The Financial and Banking System of:

Ecuador

Presented

In Partial Fulfillments of the

Course Requirements

For

FIN 4634

International Banking

Prepared for:

Marcos A. Kerbel

Participating Adjunct Professor

Department of Finance & Real Estate

Florida International University

Miami, Florida

Prepared by:

Edwin A. Riofrio

ID: 2672864

(954) 274-3998

Riofrio.edwin@gmail.com

Date of Report

07/ 26/ 2012

TABLE OF CONTENTS

THE FINANCIAL AND BANKING SYSTEM OF:

Republic of Ecuador

I. Geography:

Ecuador's location is in the northwest of South America and is on the Equatorial line. The

country is surrounded on the south by Peru, Colombia to the north, and the Pacific Ocean to the

west. It also has the Galapagos archipelago located west of the country. We distinguish Ecuador’s

four main areas as the following:

The Coast: Is located on the Westside of the country, is a flat and fertile area of low

altitude. This area has the largest cities in Ecuador: Guayaquil, which is the main financial

city of the country and some major cities like: Quevedo and Salinas.

The Andes: Corresponds to the Ecuadorian Andes, which divides the country in half. This

region is on high altitude with some peaks measuring above 19,500 ft of elevation; also it

has several volcanoes that are still active like the Tungurahua. On the Andes, some of the

major Ecuadorian cities are: the capital Quito, Loja, and Riobamba.

The Amazon: Is located to the east of Ecuador and is part of the Amazon rainforest. Its

main provinces are Napo, Sucumbíos, and Pastaza.

The Galápagos Islands: It is another province of Ecuador. It lies at a distance of

approximately 600 miles of the country. It consists of 17 large islands, 23 islets, and a

hundred small islands. The entire archipelago has a total of 3, 088.80 square miles.

Figure 1: Map of Ecuador

II. History of the Country

The territories that today belong to the Republic of Ecuador changed in physical

appearances and forms of government. The history of the Republic can be divided into four stages:

The Pre-Hispanic Stage, The Hispanic Stage, Independence, and the Republic.

The beginning of Ecuadorian history is given from Pre-Hispanic organizations that ended

with the Inca invasion, after the Spanish Conquest, which then was followed by the foundations of

the cities, San Francisco de Quito, San Gregorio de Portoviejo, and Santiago de Guayaquil. They

started a new Spanish political-administrative era that would last until the time of independence

when the nation emerged from the Gran Colombia of Simon Bolivar, forming what is now called

the Republic of Ecuador. See footnote 1 for more information.

III. Ecuador’s Financial System

a. Historical Overview

The banking system in Ecuador, once the dissolution of Gran Colombia and its formation as a

Republic, posed an economy that had a deficiency with monetary circulation, in which gold and

silver coins were the most used.

Gradually, with the growth of the nation, the Ecuadorian banking was growing as well, and it

especially got established in the city of Guayaquil. After the Liberal Revolution, it came a period

called the "Banking Plutocracy” which was characterized by being dominated by private banks and

the main representative of these was the Commercial and Agricultural Bank of Guayaquil. This

period ended with the Revolution of Juliana.

In 1998, under the administration of President Jamil Mahuad Witt, the financial sector

endured its worst financial crisis in the history of the country. The Bank Crisis resulted in the

bankruptcy of several of the largest banks in Guayaquil like Banco del Progreso, La Previsora, and

Filanbanco, the last one being the most influential in the country at that time.

The origin of modern Ecuadorian banking system dates back several centuries. One of the first

records was the "hachas monedas” from Miracle City in Quevedo and other expressions of

developing trade in various pre-Columbian cultures. There is also the monetary system used by the

Spanish in the country, which were the first steps in economic and financial matters of the early

Republican era. Central Bank documents mentioned in the first place, the issue of the first Coin

Act in November 1831, which created the Casa de la Moneda. This institution had no support and

was eliminated.

