The BC (Central Bank) classified the documents related to the decree of the extrajudicial liquidation of Banco Master as secret, imposing secrecy for eight years on the processes. The information is in response to a request made by CNN via LAI (Access to Information Law).
According to the Central Bank, the immediate release of the Master case documents would go against the “public interest in preserving the country’s financial, economic and monetary stability”.
The secrecy classification was indicated by the president of the BC, Gabriel Galípolo, in November 2025. Therefore, the files on the must remain secret until November 2033.
The federal authority also legally justified the application of secrecy with the argument that the documents could compromise intelligence activities, as well as ongoing investigation or inspection, related to the prevention or repression of infractions.
TCU sued BC regarding secrecy
At the end of March this year, according to the CNNMinister Jhonatan de Jesus, rapporteur of the investigations at the TCU (Federal Audit Court) into the conduct of the Central Bank in the extrajudicial liquidation of Banco Master, .
In the order, signed on March 24, the minister requested that the BC specifically indicate which parts or sections of the process need to remain under restricted access or whether all documents can be released publicly.
Master Settlement
The Central Bank decreed the extrajudicial liquidation of Banco Master in November 2025. The decision was motivated by a “serious liquidity crisis” and “serious violations” of SFN (National Financial System) rules.
“The decree of the special regime in the institutions was motivated by the Master Conglomerate’s serious liquidity crisis and the significant compromise of its economic-financial situation, as well as by serious violations of the rules that govern the activity of the institutions that are part of the SFN”, informed the monetary authority in a note at the time.
Banco Master S/A, Banco Master de Investimento S/A, Banco Letsbank S/A, and Master S/A Corretora de Câmbio, Títulos e Valores Mobiliários were liquidated extrajudicially. Data released by the BC indicated that the Banco Master conglomerate held 0.57% of total assets and 0.55% of total SFN funding.
