Panama "has not been infected"

"Our banking system is one of the strongest in the world," emphasized Carlos Vallarino, Comptroller General of the Republic.

Friday, October 3, 2008

To back up his statement he said that they currently have 63.6 billion dollars in assets, "very high" liquidity at around 24%, and a comfortable equity and capital adequacy of 14%.

In addition to this he contended that loans and investments from private banks operating in the country are safe because they are not connected to the banks, such as Lehman Brothers or Merrill Lynch, that have been affected by the financial crisis.

"Our banking system has its interbank deposits in solid banks that have not been affected by the financial crisis contamination; these banks are mainly in the UK, France, Luxembourg, Holland, Canada, and the US," he pointed out. "These deposits are at HSBC, BNP Paribas, BBVA, JP Morgan and Wells Fargo," he noted.

More on this topic

More Swiss Banks in Panama

July 2013

Swiss bankers have detected interesting sectors in the country to whom they can provide services and financing.

"Proof of this is that it is not only the banks USB, BSI and Merrill Lynch whose representative offices form part of the International Banking Center (CBI), but also at least another three new ones will soon implement projects in Panama," reported Capital.com.pa.

The Lehman effect on Costa Rica

September 2008

Analysts and economic gurus are forecasting a dark future for the Costa Rican economy, after the failure of Lehman Brothers.

Things could get worse with the announce on Sunday of the sudden sale of Merrill Lynch, in which the Central Bank of Costa Rica probably has some assets, to Bank of America.

The Lehman effect on El Salvador

September 2008

The Lehman Brothers bankruptcy will not directly affect the Salvadoran financial and stock market, but analysts point to effects on the macro-economy.

The critical session experience on Monday at the New York Stock Market Exchange and the main stock exchanges in Europe, Asia and Latin America, due to the Lehman Brothers bankruptcy and buy out of Merril Lynch, have caused economists and experts to consider the effects and slight repercussions on the Salvadoran economy.

Lehman effect on Panama

September 2008

The fall of Lehman Brothers and the sale of Merrill Lynch shook stock markets all over the world.

These announcements have caused a general fall in the international markets, however, the Panama Stock Exchange did not react to these events. As a matter of fact, it closed with a 1.31% increase.

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