To replace the function of the Casa de la Moneda, Issuing Banks were created. These banks

managed and coordinated the entire operation of the financial system of the country. The first was

the Bank of Luzárraga; it was founded in 1859 in Guayaquil. In 1884, the Commercial and

Agricultural Bank was founded. In 1859 y1884 several issuing banks were created, bringing fiscal

problems, which forced the government’s intervention with these Issuing Banks.

In Guayaquil, several banks were established, some of these banks were: Banco Particular de

Descuento y Circulación – 1861, Bank of Ecuador - 1869, the National Bank and Mortgage Credit

- 1871, and lastly Banco International y el Anglo-Ecuatoriano - 1884. In Quito, Banco de Quito –

1869 and Banco de La Unión – 1880 were established.

In 1871 the first Banking Act by the National Convention of Ambato was created. In 1900 the

only Issuing Banks were Bank of Ecuador and the Commercial and Agricultural Bank. In 1906

Banco del Pichincha was established and in 1913 in the Bank of Azuay, was created in Cuenca as

Issuing Banks.

From 1900 to 1913, the Bank of Ecuador and the Bank of Commercial and Agriculture had

control of credit and working capital. Between 1920 and 1925, Ecuador was experiencing serious

economic problems, which required the creation of the Superintendence of Banks, to monitor and

control the banking system, and the National Bank of Ecuador, which was responsible for issuing

coins. At last, The Central Bank was founded in Quito on August 10, 1927. See footnote 2 for

more information.

b. Present Monetary Laws and Regulations

The Ecuadorian financial system is based on the regimen known as "Central banking", where

it has an autonomous regulator, the Ecuadorian Central Bank Board, another autonomous entity for

supervision and control is the Superintendence of Banks, a large bank of the banks like the

Ecuadorian Central Bank, and various public and private financial institutions: banks, financial

institutions, financial services, mutualist, credit unions, etc.

Banks, financial companies, and corporations for investment and development are mainly

characterized by being intermediaries in the financial market, which usually operates by capturing

public resources to obtain funds through deposits or any other forms of solicitations, with the

solely objective of using the resources obtained, in whole or in part for credit and investment

procedures. See footnote 3 for more information.

c. Types of Financial Institutions operating in the country

It can be said that the domestic financial system, is a representation of all financial institutions

(banks, finance companies, mutual savings associations for housing credit and credit unions) that

perform financial intermediation with the public. 

Structure of the Financial System

Monetary Authorities

o Central Bank of Ecuador 

o Ecuadorian Bank Superintendence

o The Banking Board 

Public Financial Institutions

o National Financial Corporation 

o Ecuadorian Housing Bank 

o National Development Bank

o State Bank 

o Ecuadorian Institute of Student Loans and Scholarships

Private Financial Institutions

o Private Banks

o Financial Transactions Society 

o Mutual Savings Associations and Credit Unions for Housing

o Savings and Credit Cooperatives, that acts as financial intermediaries with the public. 

Financial Service Institutionso General Deposit Warehouses 

o Commercial Lease Companies 

o Credit Card Companies

o Exchange Houses

o Warranty and Anti-Warranty Corporations

o Title Companies

Auxiliary Service Institutions for the Financial System

o Transportation of Currency and Securities

o Collection Services 

o Automatic Teller Machines (ATM)

Functional & Institutional Structure of the Financial System

Figure 2: Structure of Financial System

d. The Central Bank

It is a legal entity under public law, of indefinite duration, with its own assets. It is also

autonomous and executor of monetary policy, financial, credit and the currency of the country,

dictated by the Monetary Board.

Its main functions are:

Issuing ways of payment- Notes & Coins

Provide credits to private financial institutions in special cases.

Having bank reserves and controls the surplus of the country.

Ecuadorian Financial System

Central Bank Board

Ecuadorian Central Bank

Banks Mutualistics Cooperatives

Banking Board

Bank's Superintendency

Financial Institutions

Financial Services Agencies

Make open market operations- buy/sell currencies, gold and securities of public or private

sector.

