Brazilian Credit Guarantee Fund to pay 1.83 billion reais to former Banco Master customers
Key Points
- The remaining amount set aside by the FGC for former customers of the Banco Master group stands at 1.83 billion R$.
- Since the pending amounts are not adjusted for inflation after the liquidation of the banks, they lose value over time.
- To date, 40.03 billion R$ has been paid for the Master, Pleno, and Will Bank institutions.
- The FGC guarantees customer deposits and investments in bankrupt banks up to 250 thousand R$ per person.
By the Numbers
The Brazilian Credit Guarantee Fund (FGC) has set aside 1.83 billion Brazilian reais (R$) for investors and account holders linked to the bankrupt Banco Master group who have not yet claimed a refund. According to data released on 14 May, the amount in question is available for withdrawal through the FGC's official mobile app.
According to the statement made by the Fund, no inflation adjustment is applied to the amount waiting since the liquidation of the banks. Therefore, it is stated that the longer the rightful owners delay their payment requests, the more the purchasing power of the money they will receive will decrease.
To date, a total of 40.03 billion R$ in payments have been made across various financial institutions such as Master, Pleno, and Will Bank. This corresponds to approximately 98.5 percent of the estimated payments, and more than 718 thousand creditors have been reached. The FGC provides compensation of up to 250 thousand R$ per person in order to protect customers in the event of bank failures.
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Frequently Asked Questions
- How can the victims of the Banco Master group get their money back?
- Rightful owners can submit their refund requests directly through the FGC's official mobile app.
- Is an inflation adjustment applied to the pending amounts?
- No, the amounts have not been adjusted for inflation since the liquidation of the banks. Therefore, as the payment is delayed, the purchasing power of the money decreases.
- How much does the FGC guarantee in bank failures?
- The FGC covers certain investments, especially demand/time deposits, up to 250 thousand R$ per institution and per person.
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