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### Viewing cable 09QUITO351, ECUADOR ECON UPDATE: BOND REPURCHASE; FINANCIAL LIQUIDITY

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
09QUITO351 | 2009-05-15 16:23 | 2011-05-02 00:00 | UNCLASSIFIED//FOR OFFICIAL USE ONLY | Embassy Quito

`

    VZCZCXYZ0007
    RR RUEHWEB

    DE RUEHQT #0351 1351623
    ZNR UUUUU ZZH
    R 151623Z MAY 09
    FM AMEMBASSY QUITO
    TO RUEHC/SECSTATE WASHDC 0373
    INFO RUEHBO/AMEMBASSY BOGOTA 8140
    RUEHCV/AMEMBASSY CARACAS 3544
    RUEHLP/AMEMBASSY LA PAZ MAY LIMA 3198
    RUEHGL/AMCONSUL GUAYAQUIL 4320
    RUEATRS/DEPT OF TREASURY WASHDC

` `

    UNCLAS QUITO 000351

    SENSITIVE
    SIPDIS

    E.O. 12958: N/A
    TAGS: ECON EINV ETRD EC
    SUBJECT: ECUADOR ECON UPDATE: BOND REPURCHASE; FINANCIAL LIQUIDITY
    MEASURES; NOBOA'S TAX DEBT

    REFTEL A: QUITO 277
           B: QUITO 220

    ¶1.  (U) The following is a periodic economic update for Ecuador that
    reports notable developments that are not reported by individual
    cables.

    Reactions to Government Repurchase Proposal
    -------------------------------------------

    ¶2.  (U) On May 1, a group reportedly representing bondholders
    holding 25% of outstanding Global 2012 bonds (of a total issuance of
    $510 million) notified the Ecuadorian government that it intended to
    accelerate principal repayment.  Twenty-five percent is the
    contractual threshold to call for accelerated payment following a
    default, which would make the outstanding principal and interest
    payments due immediately.

    ¶3.  (U) Following the announcement of legal action, Finance Minister
    Viteri held a conference call with bondholders on May 5.  She stated
    that Ecuador has financing available to repurchase the outstanding
    2012 and 2030 bonds under the modified Dutch auction proposal that
    it announced on April 20 (reftel a).  She also stated that Ecuador
    might pay a higher final clearing price than the 30% floor price set
    by the GOE.   The deadline for bondholders to accept the GOE's
    modified Dutch action proposal is May 15, and final results of the
    auction will be announced on May 26.

    Government Measures to Improve Liquidity
    ----------------------------------------

    ¶4.  (U) Since November 2008, deposits in the banking system have
    declined markedly.  Deposits are down 5.6% or USD 705 million as of
    early May (in contrast to previous years when deposits were growing
    at 20% per year).  This is largely the result of decreased dollar
    income because of low oil prices, falling remittances, and weakening
    non-petroleum exports (reftel b).  The Ecuadorian government
    announced several measures to improve financial sector liquidity.
    One measure, already announced in March 2009, is for the Ecuadorian
    Social Security Institute (IESS) to buy up to $500 million in
    mortgages issued by private banks.  Additional measures to improve
    liquidity include:  i) public institutions would refrain from
    withdrawing their deposits from private banks; ii) a possible
    increase of IESS deposits in private banks, which now account for
    $730 million or 5 percent of bank deposits; and iii) the GOE could
    provide "indirect" support to help financial institutions obtain
    external financing through regional international financial
    institutions.  In addition, public institutions would accept lower
    interest rates on their deposits in private banks (up to 4 percent),
    to help private banks maintain their profit margins.

    ¶5.  (SBU) However, the GOE is considering other actions that could
    reduce liquidity for some institutions.  For example, although
    public institutions are not to withdraw their deposits from private
    banks, Coordinating Minister for Economic Policy Diego Borja
    threatened to withdraw public sector resources if banks are
    reluctant to grant credit.  In addition, President Correa has
    presented a bill to reform the Reserve Fund Law, which would drain
    companies' liquidity by forcing them to pay on a monthly basis
    employee benefits that were previously paid out every three years.

    Banana Magnate Owes Millions in Back Taxes
    ------------------------------------------

    ¶6.  (U) The Ecuadorian tax service (SRI) announced recently that
    Exportadora Bananera Noboa, a banana export company owned by magnate
    and four-time presidential candidate Alvaro Noboa, owed around $59
    million in outstanding taxes from 2005.  The head of the SRI also
    said that the SRI will carry out additional audits on the company
    for 2006, 2007 and 2008.

    HODGES

`