Facilitate the exchange of checks from different banks through the mechanism of the

Clearing House.

e. Bank Regulation

The Banking Board is a self-directed organism created under the Act of Monetary Regime and

is considered in practice, as the Secretary of the State or Ministry. The board directs the monetary

policy, financial, credit and the currency of the country. See footnote 4 for more information.

The BCE Board issues regulations for the system, which deal basically on:

Approval of the features of banknotes and coins of the Republic, and its manufacturing

process, issue, circulation, exchange, extraction, and demonetization.

Approval of the maximum amount of annual growth of means of payment, complemented

in the Monetary and Financial Committee.

Determination of the bank reserve percentages of institutions that are subject to supervision

by the Superintendence of Banks.

Setting the conditions under which the Central Bank may participate in open market

operations.

Authorization of credit to private banks and other lending institutions of the financial

system for short term and only for temporary liquidity or national emergency reasons.

Determination of the interest rates for lending and borrowing operations of the institutions

of the financial system, as well as the method of charging fees.

Determination of the maximum levels of expansion of certain loans or securities that can

issue by the financial system institutions.

Determination of the currency liquidation procedure entering or departing to or from the

country.

Determination- prior judgment of the respective Ministries and in consideration of the

balance of payments- of goods that are prohibited or restricted for import or export.

f. Commercial Banks operating in the country -

- Please refer to the Appendix for more Financial Information from the Top Ten Banks -

Commercial Banks1. Banco del Pichincha 14. Banco de Loja2. Banco de Guayaquil 15. Banco Coopnacional3. Banco del Pacifico 16. Banco Amazonas4. Banco Produbanco 17. Banco Territorial5. Banco Bolivariano 18. Banco Capital6. Banco International 19. Banco Cofiec7. Banco del Austro 20. Banco Comercial de Manabí8. Banco ProAmerica 21. Banco Finca9. Banco de Machala 22. Banco D-Miro10. Banco General Ruminahui 23. Banco Litoral11. Banco ProCredit 24. DelBank S.A12. Banco Unibanco 25. Banco Sudamericano13. Banco Solidiario

Figure 3: National Banks operating in the country.

*This ranking was determined by the amount of Actives the banks had as of December 31, 2011.

2. Savings & Mortgage Banks

Savings and Credit Cooperatives1. JUVENTUD ECUATORIANA PROGRESISTA 21. CACPE BIBLIAN

2. JARDIN AZUAYO 22. TULCAN

3. 29 DE OCTUBRE 23. SAN JOSE

4. PROGRESO 24. COOP DE 2DO PISO FINANCOOP

5. MEGO 25. CACPE PASTAZA

6. OSCUS 26. CONSTRUCCION COMERCIO LTDA.

7. RIOBAMBA 27. CACPE LOJA

8. SAN FRANCISCO 28. PADRE JULIAN LORENTE

9. MUSHUC RUNA 29. COMERCIO

10. CACPECO 30. CHONE

11. ANDALUCIA 31. GUARANDA

12. EL SAGRARIO 32. 11 DE JUNIO

13. 15 DE ABRIL 33. SAN FRANCISCO DE ASIS

14. CODESARROLLO 34. COTOCOLLAO

15. ALIANZA DEL VALLE 35. SAN PEDRO DE TABOADA

16. 23 DE JULIO 36. CALCETA

17. ATUNTAQUI 37. LA DOLOROSA18. CAMARA DE COMERCIO DE AMBATO 38. COOPAD

19. SANTA ROSA 39. 9 DE OCTUBRE

20. PABLO MUÑOZ VEGA 40. SANTA ANA

Figure 4: Savings and Credit operating in the country.

*This ranking was determined by the amount of Actives the banks had as of December 31, 2011.

3. Mutualist

Mutualist1. Pichincha2. Azuay3. Imbabura4. Ambato

Figure 5: Mutualist banks operating in the country.

*This ranking was determined by the amount of Actives the banks had as of December 31, 2011.

