Future of Trusts in Banco Continental

The Commission for the Promotion of Public Private Partnerships in Honduras has four trusts with Banco Continental to implement various projects in infrastructure and energy.

Friday, October 16, 2015

Officials at the Commission for the Promotion of Public Private Partnerships (COALIANZA), reported that this institution has four trusts with Banco Continental, usded to implement various infrastructure and energy projects, but after the decision issued by the National Banking and Insurance Commission ( CNBS) to force liquidation of the financial institution, they are waiting for to CNBS determine the procedure to continue execution of the projects.

Among the trust agreements is the Project for Improvement of Infrastructure and Services of the Department of Bay Islands. This project aims to improve road access with the construction and paving of several highway stretches over a length of 15.5 kilometers in the municipality of Jose Santos Guardiola.Also included are the execution of other works and services that meet the characteristics to be implemented through a public-private partnership.

In addition, there is also the trust for "Financing, Construction, Operation and Maintenance of the Rio Amarillo Airfield, in the municipality of Santa Rita, Departamento de Copan" a trust that was in process of liquidation because the project was executed directly by the Government of the Republic.

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Regarding the Liquidation of Banco Continental

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The US Treasury Department has advised that it will not sanction individuals or institutions participating in the liquidation provided that those transactions do not benefit any individual or entity other than those previously identified by the OFAC.

The Office of Foreign Assets Control (OFAC) of the Treasury Department of the United States has issued a statement regarding the decision of the Honduran authorities to liquidate Continental Bank, after identifying the institution and several of its executives as being involved in drug money laundering:

Trust for Government Center for $280 million

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Coalianza de Honduras has awarded to Lafise Bank the administration of a trust for the construction of a civic government center valued at $280 million.

"Ten banks in the financial system were invited to participate in this process," said the Commission for the Promotion of Public-Private Partnerships (Coalianza).

Guatemala: Use of Trusts Grow

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As at 30 June, private trusts managed by banks increased by 9.41% compared to the same period in 2010.

Data from the Superintendency of Banks also indicated that trusts related to the state fell by 11.65% and those owned by municipalities increased by 155.4%.

The total amount managed by banking institutions as of June 30 this year was $990 million.

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