The Central Bank confirmed the sale of the Hotel Hispaniola to Palmeras Dominicanas for US$18 million. US$1.5 million of that was paid to the Corporación Hotelera to release the 25 years pending on its contract to operate the hotel. The Bank said the sale of the hotel was a process dating back to 1998 and is part of the resolution of the Monetary Junta that required the bank to divest itself of its real estate and other property that are not in agreement with its essence as a Central Bank. Furthermore, the Central Bank confirmed 400 employees had been let go, mostly persons of lower levels. The lay offs were said to be due to the excess number of employees. The Bank says the levels of employees had reached 3,000, when the Central Bank of Chile operates with only 587 employees. (29 March 2001)
