Venezuela to call banks pub­lic util­i­ties

The Pak Banker - - Front Page -

CARA­CAS: Venezue­lan law­mak­ers capped a busy week Fri­day, ap­prov­ing spe­cial pow­ers for Pres­i­dent Hugo Chavez along with a bill that cat­e­go­rizes banks as pub­lic util­i­ties, a move the govern­ment says would al­low a fail­ing bank to be res­cued more eas­ily. The bill, which is sure to be signed into law by Chavez in the com­ing days, also forces banks to hand over 5% of their earn­ings to govern­ment so­cial-wel­fare projects. Crit­ics of the bill say it will make it eas­ier for state to seize and na­tion­al­ize pri­vate banks. -PB News

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