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Bankers Association Calls for Quick Passage of Prepa Revitalization Bill

By on January 29, 2016

SAN JUAN – The Puerto Rico Bankers Association has called on the the island’s legislature to quickly approve the bill to enact the Puerto Rico Electric Power Authority (Prepa) Revitalization Act, which will make way for the restructuring of the public corporation.

Zoimé Álvarez Rubio, the association’s executive vice president, said the measure “will allow the public corporation to move forward in completing its restructuring and be able to capture the benefits obtained through its negotiations with creditors.”

“We consider the [bill’s] approval the first, critical step to complete Prepa’s needed restructuring, which, in turn, is essential to address Puerto Rico’s economic and fiscal situation and is a key element for [Puerto Rico’s] economic recovery,” she added.

For the executive, “a successful completion of the negotiations would demonstrate how important it is that creditors and the government of Puerto Rico work together to reach a consensus on solutions to complex and difficult problems.”

As for the participation of local banks, Álvarez Rubio said the banking industry has always had an “important role in Puerto Rico’s critical and transcendent times and is therefore prepared to contribute in Prepa’s restructuring process.”

“Our local financial institutions are solid, well-capitalized and very willing to be part of the solution in this historic moment that both Prepa and Puerto Rico are going through,” Álvarez Rubio said.

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