In 1998, it was replaced by Instituto para la Protección al Ahorro Bancario (Bank Savings Protection Institute), Mexico's current deposit insurance agency.
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 the previous two administrations, the government of Carlos Salinas de Gortari instituted the Fobaproa, a contingency fund for extraordinary financial problems.
In September 1998, the government of Ernesto Zedillo and the groups of the PAN, PRD, PRI, PT and PVEM in Congress agreed on establishing a framework of agreements to approve the presidential initiatives.
In July 1998, the Secretaría de Hacienda y Crédito Público (SHCP, the Mexican Office of Revenue) approved Congress to analyze all operations associated with the Fobaproa.
The PRD also demanded legal action against government officers and business people that mismanaged the funds, and to restrict support to small and medium-size investors.
On August 4 of the same year the PRD made public a list of those who benefited from the Fobaproa amidst accusations by the SHCP, the Ministry of the Interior of violations to the law of banking secrecy.
[4] The president of the PRD, Andrés Manuel López Obrador declared that it would be "unconstitutional" to convert the funds owed by investors and bankers into public debt.
One of the proposals was the creation of a Instituto para el Seguro de Depósitos Bancarios ("Institute for the Insurance of Bank Deposits") supervised by Congress and to protect funds of saving-holders.