Money of CIBanco and Intercam clients is ‘absolutely’ safe, officials say: Friday’s mañanera recapped

Mexico’s concern curate attended President Claudia Sheinbaum’s Friday greeting property league to talk astir the government’s administrative takeover of 3 Mexican fiscal institutions that the United States authorities this week accused of laundering millions of dollars for cause cartels.

During her Q&A league with reporters, Sheinbaum made the statement that the U.S. authorities shouldn’t conscionable absorption connected Mexico successful the combat against narcotics, but code issues successful its ain backyard arsenic well.

The wealth of CIBanco and Intercam relationship holders is ‘absolutely’ safe, says concern minister 

Early successful the property conference, Finance Minister Edgar Amador Zamora spoke astir the determination of the National Banking and Securities Commission (CNBV) to decree “temporary managerial interventions” astatine the Mexican banks CIBanco and Intercam and the Mexican brokerage steadfast Vector.

The determination came aft the United States Department of the Treasury accused the 3 fiscal institutions of laundering millions of dollars for cause cartels progressive successful the trafficking of fentanyl and different narcotics to the U.S.

Due to the wealth laundering concerns, the Treasury Department’s Financial Crimes Enforcement Network prohibited definite transactions betwixt U.S. banks and CIBanco, Intercam and Vector, each of which denied the accusations against them.

Amador said that aft the adjacent of fiscal markets connected Wednesday, “it was recovered that the lines of financing for these 3 entities had problems.”

“With the purpose of avoiding this concern and successful a preventive way, the Ministry of Finance and Public Credit, the Bank of Mexico, the Institute for the Protection of Bank Savings and the National Banking and Securities Commission decided to transportation retired a impermanent involution successful the absorption of these institutions,” helium said.

The aim, Amador clarified, was to “ensure determination were nary interruptions successful the banking strategy and to look after, successful a preventive mode arsenic well, the savings of the clients of these institutions.”

“The Mexican banking strategy hasn’t experienced immoderate interruption, it’s operating usually and it remains 1 of the strongest internationally,” the concern curate said.

“… The speech complaint has remained stable, successful a scope betwixt 18.85 [pesos to the US dollar] and 18.95,” helium added.

Amador said that the managerial interventions astatine the 3 fiscal institutions “provide certainty to savers and investors.”

Later successful the property conference, a newsman asked the concern curate what it means to person “problems successful the lines of financing.”

Finance Minister Amador declined to elaborate connected financing problems facing Vector, CIBanco and Intercam. (Presidencia)

“Banks, similar immoderate business, besides request lines of financing. There were immoderate problems successful the lines of financing for these fiscal institutions,” Amador said without going into further detail.

The 3 fiscal institutions’ capableness to entree recognition was presumably diminished arsenic a effect of the United States’ authorities accusing them of wealth laundering. On Friday, S&P Global lowered CIBanco’s recognition rating.

Amador said that CIBanco, Intercam and Vector unneurotic clasp little than 1% of “deposits successful the banking system” successful Mexico.

Nevertheless, “we didn’t privation to instrumentality risks,” helium said.

“The important happening is to support savers, support the integrity of the fiscal system,” Amador said.

Asked whether the wealth of relationship holders is safe, the concern curate responded, “Absolutely.”

Mexican authorities takes power of 2 Mexican banks facing US sanctions

Asked however agelong the managerial interventions would last, Amador responded:

“It’s a impermanent intervention, lone managerial, … to guarantee that each liquidity conditions relation normally. And we’re going to beryllium assessing [the situation] and astatine the clip it is considered due to reconstruct the archetypal conditions, we’ll bash so. But determination is not a defined period.”

Amador said determination would beryllium nary further impermanent authorities takeovers of Mexican fiscal institutions.

“They’re the lone ones. And [this is] precise important: It’s a precise tiny scale,” helium said earlier reiterating that CIBanco, Intercam and Vector clasp little than 1% of deposits successful Mexico.

Sheinbaum: ‘The contented is that the top request for drugs is successful the United States’

A newsman asked the president whether she considered the United States “measures” against CIBanco, Intercam and Vector — including the prohibition connected U.S. banks completing transactions with them — were “fair.”

“For example,” the newsman continued, “United States banks that confessed successful caller years that they person links to wealth laundering lone received reprimands oregon fines from the United States government.”

Sheinbaum described the combat against cause trafficking and wealth laundering arsenic a communal work with the U.S. (Presidencia)

Sheinbaum — who connected Thursday said that the Treasury Department hadn’t provided immoderate impervious that CIBanco, Intercam and Vector were progressive successful wealth laundering — said that her authorities has raised the contented of fairness with narration to sanctions with the U.S. government.

“There is this thought that that occupation of cause trafficking is an contented for Mexico,” she added.

“Of people we person to be to what corresponds to us, and we are doing that, but the contented is that the top request for drugs is successful the United States,” Sheinbaum said.

She said that the United States shouldn’t conscionable respond to the cause occupation “with information measures” (such arsenic by deploying troops to the U.S.-Mexico border), but besides by “attending to young radical and the radical who person addictions.”

The United States needs to halt “more radical from turning to drugs,” Sheinbaum said.

“… Drugs are sold connected the different broadside [of the border]. Where is fentanyl sold? In the United States, successful the cities of the United States,” she said.

The United States “also has the work to analyse and the work to halt the … weapons that travel to Mexico from the United States. … It’s a reciprocal issue. It’s not conscionable astir the Department of the Treasury investigating banks successful Mexico, but besides astir what’s happening there, what’s happening successful the United States, and they are obliged to investigate,” Sheinbaum said.

By Mexico News Daily main unit writer Peter Davies ([email protected])