Bankers admit that the Socialist Government pushed them – Newspaper

Bankers admit that the Socialist Government pushed them – Newspaper

Thursday, December 11, 2014

Luis de Guindos, at the meeting of Government control in Congress.

In the pre-departure at stock Bankia in July 2011, the main Spanish banks and other large enterprises weeks ensured when the microphones were off to the Government José Luis Rodríguez Zapatero had conveyed that they should support the operation because it was a “matter of state”. A statement yesterday returned to the fore in another light, following the recent report of the experts of the National Court said the company began trading with accounts which did not reflect the real situation.

Several industry sources yesterday reiterated that received pressures. “We came to call directly (the financial vice president) Elena Salgado ‘, aimed at a large entity. In another stated that there were also calls the Secretary of State for Economy, José Manuel Campa, and that the Government came to mediate for senior industry executives might receive a Rodrigo Rato , president of Bankia , to specify its support for the operation.

“We had a lot of pressure but a few days we had sold all shares, some with small gains. The problem was to small shareholders who were trapped by the commitment of government in the output to stock “added another top manager.

POLITICAL ATTACK

The Minister of Economy, Luis de Guindos , referred to this situation handwashing on possible responsibilities of PP and the current Government the debacle of Bankia . “The solution to Exchange was a political decision. Government is defined by the As a matter of Status , in which the government forced wills and made the supervisors look the other way, “snapped the PSOE deputy Juan Moscoso in the control session the Government, recalling Salgado capital rules that forced the bank’s debut on the market.

The socialist had disfigured the Executive who refused in May 2012 to open a commission research Bankia, he recalled, was created by Caja Madrid and Bancaja , “managed for many years by very next leaders of the Popular Party organizations.”

Guindos countered: “As much as the direction of Bankia had determined to go to Exchange , this operation would never have occurred without the approval of the Bank Spain and the Comisión Nacional del Mercado de Valores ( CNMV ). If you want transparency and research begins by asking the previous government and the then responsible for Bank of Spain and CNMV ; all appointed by the Socialist government. ” The message surprised the industry for its hardness and target the main supervisory bodies of the country.

Indeed, an executive of a bank stressed that the problem of accounts Bankia could due to an error in the regulation, in addition to the managers of the entity. “In Spain there is no concept of expected loss (to recognize impairment of assets), but a timetable for supplies. There was a time when the expected loss was much greater than that recognized by the calendar, so the government passed two decrees Guindos , to recognize asset impairment accounting, with provisions, ‘said .