4. Other Financial firms

Financial Organizations1. Diners2. Unifinsa3. VazCorp4. LeasingCorp5. ConsulCredito6. Fidasa7. Global

8. Proinco9. InterAmericana10. Firesa

Figure 6: Financial Organizations operating in the country.

*This ranking was determined by the amount of Actives the banks had as of December 31, 2011.

IV. Country’s Balance of Payment and Balance of Trade- Principal Sources of Exports,

Imports, investments, and funds transfers, etc.

Remittance of Migrants

The last quarter of 2011, Migrant remittances showed an increase of 10% ($ 1.2

billion dollars) compared to the last quarter in 2010 that had indicated $ 1.1 billion dollars. As

a result of international crisis in Europe and the United States, the total amount of remittances

decreased by 39% compared to 2008 ($ 2.8 billion dollars)

Exports

The last quarter of 2011, Total Exports showed an increase of 26% ($ 11.1 billion

dollars) compared to the last quarter in 2010 that indicated $ 8.8 billion dollars.

Imports

The last quarter of 2011, Total Imports showed an increase of 22% ($ 10.9 billion

dollars) compared to the last quarter in 2010 that indicated $ 8.9 billion dollars.

While exports decreased 3% in annual average during the years of 2008 to 2010, the

country showed improvement at the end of 2011. On the other hand, imports are rising 5% on

average per year. This rise in imports can be considered as a growth in consumer spending.

V. Foreign Reserves

The Foreign Reserve in Ecuador is known as the “Reserva Internacional de Libre

Disponibilidad” (RILD), it consists of deposits that all public sector entities and institutions of the

financial system make in the Central Bank. These funds are used daily by these entities to meet

their liquidity needs and pay their obligations. The reserve is invested under safety standards,

liquidity, and profitability in the most prestigious institutions in the world.

The following are statistics for the second quarter of 2012:

In June 2012, international reserves increased by 12.83 millions, which means that the balance for

the month of July will have a value of 3,930.9 million in foreign reserve.

Figure 7: Foreign Reserves in US million dollars

The main income for June 2012 was:

Petroleum Exports USD 1,146.3M

Domestic Debt Issuance USD 156.9M

Disbursements of external debt USD 31.2M

Financial System Deposits USD 14.3M

Private Exports USD 4.5M

VI. Current Situation of the country's currency

In January 2000, Ecuador decided to opt for official dollarization to overcome the

economic crisis its economy had developed. This alternative did not only involve a modification of

the exchange rate system, but also the main pillars in the economy: change in the monetary system,

macroeconomic stability, and the implementing of structural reforms. During those years, the

impact on the fall in oil prices and El Nino Phenomenon were essential factors for the deterioration

of the economy. These events exposed the weaknesses in the financial system and aggravated the

fiscal deficit.

Certainly, the unstable economy demanded a complete different strategy focusing in

restoring the country’s financial crisis. Various alternatives were discussed and the government

officials voted for the dollarization process. The following are some of the advantages and

disadvantages the country had with dollarization:

Advantages:

Returns the confidence of investment towards the country's economic system.

Being a single currency like the dollar, foreign trade became more effective.

Stabilized the economy as a result of lower inflation and interest rates.

There is free movement of capital.

Provides stability for long-term investments.

Disadvantages:

The Central Bank loses its role as regulator of the currency to make way for the Federal

Reserve of the United States.

Transition costs in business: bank accounts, cash registers, and accounting systems.

Lack of control on monetary policy, especially in the handling of it by the Central Bank.

Loss of national entity due to the use of a foreign currency.

When converted Sucre to dollars, many people began to speculate and raised the prices of

products and services.

VII. Risk those banks in the selected country face- such Currency, Political, Regulatory,

Crime, etc.

Risk is the probability that a threat becomes a disaster. But risks can be reduced or

managed. If we are careful in our relationship with the environment, and if we are aware of our

weaknesses and vulnerabilities to threats, we can take actions to prevent those risks. See footnote 5

for more information.

