Julio Cross Fr?as, the newly appointed Superintendent of Banks, says a new body will be created to revise the regulatory aspects of the Monetary and Financial Code. In an interview with El Caribe, he said that changes would be introduced, if necessary, to strengthen the Superintendence?s supervisory role and that the changes would deal with the necessary transparency in the breakdown of the financial information, as he says banking is a cornerstone of the economy.
Referring to the recent violation of several banking norms and the laissez-faire attitude of the Superintendence and the Central Bank leading to the collapse of Baninter, once the second largest bank in the country, Cross explained his outlook for the department. ?Obviously, we have to analyze what happened, why it happened and why the situation was not detected in time, and if it was detected, why the steps to remedy the situation were not taken,? he said. He explained that his goal in implementing the strict supervisory and regulatory norms is that a repeat of this situation be averted.
Baninter?s collapse is a replay of the events surrounding the demise of the Banco de Comercio in the 1996, whereby Baninter?s organization was created.
?My impression is that the Superintendence of Banks has not received the support, nor the prominence, that it should have,? he told El Caribe.
Cross explained he has 35 years of experience working in the banking sector.