The owner of Banco Master, Daniel Vorcarorecognized the STF (Supreme Federal Court) that the institution was facing a liquidity crisis, during testimony given on December 30th.
According to the banker, the problem was caused by changes in the FGC regulation (Credit Guarantee Fund), since the bank’s business plan was entirely linked to the fund.
“There was a crisis, it wasn’t new, but Banco Master was always solvent, it always honored all its commitments until November 17th. liquidity crisisit is important to highlight, it was created by regulatory changes, with pressure from the big banks, which changed the FGC twice”, he stated.
According to Vorcaro, the changes put pressure on the ability to institution’s funding.
“The entire business plan, since 2018, that we delivered to the Banco Centralwas based on the FGC. Banco Master’s plan was 100% linked to the fund, and there was nothing wrong with that. It was the rule of the game”, he said.
During the testimony, Vorcaro was also asked why the bank had not reimbursed around (Banco de Brasília). In response, he stated that he was surprised by the “large volume undoing” of bank credits originated by .
