Guindos attacks the Bank of Spain and the CNMV for listing of Bankia / Uly Martin / Reuters-Live
“The greatest financial collapse in the history of Spain does not deserve a commission of inquiry, Mr. Minister? “Wednesday has broached the Socialist spokesman of Economy, Juan Moscoso del Prado, the head of Economy, Luis de Guindos in Congress of Deputies.
Guindos tried to justify the refusal of PP opening a commission of inquiry into the case Bankia , and asked all parties following the conclusions of the inspectors of the Bank of Spain who worked as Judge Fernando Andreu experts on Tuesday. To do this, the minister went further than on other occasions and went on the attack.
“You know that the IPO of Bankia was a political decision. Defined by the government as a matter of state, in which the government forced wills and made the supervisors look the other way. As much as the direction of Bankia had determined to go public, this operation would never have occurred without the approval of the Bank of Spain and the CNMV. If you want to research, start by asking the previous government and then charge the Bank of Spain and the CNMV, all appointed by the Socialist government. “
The first person who contradicted Wednesday the minister was the current president of the Comisión Nacional del Mercado de Valores (CNMV), Elvira Rodriguez, appointed by the PP, which took responsibilities to former president, Julio Segura. According to Rodriguez, the Commission continued “all the usual steps in a public offering IPO of Bankia. At this stage it is too early to say anything, “he replied when asked about the report of the experts who question the accounts with the bank went public.
Rodriguez, according to Europa Press, indicated that the CNMV has not had access to the report though is available in its entirety on the website of El Pais, among other means by what he has seen in the media. “Some of the things read it seem to me somewhat subjective opinions,” he said at a conference organized by the APD.
The answer de Guindos caused surprise in the financial sector, gathered Wednesday at the 10th Meeting of the Banking Sector IESE and EY in Madrid. According to some executives, who requested anonymity, no one can ignore the great responsibility of Miguel Fernández Ordóñez, former governor, in this crisis
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Guindos snapped the PSOE that “his government forced wills and made the supervisors look the other way”
However, they believe that the response of Guindos supposed discredit supervisors , “after a crisis that has already suffered heavy wear”. “It is critical to the Bank of Spain and the CNMV, but want to say that the previous managers were not current,” added another, who recalled that the current lieutenant governor and former vice president of the Commission, are the same person: Fernando Restoy.
Respondents believe that this riff raff policy leaves a residue of political interference does not help to the European authorities, but most criticism was Guindos was by reductionism to show the crisis of Bankia as a problem of a failed IPO. “The bankruptcy of Bankia’s caused managers, Miguel Blesa, José Luis Olivas and Rodrigo Rato, who were the PP, not the governor. Even if he had not gone public, the bank was broken. And there are 22.424 million of taxpayers involved. Novagalicia, with which lost 8,000 million, was created by the will of President Mariano Rajoy who came to wish the President of the Xunta, Alberto Nunez Feijoo. All Valencian entities were controlled by the PP and broke: CAM, Banco de Valencia, Bancaja, which cost a fortune, “recalls another
Elvira Rodriguez, president of the CNMV appointed by the PP, took responsibilities to former president, Julio Segura
In response to Moscoso, which was advisor Guindos BMN- rescued bank explained his vision of the genesis of the crisis: “The starting problem is that you did not take the steps to be. Instead of cleaning up, restructure and recapitalize the banking sector, managing to escape forward merely to gain time and let the next -that Government say this- was found hopelessly with the bailout of Spain “. The minister said on the PP government “made in six months than you did in four years and today the banking sector is solvent”
The current governor, Luis Linde, who participated in the conference. IESE does not consider monitoring problems revealed by the reports submitted to the judge going to change anything. “I do not affecting in any way the reforms in supervision,” he said. “I do not think it will change anything.”
Meanwhile, all parties, Moscoso recalled, said Wednesday that “people want to know what happened in Bankia” which has emerged as a black hole after the expert reports. Currently, institutions do not move.
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