Economy
President Hugo Chávez condemned the action of private banks that have done business with the money of the people and state institutions for their own profit, and assured that the time of the hegemony of public banks has comes in Venezuela.

"Public banks are subject to the hegemony of the private sector. This is going to end now. In Venezuela there will be public banking hegemony," Chávez said, noting that even with the nationalization of Banco de Venezuela, the public finance system remains small compared to the private sector.

According to Chávez, private banks "degenerated" into a set of mechanisms, rather than playing the role of supporting economic development. He added that they turned to "financial speculation" and therefore, the Government will create a true public banking system. "A banking sector focused on development and not speculation or financial fraud," he said.

Any bank violating regulations will be taken over
Chávez referred to the intervention of banks Banpro, Canarias, Confederado and Bolívar, and warned that any other bank that violates regulations will be seized.

"Based on information I have been provided, I made the decision first to take over all (banks) and liquidate. Listen, lords of the oligarchy, any bank that slips up will be taken over, just in case you have not heard clearly," said Chávez in a mandatory radio and television address.

"Rest assured, if I am faced with the need to intervene all the Venezuelan banking sector, I will," Chávez added.