Brazil's Central Bank has classified documents related to the extrajudicial liquidation of Banco Master as secret for eight years, with public release set for November 2033. The decision follows internal norms and aims to preserve the country's financial, economic, and monetary stability. It responds to a request by Folha under the Access to Information Law.
Brazil's Central Bank decreed the extrajudicial liquidation of Banco Master on November 18, 2025, after identifying structural fragilities, a severe liquidity crisis, and violations of National Financial System norms. The institution, founded by Daniel Vorcaro and classified in the small-sized S3 segment, held 0.57% of total system assets and 0.55% of total funding.
In response to a February 2026 request by Folha under the Access to Information Law, the Central Bank justified the secrecy by stating that immediate disclosure would "militaria contrariamente ao interesse público na preservação da estabilidade financeira, econômica e monetária do país." The eight-year secret classification was set by President Gabriel Galípolo in November 2025, per a January 2018 norm signed by Ilan Goldfajn for S3 institutions.
Larger banks face up to ten years of secrecy; smaller ones up to five years as reserved. The Central Bank also cited investor protection and risks to ongoing financial system intelligence investigations.