The Association of Commercial Banks (ABA) denied that parallel accounting system and other fraudulent practices discovered in the three banks that collapsed in 2003 were also taking place in the other banks. The ABA is composed of the country’s twelve commercial banks. They base their statement on the assisted inspections carried out by international experts in 2003 and 2004 as part of the agreement with the International Monetary Fund (IMF), which established that the banks that remained in operation did not engage in fraudulent practices. Banking Superintendent Rafael Camilo, agrees with the ABA, and points out that administrative practices in the banks that didn’t collapse are adequate. The ABA sustains that the same statement was made by former Banking Superintendent, Julio Cross in November 2003, who declared, at the conclusion of the assisted inspections, that no bad banking practices were found in the system, with the exception of the banks that collapsed.