Brazil Cenbank Liquidating Banco Morada

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Brazil's central bank said on Tuesday it will liquidate the assets of Banco Morada, which it said was insolvent and had violated legal norms, Reuters reported. The central bank, which in April said it would scrutinize the books of the Rio de Janeiro-based bank due to irregularities, said the controlling shareholders had not presented a viable recovery plan. Banco Morada has only one branch, and its total deposits as of December 2010 represented only 0.01 percent of Brazilian financial system assets and 0.03 percent of deposits, the central bank said in a statement. Read more.