According to Julio Cross, now the Superintendent of Banks, the International Monetary Fund (IMF) praised the steps taken in the intervention of Baninter and the fact that an ?eventual avalanche? was averted. The official also said that he has given all his support to a project began by his predecessor that will provide a consolidated supervision of banking operations. ?Baninter has not been dissolved, but rather intervened, with open doors — a novel approach that has been praised by the IMF,? said Cross.
Cross said in a Saturday, 17 May interview in El Caribe that the Central Bank is revising the Monetary and Financial Law to strengthen banking supervision provisions included within. He said that the penalties that are established for banking fraud are weak: RD$2.5 million fine and 3-10 years in jail maximum penalties. He said his department is working closely with the IMF to clarify the Baninter case.