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Investor Payments Start This Saturday with FGC Reimbursement Following the Liquidation of Banco Master and Losses with CDBs.
The FGC reimbursement for investors affected by Banco Master liquidation starts this Saturday (17), with the release of up to R$ 40.6 billion for around 800 thousand individuals and businesses.
The payment, coordinated by the Credit Guarantee Fund, covers investors who held CDB Banco Master and occurs two months after the Central Bank declared the extrajudicial liquidation of the group’s institutions.
The process will be conducted digitally, mainly through the official app of the fund, and the amounts are expected to be credited to the investor’s account within two business days after the completion of the steps.
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FGC Reimbursement: How the Payment to Investors Works
The investor payments will start at 9:30 AM this Saturday, when creditors should access the Credit Guarantee Fund app.
After registering, the investor will receive notifications with instructions to confirm the information and digitally sign the request form.
“Once this phase is completed, the creditor will receive the payment within two business days, into an account in their name,” explains Daniel Lima, president of the FGC.
Additionally, the process has been designed to be simple and fully online. However, the fund emphasizes that it is essential to use only official channels to avoid fraud during the FGC reimbursement.
Alert Against Scams During the FGC Payment
With the release of funds, the risk of scam attempts also increases. Therefore, the FGC advises investors not to provide personal information outside the app or official website.
“It is important for people to be attentive to scam attempts. Unfortunately, this is a problem that affects the entire financial system, and the guarantee payment process by the FGC can also be targeted by criminals,” warns Lima.
Meanwhile, legal entities must request the guarantee exclusively through the fund’s institutional website, following specific guidelines for companies.
Values, Limits, and Financial Capacity of the Credit Guarantee Fund
The Credit Guarantee Fund has revised the initial numbers regarding the impact of the Banco Master liquidation.
The total number of investors served fell from an initial estimate of 1.6 million to around 800 thousand, while the total disbursement amount is R$ 40.6 billion, slightly below the previously projected R$ 41 billion.
Each investor has coverage of up to R$ 250 thousand per financial institution, in accordance with FGC rules.
The fund reports that it has liquidity of approximately R$ 125 billion, which ensures security to honor payments related to CDB Banco Master.
Attention to the Final Reimbursement Amount
Despite the start of investor payments, it is important to note that investments only earned interest until November 18, the date on which Banco Master had its liquidation declared.
Since then, the resources have remained frozen, without updates or additional remuneration.
According to the FGC, the delay in starting the process was due to the operational complexity of the liquidated institutions and the need to organize financial data.
“The size, operational models, and quality of processes and controls practiced by the liquidated institutions significantly impact the time needed to complete the work,” explains Lima.
Recall the Crisis and the Liquidation of Banco Master
The advancement of investigations into financial operations considered irregular resulted in the liquidation of Banco Master.
In light of the situation, the Central Bank of Brazil declared the extrajudicial liquidation of the bank and other institutions of the group.
Prior to this, controller Daniel Vorcaro attempted to sell the institution, which had accumulated a billion-dollar liability backed by illiquid assets, such as court orders and stakes in struggling companies.
The Central Bank vetoed a negotiation with the Bank of Brasília, and a second attempt involving Fictor Holding did not proceed.
Shortly after, the Federal Police arrested Vorcaro at Guarulhos airport when he attempted to board a private flight.
Subsequently, the Central Bank appointed a liquidator to sell assets and pay creditors.
Investigations and Institutional Developments
Thus, investigations continue on several fronts, with suspicions of financial fraud, embezzlement, and possible regulatory interference.
Authorities executed 42 search and seizure warrants and blocked assets exceeding R$ 5.7 billion.
See more at: FGC Announces Start of Payment to Investors of Banco Master
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