Regulator denies responsible for bank intervention

NICARAGUA - Nicaragua's banking regulator Noel Sacasa has denied responsibility for the multimillion dollar costs of intervening and liquidating six banks during his term a report says.

The six banks were intervened and forced into liquidation between 1999 and 2001. The final cost has not been determined, but the intervention of Interbank alone cost Nicaraguan taxpayers more than US$100mn.

Between 1999 and 2001 Bancosur, Banco de Credito Popular, Interbank, Pribanco, Bancafe and Banic were inte