Overview
- President Claudia Sheinbaum cited a Treasury study on Monday that concluded the 1990s bank rescue known as Fobaproa, now managed by IPAB, is effectively unpayable under its present design.
- SHCP figures updated to July 2026 show cumulative interest and administrative costs of about 2.181 trillion pesos and outstanding IPAB pasivos above 1.165 trillion pesos.
- The study finds that current servicing covers only part of interest while principal is left untouched and some obligations are met by issuing new debt, a cycle IPAB sustains through bond auctions and refinancing.
- IPAB planned Q3 2026 auctions of 59,800 million pesos while facing maturities of 74,464 million pesos, forcing ongoing market operations that keep the liability on public budgets.
- The presidency has scheduled a special mañanera with SHCP officials to present the analysis and answer questions as lawmakers prepare to review the 2027 budget, raising pressure for transparency and legal or policy options.