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Ecuador's Financial System - Coggle Diagram
Ecuador's Financial System
VOCABULARY:
Currency: a system of money in general use in a particular country
Payment: the action or process of paying someone or something or of being paid
Financial System: Set of institutions that channel the money saved towards loans
Brokerage houses: places where agents work in neogotiating contracts, purchasess, sales and conducts a business
Financial Capital: Sum of money that is placed in an institution for interests or returns
Loan: a thing that is borrowed, especially a sumof money that is expected to be paid black with interest
The Financial System in Ecuador
Banks have taken over the moeny from the public in exchange for an interest
Bancks expansion:
Equality investments of companies
Payment for collections
Money transfers
Virtual transfers
1.Foreign currency exchange
Constitution of the Financial System
Public Banks - manage state funds
-Banco del Pacífico
-BanEcuador
Mutualist - offer mortage loans
-Mutualista Azuay
-Mutualista Pichincha
Private Banks - strongest institutions and cover the entire national territory
-Banco Pichincha
-Produbanco
-Banco Guayaquil
Credut Cooperatives - smaller institutions that offer small amount loans
-JEP
-Jardín Azuayo
Geographic location
Before 1999´s crisis - financial centers were located in Guayaquil
Last Years
Banco Guayaquil
Produbanco
Banco Pichincha ( most powerful )
Banco del Pacífico
Cooperatives
Mutualists
Control of the Financial System
1999 crisis- financial institutions was very incipient
bad experience of the Deposit Guarantee Agency ( AGD )
Deposit Insurance Corporation
The financial Liquidity fund
