Buying property in Nicaragua for 11 cents on the dollar

[URRACA]

They plan new auction of assets

Foto
. Central bank of Nicaragua does not discard a last attempt to eliminate totality of assets of broken banks

Mario Alonso. (THE PRENSA/ARCHIVO)


Mario Jose Moncada
mario.moncada@laprensa.com.ni

The Central bank of Nicaragua (BCN), did not discard the possibility of organizing one more an auction to try to eliminate the totality of the assets of the banks broken, according to declared its president, Mario Alonso.

?Si is some remante of the liquidation process, we are considering that possibility, Alonso said yesterday.

With the advising of the North American company/signature First Financial Network, the BCN initiated 21 of May the past the process of auctions of 5.739 million of córdobas (286,2 million dollars approximately) in credits, personal and inmbuebles property and works of arts, that belonged to seven banks broken by financial irregularities or bad administrative handlings between 1997 and the 2001.

The seventh and last auction of the programmed ones was made yesterday until now, with the putting for sale of a portfolio of credit valued in 1,030 million of córdobas, that is to say, near 68 million dollars, and 565 properties whose value was not needed.

The head of Projects of First Financial Network, Alfredo Berber, informed that they received four supplies to buy the portfolio of credit conformed by 15 thousand loans, as well as 132 supplies to acquire the properties.

He considered that if there are no greater misfortunes the next week they will announce to the winning supplies?que will be those that maximize the recovery of resources for the BCN.

Berber reiterated that until now they have been managed to recover 25,2 million dollars, with the six auctions made between the 21 of May and the 13 of last July.

RECOVERY By halves

The president of the BCN, Mario Alonso, remembered that with these auctions he is wanted to recover part of the losses considered in 500 million dollars that the State with the banking bankruptcies had. the principle we knew that never we were going to recover all the resources that the BCN put by the banking bankruptcies, it maintained.