Regulatory Alerts2015-07-15 | JB-2015-3520Banking Board Resolution JB-2015-3520
The Banking Board of Ecuador issued Resolution JB-2015-3520 to annul a previous administrative act that had ordered Banco del Austro S.A. to correct credit risk reports regarding a debt dispute. The Board determined that the ordinary courts had only declared the prescription of the executive action, not the underlying obligation, meaning the debt remained legally valid and enforceable. Consequently, the Board declined to intervene in the matter, citing the constitutional principle of judicial independence and the separation of powers.
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