Fobaproa

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Fobaproa (from the Spanish: Fondo Bancario de Protección al Ahorro, lit. 'Savings Protection Banking Fund') was a contingencies fund created in 1990 by the Mexican government, led by then dominant Institutional Revolutionary Party (PRI), to attempt to resolve liquidity problems of the banking system. The contingencies fund was applied in 1995 during the Mexican peso crisis to protect Mexican banks. In 1998, it was replaced by Instituto para la Protección al Ahorro Bancario (Bank Savings Protection Institute), Mexico's current deposit insurance agency. In the years following the peso crisis, Fobaproa and its resulting debt has become a subject of controversy in Mexican politics. Beneficiaries of the fund were companies favored by the country's political leadership and were implicated in a number of corruption cases. The management of the Fobaproa funds drew significant criticism by Mexico's then two main opposition parties, the Party of the Democratic Revolution and the National Action Party, where it represented a prominent issue during the 2000 Mexican general election.