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SPECIAL REPORTS
03/23/09
By: Miguel Gonzalez/Seinforma Correspondent
Bogota.- The Superintendence of Finance reported that to December 2008 Colombian financial system yielded a profit of $10.8 billion pesos (US$4.2 million), of these,US$1.9 million correspond to the credit establishments, 28% more than in 2007. As evidenced by Figure 1, since year 2002 its earnings have been increasing, showing major peaks in 2005 and 2008.
Draws attention the staggered and fast growth of the Colombian financial system assets, which from $170 billion pesos (US$65,9 million) in 2002 rose to $ 474.4 billion last year (US$184 million) , with growth of 35.8% and 13.3% compared to previous years.
Meanwhile, the minimum wage for workers who obtain the poorest families in the country increased to the point of inflation caused to the country (7.67%), but unfortunately the real impact of inflation for these families was greater than 8%.
While the owners of the banks in Colombia are enriched every day without stop, poverty keeps rising. And is that banks do not provide so much to the end for which they were created: to promote development by attracting money and put it on the market at an interest rate by intermediary, because "most of the credit disbursements on 2008 were not intended to credits for businesses or housing acquisition, but for overdrafts, the most costly financing of banking”
The odd thing is that "unlike the financial institutions, they customers didn’t go well as the money given to them as been affected by the turbulence of the markets” and income derived of such resources fell 49%. On the other hand the financial system has increased the costs of their services, not only by high rates of interest earned but for the many services that charge to users: audio-services, withdrawals through ATMs, certificate emission, management quotas, account administration, and so on.
Add to that the Colombian men and women are often forced to open accounts to cash checks or to get their wages paid, from which a minimum amount in the account must remain, about $ 20,000 pesos (US$7,75), this is more than a current legal minimum daily wage, among other abuses.
Notes:
1 Press release from the Superintendence of Finance, February 13, 2009
2 A TRM of 17 February 2009
3 Financial Sector Earnings grew 19%. Source: Diario Portafolio, 14
February 2009 pp. 22
4 Financial Sector Earnings grew 19%. Source: Diario Portafolio, 14
February 2009 pp. 22
*Currency exchange effective at 02-25-09
By: Miguel Gonzalez/Seinforma Correspondent
Bogota.- The Superintendence of Finance reported that to December 2008 Colombian financial system yielded a profit of $10.8 billion pesos (US$4.2 million), of these,US$1.9 million correspond to the credit establishments, 28% more than in 2007. As evidenced by Figure 1, since year 2002 its earnings have been increasing, showing major peaks in 2005 and 2008.
Draws attention the staggered and fast growth of the Colombian financial system assets, which from $170 billion pesos (US$65,9 million) in 2002 rose to $ 474.4 billion last year (US$184 million) , with growth of 35.8% and 13.3% compared to previous years.
Meanwhile, the minimum wage for workers who obtain the poorest families in the country increased to the point of inflation caused to the country (7.67%), but unfortunately the real impact of inflation for these families was greater than 8%.
While the owners of the banks in Colombia are enriched every day without stop, poverty keeps rising. And is that banks do not provide so much to the end for which they were created: to promote development by attracting money and put it on the market at an interest rate by intermediary, because "most of the credit disbursements on 2008 were not intended to credits for businesses or housing acquisition, but for overdrafts, the most costly financing of banking”
The odd thing is that "unlike the financial institutions, they customers didn’t go well as the money given to them as been affected by the turbulence of the markets” and income derived of such resources fell 49%. On the other hand the financial system has increased the costs of their services, not only by high rates of interest earned but for the many services that charge to users: audio-services, withdrawals through ATMs, certificate emission, management quotas, account administration, and so on.
Add to that the Colombian men and women are often forced to open accounts to cash checks or to get their wages paid, from which a minimum amount in the account must remain, about $ 20,000 pesos (US$7,75), this is more than a current legal minimum daily wage, among other abuses.
Notes:
1 Press release from the Superintendence of Finance, February 13, 2009
2 A TRM of 17 February 2009
3 Financial Sector Earnings grew 19%. Source: Diario Portafolio, 14
February 2009 pp. 22
4 Financial Sector Earnings grew 19%. Source: Diario Portafolio, 14
February 2009 pp. 22
*Currency exchange effective at 02-25-09
Past February 20 marches were held against the banking system in major Colombian cities. Being a demonstration against its advertisers, local media have refrained itself from disseminate the call against usury. (Graphics Miguel Gonzalez/Seinforma Canada Correspondent)
Usury of the Colombian banking system
In 2008, the Colombian financial system earned US$4.2 million*, while savers profits fell 49%.
***
Total Assets of Consolidated Financial System
(Billions of Pesos)
(Billions of Pesos)
Others
Insurances
IOE
Pension Funds
Trust assets
Credit Establishments
Note: Data to Dic-08
Source: Superintendence of Finance. Financial statements subject to revision by SFC.
Source: Superintendence of Finance. Financial statements subject to revision by SFC.
Legalizing Terror:
The Canada-Colombia Free Trade Agreement
Watch the discussion of what's involved in the agreement, its impact on the people of Colombia and organizing against it.
Disponible sólo en ingles
The Canada-Colombia Free Trade Agreement
Watch the discussion of what's involved in the agreement, its impact on the people of Colombia and organizing against it.
Disponible sólo en ingles
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Special REPORTS
The Permanent Peoples’ Tribunal (PPT) judged multinational corporations for human rights violation in Colombia
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The Permanent Peoples’ Tribunal (PPT) judged multinational corporations for human rights violation in Colombia
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Results of Consolidated Financial System
(Billions of Pesos)
(Billions of Pesos)
Societies
Funds
2008: Accumulated Results to Dic-08
Source: Superintendence of Finance. Financial statements subject to revision by SFC.
Source: Superintendence of Finance. Financial statements subject to revision by SFC.
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