The first trial in Ciudad Juarez against a bank, Banamex, based upon the argument of the legal "inexistence" of several of Mexico's top banks started on January 30.
The local lawsuit follows a suit that was won by a debtor of Banco del Atlantico in Mexicali in late 1996 (see December FNS story) in which the legal existence of the bank was called into question after evidence was raised about irregularities in the privatization process of the nation's banks. Debtors have argued that 10 of the country's largest banks registered for privatization after the deadline set by then President Carlos Salinas. Under Mexican law, any entity that is not a bank is restricted to charging a set interest rate, currently only 6 percent, for loans. Debtors who have been sued by banks for failing to pay mortgages and other loans following Mexico's peso devaluation, are countersuing based upon this argument and in some cases are claiming the banks owe them back payments for overpaying. Interest rates charged by banks are commonly above 30 percent.
In late January, 40 debtors presented workers at Bancomer with cashier's checks reflecting their payment plus 6 percent interest. The debtors presented the payments "with the legal interest according to Article 363 of the Commercial Code". In another action, more than 100 people made a proposal to Inverlat and Banamex to pay their debts at the 6 percent commercial interest rate,and included cashiers checks for the amount they have calculated they owe. Bank officials have conditionally accepted the checks and documents with the promise to respond in ten days. But officials with both banks told El Norte in interviews that they believed the proposals had little possibility of being accepted and implemented.
Source: El Norte