The following are the risks the country faces:

Liquidity risk is the potential loss by failing to conduct a transaction at market prices,

due to low frequency of market trading.

Credit risk, according to the Superintendence of Banks and Insurance of Ecuador, It is

the possibility of loss due to payment default by the borrower, which involves non-

payment, partial payment or lack of opportunity in the payment of the obligations

agreed.

Market risk is caused by changes in general market conditions compared the

investment.

Financial risk is the uncertainty associated with volatility, both the performance of

credit and liquidity, which generate the possibility that a bank cannot meet its

obligations at a given market.

Criminal Risk, the whole country is at a constant menace because of thieves, the lack of

security is a major factor for criminals to do whatever they want. Anybody can be killed

or robbed for a pair of shoes. In my opinion this is the most significant risk the country

faces. It doesn’t allow consumer spending and confidence to grow.

VIII. What is the Country doing about Preventing, Detecting and Eradicating Money

Laundering and Terrorist Financing?

The government has created an agency called Unidad de Analisis Financiero (UAF), which

means The Financial Analysis Unit, they enforce the laws against money laundering, and has made

it mandatory for financial institutions to report unusual and unjustified transactions above $10,000.

Ecuador’s government has partnered with an international organization, the Financial

Action Task force (FATF), whose purpose is the improvement and promotion of national and

international policies to combat money laundering, terrorist financing, and propagation of weapons

of mass destruction.

This agency has qualified Ecuador’s anti money laundering strategies as deficient;

however, the FATF recognized that the nation has had the will to stop this menace.

The country has been seeking more effective ways to improve its standards and procedures against

money laundering and terrorist financing. Quito Stock of Exchange and Corporacion Andina de

Fomento has issued manuals to all the financial institutions to help them develop controls towards

criminal activities. See Footnote 6 for more information.

Transaction Reports and Unusual-Unjustified Transactions ROLLs** Type of Actions No. ROII

Misuse of banking products 1Misuse of legitimate business 0Exploitation of Jurisdictional Issues 0Cover-up from Commercial Structures 11Use of false identities, documents and proxies 1Relationship with delinquents 2Links to illegal assets 1Exports of overvalued goods 2Lender without accounting 1Gold Sale 1TOTAL ROII 20

Figure 8: Transactions Reports and Unusual-Unjustified Transactions

** This statistics are as of May 2012Source: https://www.uaf.gob.ec/index.php/reportes-fiscalia

IX. Important Bank Failures and Scandals in the Country

The worst financial crisis experienced by Ecuador in the last 70 years occurred in 1999

when in March 8, former President Jamil Mahuad declared a "banking holiday,” this decree

ordered the freezing of bank accounts. At that time the dollar was 10,000 Sucres; however,

the return on savings and deposits were made at 25,000 Sucres to the dollar. Due to this

scandal, the first banks to fall were Banco de los Andes, Banco Mercantil Unido, Banco

Continental, Solbanco, Tungurahua, and Filanbanco.

The 1999 economic crisis not only caused the collapse of banks and other financial

institutions, but also business failures and mass emigration of Ecuadorians, mainly to

Spain, Italy, and the United States. See footnote 7 for more information.

Notary Jose Cabrera Roman began to collect money in exchange of high interest rates

returns. It is estimated that about 35,000 people, including judges, politicians, bankers,

police agents, and the military became his associates. His death on October 26, 2005

caused despair among his customers, many of whom lived comfortably only on the interest

they received.

Cabrera came to handle up to 800 million dollars from thousands of savers, including

Senior Government executives, Administration of Justice representatives, the military, and

the Police Department. His scam lasted for at least 13 years.

This financial carousel revealed astounding facts such as: money laundering from drug

trafficking and arms trafficking. He also implemented the "Ponzi Scheme" investment,

which allowed using the same amount of resources to increase the capital of a financial

institution, not just once but several times. See footnote 8 for more information.

