Venezuelan banking crisis of 2009

The 2009–2010 banking crisis occurred in Venezuela when a number of the banks of Venezuela were taken over by the government, after "the revelation that several banks owned by Hugo Chavez supporters were in financial trouble after engaging in questionable business practices. Some were seriously undercapitalized, others were apparently lending large sums of money to top executives, and at least one financier couldn't prove where he got the money to buy his banks in the first place."^[1] In November and December 2009 seven banks were taken over, accounting for around 12% of total deposits.^[1] In 2010 more banks were taken over. The government arrested at least 16 bankers and issued more than 40 corruption-related arrest warrants for others who had fled the country.^[2]

2009

In September and October 2009 Ricardo Fernández Barrueco had led a group of investors in taking over four banks - Canarias, Confederado, Bolívar and BanPro - together accounting for 5.7 percent of Venezuela's banking sector.^[3] In late 2009 Fernandez was arrested in Venezuela for a variety of charges, including misappropriation of funds, in connection with the takeover due to liquidity problems of the four banks acquired by Fernandez.^[4]

The crisis saw the December 2009 resignation of a government minister, Jesse Chacón, upon the arrest of his brother Arné Chacón in relation to a banking corruption scandal. He stated in media interviews, "I called the president and told him that in these conditions I would prefer to resign so that there would be no doubt about our transparency in this investigation".^[5]

Earlier in the year the government had already been forced to take over Stanford Bank Venezuela, as well as encountering a corruption crisis at the state-owned Banco Industrial de Venezuela which saw the latter's ex-president arrested on corruption charges.

2010

In June 2010 Banco Federal, the country's 11th-largest bank, with deposits of 7.66 billion bolivars, or 2.82 percent of total deposits in the banking system,^[2] was taken over by Venezuela's banking regulator. It had been told to expand its capital base by 1.5bn bolivars (around $350m), and had only raised B100m.^[1] At least 12 other banks had been taken over since November 2009 after speculation about bank insolvency.^[2]

References

1 2 3 BusinessWeek, 9 December 2009,
1 2 3 BusinessWeek, 14 June 2010, Venezuela Seizes Banco Federal for ‘Grave’ Weakness (Update2)
↑ Buenos Aires Herald, Venezuelan banks: Chávez to take control
↑ "Poder 360° - Page One Daily News - Attorney Accuses Fernandez Barrueco". Archived from the original on 2011-08-16. Retrieved 2011-10-27.
↑ Morgan, Jeremy (7 December 2009). "Key Chavez Minister Resigns Amid Banking Corruption Fallout". Latin American Herald Tribune. Retrieved 8 December 2009.

