Regulatory Alerts2015-07-29 | JB-2015-3523Banking Board Resolution No. JB-2015-3523
The Ecuador Banking Board issued Resolution No. JB-2015-3523 to deny and confirm a reconsideration appeal concerning the financial shortfall and property appraisal of SOLBANCO S.A., affirming that jurisdiction for collection actions rests with UGEDEP and the Bank Central of Ecuador. The resolution clarifies that administrators and shareholders who were in office during stabilization bear no financial responsibility for the equity gap, while transferring all related rights and obligations to the Bank Central of Ecuador. It mandates that UGEDEP continues exercising coactive collection authority over seized assets and validated financial adjustments within its statutory competence.
Share