The expert report by two experts on the accounts of Bankia, and in which it was discovered that had been made up to go public, questions directly to the Bank of Spain and Deloitte. That’s what it says Francisco González, professor at the University of Oviedo and expert in financial economics, who noted that “being as explained in the document” the responsibility of the Comisión Nacional del Mercado de Valores (CNMV) would be zero, since its role is limited to certify that the financial institution submitted all required documentation.
Francisco Gonzalez said that with the data we have, it may be true what you said the president of Caja Madrid and Bankia, Rodrigo Rato, saying that the company could not cheating because it was completely controlled first in merging banks that gave birth to Bankia, and then the IPO. “What he said is that a deception, should talk about someone did a bad job, and may be right.”
And is that, according to the professor, “the primary responsibility for ensuring that claims are properly qualified and accounting principles are applied with rigor is the Bank of Spain, and after the audit.” That is, the inspection of the regulatory body “must certify that the bad loans are properly valued, and subsequently the company doing the audit must verify that everything has been done according to accounting principles, and that covers the entire process, including in contrasting information to see if they correspond, for example dates, “said the professor.
Another thing is the role played by the CNMV, “because it does not inspect or audit, it verifies that what is required to go public is presented” with what their responsibility would be null.
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