Financial crises
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Pre-1000	Crisis of the Third Century (235–284 CE)
Commercial Revolution (1000–1760)	Great Bullion Famine (c. 1400–c. 1500) The Great Debasement (1544–1551) Dutch Republic stock market crashes (c. 1600–1760) Kipper und Wipper (1621–1623) Tulip mania crash (1637) South Sea bubble crash (1720) Mississippi bubble crash (1720)
Industrial Revolution (1760–1840)	Amsterdam banking crisis of 1763 Bengal bubble crash (1769–1784) British credit crisis of 1772–1773 Dutch Republic financial collapse (c. 1780–1795) Panic of 1785 Copper Panic of 1789 Panic of 1792 Panic of 1796–1797 Danish state bankruptcy of 1813 Post-Napoleonic Irish grain price and land use shocks (1815–1816) Panic of 1819 Panic of 1825 Panic of 1837
1840–1870	European Potato Failure (1845–1856) Great Irish Famine Highland Potato Famine Panic of 1847 Panic of 1857 Panic of 1866 Black Friday (1869)
Second Industrial Revolution (1870–1914)	Panic of 1873 Paris Bourse crash of 1882 Panic of 1884 Arendal crash (1886) Baring crisis (1890) Encilhamento (1890–1893) Panic of 1893 Australian banking crisis of 1893 Black Monday (1894) Panic of 1896 Panic of 1901 Panic of 1907 Shanghai rubber stock market crisis (1910) Panic of 1910–1911 Financial crisis of 1914
Interwar period (1918–1939)	Early Soviet hyperinflation (1917–1924) Weimar Republic hyperinflation (1921–1923) Shōwa financial crisis (1927) Wall Street Crash of 1929 Great Depression (1929–1939) Panic of 1930
Post–WWII expansion (1940–1972)	Kennedy Slide of 1962 1963–1965 Indonesian hyperinflation
Great Inflation (1973–1982)	1970s energy crisis (1973–1980) 1973 oil crisis 1973–1974 stock market crash Secondary banking crisis of 1973–1975 Steel crisis (1973–1982) Latin American debt crisis (1975–1982) 1976 British currency crisis 1979 oil crisis Brazilian hyperinflation (1980–1982)
Great Moderation (1982–2007)	Brazilian hyperinflation (1982–1994) Souk Al-Manakh stock market crash (1982) Chilean crisis of 1982 1983 Israel bank stock crisis Black Saturday (1983) Savings and loan crisis (1986–1995) Black Monday (1987) Dissolution of the Soviet Union (1988-1991) 1988–1992 Norwegian banking crisis Japanese asset price bubble crash (1990–1992) Rhode Island banking crisis (1990–1992) 1991 Indian economic crisis 1990s Swedish financial crisis 1990s Finnish banking crisis 1990s Armenian energy crisis Cuban Special Period (1991–2000) Black Wednesday (1992 Sterling crisis) Yugoslav hyperinflation (1992–1994) 1994 bond market crisis Venezuelan banking crisis of 1994 Mexican peso crisis (1994–1996) 1997 Asian financial crisis 1998 Russian financial crisis 1998–1999 Ecuador economic crisis 1998–2002 Argentine great depression Samba effect (1999) Dot-com bubble crash (2000–2004) 2001 Turkish economic crisis South American economic crisis of 2002 2002 Uruguay banking crisis 2003 Myanmar banking crisis 2004 Argentine energy crisis 2007 Chinese stock bubble crash Zimbabwean hyperinflation (2007–present)
Great Recession (2007–2013)	2007–2008 financial crisis Subprime mortgage crisis U.S. bear market of 2007–2009 Global financial crisis in September 2008 Global financial crisis in October 2008 Global financial crisis in November 2008 Global financial crisis in December 2008 2008 Latvian financial crisis 2008–2009 Belgian financial crisis 2008–2009 Russian financial crisis 2008–2009 Ukrainian financial crisis 2008–2011 Icelandic financial crisis 2008–2011 Irish banking crisis 2008–2014 Spanish financial crisis Global financial crisis in 2009 Blue Monday Crash 2009 European debt crisis Greek government-debt crisis 2009 Dubai debt standstill Venezuelan banking crisis of 2009–2010 2010–2014 Portuguese financial crisis Energy crisis in Venezuela (2010–present) Syrian economic crisis (2011–present) August 2011 stock markets fall 2011 Bangladesh share market scam 2012–2013 Cypriot financial crisis 2013 Chinese banking liquidity crisis
Digital Revolution (2013–present)	Venezuela economic crisis (2013–present) 2014–2016 Brazilian economic crisis Puerto Rican government-debt crisis (2014–2022) Russian financial crisis (2014–2016) 2015 Nepal blockade 2015–2016 Chinese stock market turbulence 2015–2016 stock market selloff Brexit stock market crash (2016) Venezuelan hyperinflation (2016–present) 2017 Sri Lankan fuel crisis Ghana banking crisis (2017–2018) 2018–2023 Turkish currency and debt crisis Lebanese liquidity crisis (2019–present) 2019–present Sri Lankan economic crisis COVID-19 pandemic Financial market impact 2020 stock market crash Recession 2020–2023 Chinese property sector crisis 2021–2022 inflation surge 2022 Russian financial crisis 2022 stock market decline 2023 United States banking crisis
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2009

2010

References

See also