The Office of the Comptroller of Puerto Rico issued a favorable opinion on the fiscal operations of the Government Development Bank for Puerto Rico (BGF). The tests performed and the evidence in our possession revealed that the processes of approval, disbursement, and administration of the loans were carried out, in all significant aspects, in accordance with the applicable law and regulations.
The Report includes a special comment related to the legislative measures that the Government of Puerto Rico approved to eliminate the BGF and transfer its assets and liabilities to other entities. In 2016, it was determined that the BGF did not have sufficient resources to make the payments of Puerto Rico's debt. For that reason, from 2016 to 2017, three laws were approved whose effect was the cessation of its operations.
Finally, the closing of the BGF took place on March 23, 2018, and on November 30, 2018, the debt restructuring agreement was signed, under which the Bank's assets (properties and loan portfolio) were transferred to the Debt Recovery Authority.
The Report covers the period from July 1, 2013, to December 31, 2017.
See the Audit Report CP-19-03.
To see other published reports, visit our Audit Reports section.
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