Things that make you go mmm, I wonder: Argentine banking system archives destroyed by deadly fire
While we are sure it is a very sad coincidence, on the day when Argentina decrees limits on the FX positions banks can hold and the Argentine Central Bank’s reserves accounting is questioned publically, a massive fire – killing 9 people – has destroyed a warehouse archiving banking system documents. As The Washington Post reports, the fire at the Iron Mountain warehouse (which purportedly had multiple protections against fire, including advanced systems that can detect and quench flames without damaging important documents) took hours to control and the sprawling building appeared to be ruined. The cause of the fire wasn’t immediately clear – though we suggest smelling Fernandez’ hands. Argentina’s central bank published resolution late yesterday on website limiting fx position for banks to 30% of assets. Banks will have to limit fx futures contracts to 10% of assets: resolution. Banks must comply with the resolution by April 30.
Nine first-responders were killed, seven others injured and two were missing as they battled a fire of unknown origin that destroyed an archive of bank documents in Argentina’s capital on Wednesday. The fire at the Iron Mountain warehouse took hours to control. The destroyed archives included documents stored for Argentina’s banking industry, said Buenos Aires security minister Guillermo Montenegro. The cause of the fire wasn’t immediately clear. Boston-based Iron Mountain manages, stores and protects information for more than 156,000 companies and organizations in 36 countries. Its Argentina subsidiary advertises that its facilities have multiple protections against fire, including advanced systems that can detect and quench flames without damaging important documents. “There are cameras in the area, and these videos will be added to the judicial investigation, to clear up the motive of the fire and collapse,” Montenegro told the Diarios y Noticias agency.
Delivered by The Daily Sheeple
Contributed by Tyler Durden of Zero Hedge.
Source: http://www.thedailysheeple.com/things-that-make-you-go-mmm-i-wonder-argentine-banking-system-archives-destroyed-by-deadly-fire_022014
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