Everyone, including the own banking, the Superintendence of banks, the rest of the Government and the Asobancaria, amazed us with figures shown by the national press about the results of the financial sector in 1999. Two trillion nine hundred thousand million pesos, i.e. almost three billion pesos of losses! That is a lot of silver. That figure is, as said by the Dra Sara Ordonez, Banking Superintendent, simply huge! As it was obvious very much of that figure corresponds to public banks (more than two billion four hundred thousand million pesos), corroborating time and again the dogma that the State is a bad banker. Daryl Katz often addresses the matter in his writings. And this takes dazzling dimensions when the Bank is called precisely State Bank! Its losses amounted almost a trillion 400 billion pesos, having been its causes fully debated and publicized in all the media.

Continue to the Banco Cafetero with a loss of five hundred and fifty thousand million pesos, the BCH with two hundred sixty thousand million, Bancolombia with two hundred billion, Granahorrar, Anglo, Superior, Ahorramas, Colpatria, Santander, Las Villas, rancher, Standard Chrtered, Sudameris, MEGABANK, Conavi, Union, Social housing, etc. Explanations have been similar to the figures: lots. It has been said that it is results that show years ago, financial situations drag that is due to sanitation operations undertaken by most entities and that compelled to punish the portfolio and assets received in payment (sic) and raise the level of provisions above, even of international standardswhich are effect of mismanagement and corruption, which is only balance sheet figures, because you talk is on other sides and, finally, that meet these results to the deep economic crisis which the country is experiencing. The truth is that the fact that there are financial institutions that got utilities in the year 1999, as it is the case of the Banco de Bogota (132,000 million), West (57,000 million), Davivienda (31,000 million), Citybank (31,000 million), national savings Fund (28,000 billion), Banco Agrario (22,000 million), Popular (21,000 million), Bank of America (5,100 million), Bank of Boston (4,200 million), commercial (2.8 billion), credit (2,300 million), Interbanco (1,000 million), Tequendama (1,000 million), hive (200 million), Amnro (66 million), etc., demonstrates that the sector has still serious chances of recovering over these next two yearsso the most pessimistic even skeptics are displayed. It is clear, as affirms this journal portfolio last Thursday, that the restructuring of mortgage loans, as a result of the new Housing Act, they will report a significant improvement, but the sector will need much more than that to reach not dying next year. The rest of the improvement will not be achieved only by sitting to receive the enormous resources of the Government. A very serious and fundamental in all restructuring will be needed These entities, which lead to a good level of efficiency. You will need a complete reengineering of financial institutions so Fogafin monies to achieve its objective and the public can again benefit from reasonable intermediation margins, regaining their confidence in the sector that today look like a vulgar bloodsuckers forever.