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These are tempestuous times for Brazil’s banking system. Over the past few months, the government has agreed an $8 billion rescue package for one institution and a $7.5 billion bail-out for another, while a yawning hole the size of several Barings/Daiwa scandals mysteriously surfaced where the assets of a third bank ought to have been. These are the latest and most dramatic cases in a series of banking catastrophes that have seen at least five of the country’s top banks run into serious trouble and 100 financial institutions placed under central bank administration since mid-1994. |
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