Any other bank would have gone belly up long ago, BR, however, has consistently been profitable. I think that in the VERY unlikely case that the banking system collapse BR will be the last one to go down... not much consolation, but better than nothing.
 

Keith R

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Jan 1, 2002
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Pib said:
I think that in the VERY unlikely case that the banking system collapse BR will be the last one to go down... not much consolation, but better than nothing.
Funny, I always figured that Citibank would be the last to go down.
How many people here realize that Banreservas is the nationalized version of the original incarnation of Citibank in the DR?
Regards,
Keith
 

Keith R

"Believe it!"
Jan 1, 2002
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Pib said:
Citibank is not a Dominican bank, and even if it goes bankrupt in the DR (?) it will not hurt them much internationally.
Actually, legally speaking, Citibank could only go bankrupt in the DR if it has gone bankrupt in the U.S. Citibank has branches in the DR of its US bank, not subsidiaries or branches of a non-US subsidiary. Payroll & everything else is done out of NY. No "corporate veil" allowing its DR operations to go under (or survive) separately.
Regards,
Keith