Superintendent of Banks, Rafael Camilo defined the government’s position on the relaxation of the strict definitions regarding asset evaluation as “not negotiable.” Camilo also told reporters from the Listin Diario that his auditors were now going to look not only at the bank itself, but at the entire financial group and all of the associated entities related to the bank. Camilo accused some business-people of being less than transparent in their dealings. For Camilo and the government, the deal with the International Monetary Fund has some points that are just not negotiable, in which the rules that were laid down on how banks were to evaluate potential clients’ assets are one of those points. According to Camilo, “We are heading into what is called the Basel Accords, and there, the IMF is not going to yield, and we are in agreement.”
Denying the accusation made by the Association of Banks that the new, stricter rules have led to a sharp decline in the credit markets, Camilo pointed out that the nation is enjoying renewed credibility on the international scene. He said that now if a bank’s shareholders make bad loans, they are the ones that will absorb the risks, not the depositors.