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Fobaproa
Fobaproa (Fondo Bancario de Protección al Ahorro; "Banking Fund for the Protection of Savings", in Spanish) is a contingencies fund created in 1990 by the Mexican government and the then dominant political party PRI to attempt to resolve liquidity problems of the banking system in that country. Fobaproa was applied in 1995 during the economic crisis to protect all Mexican banks from going bankrupt, and thus destroying the Mexican Economy. However, a number of corruption cases involved in the action have been discovered and since then, it has become an object of criticism by members of the opposition. It was replaced, in 1998, by Instituto para la Protección al Ahorro Bancario (Bank Savings Protection Institute), current Mexico's deposit insurance agency.
==Background==
In 1982, at the end of the presidency of José López Portillo (December 1976–December 1982) the government found itself unable to meet demands for United States dollars and devaluated the peso from a value of 26 to 47 pesos per dollar. A consequence was an extremely high default debt. The López Portillo administration then decided to nationalize the banking system on September 1 of the same year, paying 3 trillion pesos (approximately 63 billion dollars at 47 pesos/dollar exchange rate) to acquire public and private credit institutions who had an accumulated debt of 25 billion dollars. The following year, in the middle of an economic crisis, president Miguel de la Madrid (December 1982–December 1988) created the FICORCA (''Fideicomiso de Cobertura de Riesgo Cambiario'' or "Exchange risk coverage fund") financed by a loan that would also finance the fiscal deficit, the external debt and the economic activity of the country. This fund saved twenty of the largest companies of the country from bankruptcy; these companies owed 12 billion dollars through notes with the Banco de México. On November 10, 1986 the FONAPRE (''Fondo de Apoyo Preventivo a las Institiciones de Banca Múltiple'' or "Fund of preventive support to banking institutions") was founded to preserve the financial stability of banks, with the government having banks as trustees. By 1987, a parallel finance industry had been created with brokering firms, investment societies etc. To continue attracting investors, interest rates increased at the Bolsa Mexicana de Valores, and with the crash in the New York Stock Exchange, the national banking system was deeply affected and another devaluation came as a result.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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