Before the current government took power in 1999, there were about nine state-owned banks in Venezuela. The full-scale nationalisation or state ownership of banks started in 2009 when most of the banking groups faced corruption and fraud charges. The government opened national investigations of all the private banks, including one state- owned bank (Banfoandes). Following the investigations, the government took over about eight small private banks. Most of the banks had been subject to administrative action by the Supervisory Authority and the state's intervention became necessary as their required recovery plans were not viable.