Banks

The Venezuelan government has increased the banking sector’s financial obligation to fund construction and provide low interest mortgages as part of policies to broaden access to affordable housing. 

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Whilst the rest of the world’s population continues to pay for the global financial crisis with their jobs, homes, education and health, and as bankers continue to award themselves millions of dollars in bonuses, the Venezuelan government has increased the percentage of net profits which banks must grant in credit to national social programs, demonstrating what a regulated and socially orientated banking system could look like for the rest of the world.

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Nelson Mezerhane, president of Banco Federal, which the Venezuelan government expropriated last year for failing to have minimum liquid assets, is suing the government through a US court, claiming the bank was “illegally seized for political reasons”.

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More than 40% of the red alerts requested of Interpol by Venezuela in the case of the fugitive bankers have been blocked over the last year, by a committee of lawyers working for the international organisation. 

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Caracas suffers from a massive housing shortage that's gotten much worse because of the flooding. Tens of thousands of people need shelter now, which is why Chavez is putting pressure on the banks to lend a hand. In Chavez's Venezuela, the basic needs of ordinary working people take precedent over the profiteering of cutthroat banksters.

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Venezuela´s National Assembly on Friday approved new legislation that defines banking as an industry “of public service,” requiring banks in Venezuela to contribute more to social programs, housing construction efforts, and other social needs while making government intervention easier when banks fail to comply with national priorities.

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President Chavez inaugurated the International Tourism Fair this week as part of Venezuela’s efforts to expand and growthe national tourism industry. He later hosted an important event to socialize the banking system and provide low-interestcredits to communal businesses.

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Yesterday, in an extraordinary sitting, the National Assembly passed a reform to the Bank Law which affirms that media owners and stock holders cannot manage banks.

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The Venezuela government has taken possession of a massive country estate formerly belonging to the wealthy banker and fugitive from justice, Nelson Mezerhane.

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The capitalist sector is growing faster than the public sector and is still predominant in Venezuela’s economy despite the nationalizations.

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