The Economy Minister Luis de Guindos said Monday that the creation and Bankia IPO was a “mistake”, but is now “one of the most creditworthy entities” in Spain and EU as demonstrated by the recent review of the European Central Bank (ECB), and “part of the solution” for the Spanish economy.
“I said in May 2012 in the Spanish Parliament that both creation the IPO of Bankia were a mistake, “Guindos said when asked about the case Bankia expert report which warns of a possible make-up of the accounts of the company for its IPO. In parallel, the Spanish Minister asked not anticipate events for possible claims from investors by irregularities in the accounts.
However, it has made clear that this expert report only a case element and there is “other evidence”. “The CNMV and the Bank of Spain, when they went to testify for the Bankia case, said the process was completed successfully”, said Minister of Economy.
“I will not go there. For me the important thing now is that Bankia is a solvent entity, sound, “insisted Guindos. “Bankia was part of the problem of the Spanish economy in 2011, today is part of the solution” has settled.
“The bottom line is that today Bankia is one of the most solvent entities in Spain and one of the most solvent entities in Europe. What matters is that Bankia is restructured, is sound and solvent, “concluded the minister.
De Guindos, who will respond Wednesday to a parliamentary question on Bankia, said in a recess of the Eurogroup in Brussels entity “is one of the most solvent of Spain and Europe” and “being healthy”, according to the results of the stress tests and quality of European assets.
“From there we can look back. Said in May 2012 in the Spanish Parliament to both the creation and the IPO of Bankia was a mistake, “recalled the minister when asked by the expert report submitted to the judge in the case, Fernando Andreu.
The report established that pre-IPO of the company in the summer of 2011 accounts did not reflect the true image of the bank, nor the whole of that year, both team Rodrigo Rato as the first made after the arrival of José Ignacio Goirigolzarri.
The work commissioned by the judge to clarify the events that led to the rescue of Bankia, which received a grant of more than 22,400 million euros, suggests that the price set for the stock debut, 3.75 euros per share, was rigged because it was not set competitively.
It was based on offers 29 economic groups, some clients of Bankia itself with refinanced loans and receiving facilities to acquire the securities, and others who made “immediate” sales after the IPO, which to the experts questioned the real interest of some investors.
Asked about possible compensation claims by affected investors, De Guindos asked “not anticipate events.”
“The expert report is a part of the process. There is also other evidence, as the Comisión Nacional del Mercado de Valores (CNMV) and the Bank of Spain said when they went to testify in the case of Bankia that the process (IPO) had been successful, “stressed the Minister .
He said the Fund for Orderly Bank Restructuring (FROB) made it clear that the expert report “absolutely no affect at all” to calculations made by the independents assessors based on economic values and no significant accounting Bankia, which led to an injection of 22,400 million euros.
“For me it is important that Bankia is a solvent entity, sound, that in terms of the ability to generate future income is in a completely different situation “when he was rescued, he said.
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