Caracas, 20 Ago. AVN .- Venezuela"s President Hugo Chavez granted this Thursday guarantees of payment to the former depositors of the Banco Federal. In addition, he offered his support to the owners of the Urbanization La Avileña, in Caracas, who were affected by the mismanagement of funds made by Federal"s owners.

The ceremony is taking place in the Miraflores Presidential Palace, in Caracas, with the attendance of the Public Banking Minister Humberto Ortega; the Chairman of the Deposit Guarantee and Banking Protection Fund (Fogade) David Alastre; and the Superintendent of Banks and Other Financial Institutions (Sudeban) Edgar Hernandez.

A representation of the families that own apartments in the building La Avileña are also present. La Avileña is a housing project that was financed by the Banco Federal and its construction was halted after the owner of the bank, Nelson Mezerhane, fled from Venezuela with depositors" money.

Most of the 211 owners already payed all the quotas required for the acquisition of their apartments; however, the buildings are not still fully built. The contract established that they should have been completed by December 2009.

On August 8, the President promised that the State will complete the project, give the apartments to their owners and reduce the interest rates imposed by the Banco Federal.

The Banco Federal was intervened on June 14 due to a financial insolvency caused by an irregular management of bank"s resources from its Director Board. Mezerhane, the main shareholder, fled from the country with clients" money. On August 11, authorities announced the liquidation of the bank to return depositors their savings, with the selling of bank"s assets.

At the moment of the intervention, authorities determined a patrimonial loss amounting 4.88 billion bolivares (US$ 1.88 billion).