Months before the liquidation of Banco Master, the Credit Guarantee Fund (FGC) had already mobilized billion-dollar resources to try to contain the group’s financial deterioration. The calculation is CNN Money.
Documents obtained by the broadcaster show that R$4.3 billion was allocated between May and October 2025 in assistance operations.
The fund’s activities aimed to reduce potential losses in the event of bankruptcy and allow the institution to exit the market in an organized manner. The resources were directed to the settlement of instruments that, in a settlement, would directly trigger the FGC guarantee, limited to R$250 thousand per investor.
Despite the significant volume, the aid was not accompanied by a relevant recomposition of resources by the conglomerate itself. During the period, the group raised only R$90.2 million, which highlights the difficulty of reversing the liquidity situation.
The crisis worsened over the following months, even with additional attempts at restructuring. According to the investigation of the CNNBanco Master even presented a plan to the Central Bank in September, which included the sale of assets, entry of foreign investors, an agreement with the BRB and operational reorganization. It also provided for continued support from the FGC until 2026.
The fund even signaled the possibility of expanding assistance, making support conditional on a viable exit plan. The line was extended to Will Financeira, one of the group’s companies, but the measures were not enough to stabilize the situation.
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At the time of the intervention, the scenario was already considered critical. In November 2025, Banco Master had only R$4.8 million in cash in public bonds, compared to immediate obligations of R$48.6 million in CDBs.
Faced with this imbalance, according to the investigation, the Central Bank opted for extrajudicial liquidation as a way to avoid greater risks to the financial system. The technical area’s assessment indicated that, despite the failure of market solutions, the measures adopted helped to reduce the potential cost of the crisis.
The FGC’s exposure, which could reach R$51 billion, was reduced to around R$40 billion. Still, the case became the biggest event in the fund’s history. Since the end of 2025, nine institutions linked to businessman Daniel Vorcaro have been liquidated, which will force the FGC to disburse more than R$51 billion to cover creditors.
The conduct of the process was analyzed by the Federal Court of Auditors. The responsible technical unit concluded that the settlement was appropriate, both from a legal and operational point of view, given the worsening of the liquidity crisis.
