By Ingrid Bachmann
After legislative threats by the National Assembly, Ecuador’s Banking Board – which regulates the financial system – unanimously overturned a rule that allowed banks to own up to 25 percent of a media outlet, El Universo and El Comercio report.
According to ANSA, in August, the Banking Board established the 25 percent limit. Two weeks ago, the Telecommunications Superintendent told EFE that forcing bankers to sell off media stocks would lead to chaos. However, a committee in the Assembly said this was unconstitutional and threatened to hold hearings against the board if they did not overturn the limit., El Telégrafo explains.
The Banking Board’s decision gives banks until Oct. 20 to sell their media holdings.
Note from the editor: This story was originally published by the Knight Center’s blog Journalism in the Americas, the predecessor of LatAm Journalism Review.
