Published On: Mon, Apr 28th, 2014

No statement CBCS on financial situation Giro Bank N.V.

Giro BankWILLEMSTAD - The Central Bank of Curaçao and Sint Maarten (CBCS) will not make any statement about the liquidity and solvency of the Giro Bank, which is also the banker of the government of Curacao.

In December last year, the court in the first instance ruled in favor of the emergency regulations regarding the bank because of developments which have put the solvency of Giro Bank under great pressure. On this basis, the CBCS has acquired all the powers of the directors of the Bank Giro and has appointed some supervisors.

More than four months later, the CBCS says that it cannot make any statements, for reasons of confidentiality, about the state of solvency or the liquidity of the bank. Or if the problems of solvency may have to do with 'mismanagement', the CBCS also does not want to say.

According to the CBCS, under the emergency regulations, the Giro Bank has lost its license to operate as a bank.

“The shareholders (the Government of Curaçao, Curaçao General Pension Fund (APC) and International Investment Group (IIG) must present a business plan based on which the CBCS can evaluate whether the Giro Bank can get its license back”

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