Nationalizations and the creation of new state firms stopped abruptly after Velasco lost power. In 1980 the Belaúnde government announced a program to privatize most of the state firms, but it proved difficult to find private buyers, and few of the firms were actually sold. In the opposite direction, the subsequent García government, in addition to nationalizing in 1985 the offshore oil production of the Belco Corporation, a United States company, tried in 1987 to extend state ownership over banks remaining in private hands. The attempted banking nationalization created a storm of protest and was eventually ruled to be illegal. The failures under both Belaúnde and García to change the balance left the state-enterprise sector basically intact until Fujimori implemented major changes.