X. Summary and Conclusion:

In general, it can be said that the evolution of Ecuador’s financial system has been

relatively favorable. Given the economic stability provided by the dollarization since 2000, the

economy and the banking system have been recovering gradually. To conclude, Ecuador’s

economic and financial systems will require more financial regulation and more supervision of

high quality, wider dissemination of financial information, and more solid macroeconomic policies

in order for the improvement of the country’s financial system.

XI. What is the Future Outlook for this Country and its Financial System?

The Ecuadorian financial sector has gone through many crises and gradually they have

recovered. The new implementation of policies and procedures in the financial sector can be a big

help for the system to improve. The promotion of domestic consumption and the campaigns for a

modernized Ecuador is the future of this country. Ecuador has the advantage of having the dollar

as their currency and they will have to use it if they want to become a major economy in Latin

America.

XII. Would you Approve Lines of Credit for Banks in this Country?

Yes I would, during the past two years Ecuador has been receiving credit lines from

different countries and organizations. This will allow foreign investment to grow and consequently

improve Ecuador’s economy. Some countries like Iran has given Ecuador a 40 million line of

credit and they are considering an increase to 80 million in the next year if the political, industrial,

banking, petroleum, mining, and cement sectors have a significant growth.

APPENDIX

I. ECUADOR’S ECONOMIC INDICATORS AS OF APRIL 2012:

Subject Descriptor Scale 2011 % 2012 %

Gross domestic product, constant prices Billions 26.928 7.79% 28.127 4.45%

General government revenue Billions 27.148 40.90% 29.975 29.98%

General government net lending/borrowing Billions -0.675 -1.02% -0.724 -1.00%

General government gross debt Billions 11.933 17.98% 13.261 18.30%

Current account balance Billions -0.186 -0.28% 0.367 0.51%

Subject Descriptor Scale 2011 2012

Gross domestic product corresponding to fiscal year, current prices Billions 66.381 72.466

Gross domestic product based on (PPP) Billions 127.426 134.805

Inflation, average consumer prices 1,509.00 1,594.83

Subject Descriptor Units 2011 2012

Unemployment rate % of total labor force 6.00% 5.80%

Total investment Percent of GDP 29.02% 28.70%

Gross national savings Percent of GDP 28.74% 29.21%

Volume of Imports of goods and services Percent change 0.69% 4.17%

Volume of Exports of goods and services Percent change 8.22% 8.30%

International Monetary Fund, World Economic Outlook Database, April 2012

II. FINANCIAL INFORMATION FROM THE TOP TEN BANKS IN ECUADOR:

A. NET INCOME-

B. LIQUIDITY INDEX-

C. INVESTMENTS-

D. CREDIT OPERATIONS-

E. NON-PERFORMING LOANS (NPL)

F. CAPITAL ASSETS-

G. FINANCIAL PROFITABILITY-

Banco de Guayaquil, First Quarter Financial Report-Including other Banks, As of March 31, 2012

FOOTNOTES

I. History of the Country-

http://es.wikipedia.org/wiki/Historia_del_Ecuador

II. History of the Financial system-

http://www.frbatlanta.org/filelegacydocs/erq306_quispe.pdf

III. Monetary and Law Regulations-

http://www.indexmundi.com/ecuador/economy_profile.html

IV. Banks Regulation-

http://www.sbs.gob.ec/practg/sbs_index?vp_art_id=55&vp_tip=2

V. Risks Banks face-

http://www.bloomberg.com/news/2012-05-10/ecuador-mortgage-law-raises-risks-for-

banks-robalino-says-1-.html

VI. Money Laundering Prevention-

http://www.fatf-gafi.org/countries/d-i/ecuador/

VII. Ecuador’s Financial Crisis-

http://www.imf.org/external/pubs/ft/wp/2004/wp0412.pdf

VIII. Notary Cabrera Scandal-

http://www.hoy.com.ec/noticias-ecuador/caso-cabrera-30-mil-clientes-perjudicados-

300376.html

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