▁Ex cess ive ▁amounts ▁of ▁the ▁budget ▁were ▁directed ▁to ▁the ▁establishment ▁of ▁research ▁instit utes ▁and ▁cent ers , ▁creation ▁of ▁new ▁professor ial ▁ch airs , ▁and ▁the ▁construction ▁of ▁several ▁buildings , ▁the ▁establishment ▁of ▁a ▁techn ological ▁infrastr ucture , ▁including ▁Internet ▁access , ▁creating ▁a ▁def ic it ▁in ▁the ▁univers ities ▁accounts . ▁This ▁situation , ▁together ▁with ▁the ▁increasing ▁cost ▁of ▁the ▁ret irement ▁plans ▁and ▁the ▁delay ▁in ▁its ▁pay ments , ▁were ▁the ▁causes ▁of ▁the ▁financial ▁and ▁institution al ▁crisis ▁of ▁ 1 9 9 8 , ▁which ▁ended ▁in ▁the ▁closure ▁of ▁the ▁university ▁in ▁the ▁second ▁sem ester ▁of ▁ 1 9 9 8 ▁and ▁the ▁susp ension ▁of ▁payment ▁to ▁all ▁the ▁academic ▁and ▁administrative ▁staff ▁members . ▁ ▁Institution al ▁acc red itation ▁and ▁current ▁standing ▁ ▁In ▁early ▁ 1 9 9 9 , ▁the ▁University ▁restart ed ▁its ▁operations ▁after ▁several ▁difficulties . ▁The ▁work ▁of ▁R ectors ▁Em ilio ▁Al jure ▁N asser ▁and ▁Oscar ▁Ro jas ▁R enter ía , ▁allowed ▁the ▁creation ▁of ▁the ▁Ret irement ▁Fund ▁in ▁ 2 0 0 0 ▁with ▁the ▁participation ▁of ▁the ▁Ministry ▁of ▁Fin ance ▁and ▁Public ▁Cred it , ▁the ▁Governor ▁of ▁Valle ▁del ▁C au ca ▁and ▁the ▁University , ▁which ▁has ▁managed ▁since ▁then ▁the ▁ret irement ▁plans ▁for ▁all ▁the ▁staff . ▁ ▁Also , ▁the ▁deb t ▁contract ed ▁with ▁the ▁private ▁bank ing ▁sector ▁was ▁ren eg oti ated ▁and ▁will