Fobaproa the FONAPRE ("Fondo de Apoyo Preventivo a las Institiciones de Banca Múltiple" or "Fund of preventive support to banking institutions") was founded to preserve the financial stability of banks, with the government having banks as trustees. By 1987, a parallel finance industry had been created with brokering firms, investment societies etc. To continue attracting investors, interest rates increased at the Bolsa Mexicana de Valores, and with the crash in the New York Stock Exchange, the national banking system was deeply affected and another devaluation came as a result. In 1990, in an attempt to prevent situations similar to those of
Grupo Elektra Grupo Elektra Grupo Elektra is a Mexican financial and retailing corporation established by Hugo Salinas Rocha. The company has operations in Latin America and is the largest non-bank provider of cash advance services in the United States. It is listed on the Bolsa Mexicana de Valores (ELEKTRA*) and on the Spanish Stock Market Latibex (XEKT). The Group operates more than 7,000 points of contact in Mexico, the United States, Guatemala, Honduras, Peru, Panama and El Salvador. The company operates through two divisions to satisfy the needs of its customers: commercial and financial. Grupo Elektra offers appliances, consumer electronics, furniture, motorcycles,