Few could foresee in June 2012, when the Government appointed Luis María Linde governor of the Bank of Spain, two and half years after the supervisor would have to appeal to their independence and professionalism to defend the harsh criticism that would pour over this institution’s Economy Minister Luis de Guindos, the same who had facilitated the gubernatorial candidate Mariano Rajoy.
Few could also imagine that the constitution of BFA-Bankia, 2010 as its IPO in July 2011, they would become a matter of state. But not for new capital requirements, which do not have them-his head, BFA has a surplus of 6,003 million- but by the confrontation that would result from the Bank of Spain and Economics, and the fall of one of the men who was key to the PP, for the Aznar government and the financial and economic system of the country, Rodrigo Rato.
The reports of the two experts from the Bank of Spain, Antonio Busquets and Víctor Sánchez, appointed by Judge Fernando Andreu in the case Bankia have raised an unusual dust. It has uncovered the box of thunder, and now begin to leave all the crap years had hidden under the carpet.
So much so that nothing usual controversy between the Bank of Spain and Economics, took Thursday the supervisor to issue a strong statement in defense of the actions of the institution Bankia both the former governor, Miguel Angel Fernandez Ordonez, for the present, Luis María Linde. Experts cite a keyword in the statement of the supervisor, “believe”. The executive committee of the Bank of Spain is not lavish in press (previous it issued 22 months ago). Hence assume that each word is used by the supervisor in note this Thursday to the millimeter.
That is also why the experts give so much importance to this verb, considering that according to the RAE means thinking , meditate, reflect something with attention and care, treating someone with civility and respect, judge, estimate. The executive committee “considers that the actions of the Bank of Spain was adjusted at all times to maintain high professional standards, respecting current legislation and established procedures,” read the third paragraph of the statement.
What do you mean with this the Bank of Spain ?. Nothing more and nothing less than the constitution or IPO of Bankia acted in accordance with regulations and professional manner (no suggestion from anyone). No prejudice if done well or done badly, if errors were committed or not. If it is hit or not. Only asserts that operated following the legal procedure, with professional and independent criteria, absolutely not judge the success or otherwise of the decisions taken.
“This verb, consider very important. Knowing the Bank of Spain certainly shuffled a lot of verbs and took his time in choosing that, “a financial source.
The supervisor not want to fall into the mistake he made in July 2011 with the issuance of a note “too triumphalist” explain the sources. On that date the Bank of Spain issued a statement assessing “very positively” the IPO of Bankia, CaixaBank and Banca Civica.
“That statement might now, in the distance is considered an error. Yes, it is. But it may have some excuse if one considers that no one could think that the crisis lasted much, or that Bankia was providing data did not correspond with reality, let alone by Bancaja and Banco de Valencia. In retrospect it seems that the information provided by the banks that originated Bankia was inappropriate, “says an expert in financial communication, recalling the numerous reports of savings banks that are sending the FROB the prosecutor.
After the release of the Bank of Spain on Thursday, coinciding with another issued by inspectors to support the work of experts in Bankia, and criticism a day before Guindos, repeated Thursday by the PP and the Deputy Government, Soraya Sáenz de Santamaría, in the press conference after the Council of Ministers, must now wait for the explanation made the two expert witnesses in court in January.
Although you may first make themselves meet other forensic reports in response to the findings of Antonio Busquets and Víctor Sánchez. Bankia has commissioned his own response to the harsh statements he made these two experts for the performance of its current president, José Ignacio Goirigolzarri, to restate the accounts of the entity, 2011. They speak of “accounting errors” which does not reflect the “faithful image “of the accounts. The Bank of Spain is out of the case opened by Judge Andreu, but also studied in depth, of course, the text of the experts. And also, not surprisingly, made his report, explain legal sources. Although qualify this analysis of the situation need not be made public.
The main accused of case Bankia , Rodrigo Rato, also charge another expert report. “Or it would make sense to be submitted to the court an analysis replicating the expert report Busquets and Sanchez” maintains the same legal source.
And while it is fine that is vacuumed to clean and aerate the financial classrooms, but with the case Bankia appears to have been chosen to connect the fan to the dirt splashing the greatest number of people.
What happens in this is that “what should resolve justice has been mixed with politics, economic policy, economic with social, social with municipal and regional elections (even general), and lessons with financial sector. An explosive mixture. “
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