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
Rancho Bolsa de San Cayetano Rancho Bolsa de San Cayetano Rancho Bolsa de San Cayetano was a Mexican land grant in present-day Monterey County, California given in 1824 by Governor Luís Antonio Argüello to Ygnacio Ferrer Vallejo, and confirmed to his eldest son, José de Jesús Vallejo, by Governor José Figueroa in 1834. The name means "pocket of St. Cayetano". Pocket usually refers to land surrounded by slough - in this case the Elkhorn Slough. The grant was bordered on the west by Monterey Bay and on the north by the Pajaro River, and is just south of present-day Watsonville. Ygnacio Vicente Ferrer Vallejo (1740–1832),