Venezuela to sell assets of 8 failed banks.

CARACAS -- The emergency board overseeing Venezuela's troubled banking industry authorized the deposit insurance fund to begin selling the assets of eight banks taken over by the government.

The assets to be sold - about $1.7 billion in loans and real estate - were the security for loans the government provided before it took over the failing institutions last month, said Norys Aguirre, president of the insurance fund, known as Fogade.

The emergency board was created June 30 to stabilize the banking system and protect depositors. Wednesday was the deadline for the eight banks to present rehabilitation plans to avert liquidation, and at least two had done so.

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