An audit performed by Moore Stephens on the use made by collapsed Banco Nacional de Credito (Bancredito) and Grupo Financiero Nacional, S.A., directed by former banker Manuel Arturo Pellerano, on liquitidy facilities provided by the Central Bank, determined that the latter cannot assume, lend or provide resources to entities that are not regulated by Monetary and Financial Law 183-02. Clave Digital reports the audit was published on the Central Bank’s website together with audits performed at Baninter and Banco Mercantil. This was done in accordance with paragraph 34 of the stand-by arrangement with the International Monetary Fund (IMF). Pellerano is now the Director of Omnimedia, the parent company of free-distribution daily paper Diario Libre. He obtained contracts and addenda in June and July 2003 to transfer to the Central Bank debts of the companies related to Bancredito totaling RD$10.6 billion and US$156.7 million in commercial papers marketed through Bancredito and its stock broker. Pellerano is facing charges for criminal association and asset laundering.