In 1996 the Mexican government organized an entity called Valuación y Ventas de Activos SA (VVA) for the purpose of organizing a series of sales of loans made by Mexican banks. The aggregate amount of the loans is said to exceed US$42 billion. The loans are held by Fondo Bancario para la Protección de Activos (FOBAPROA), a trust administered by Banco de México, the central bank.
September 30 1997