Bankia was solvent and faithful accounts in its debut, according to a … – euronews

Reuters, 30/03 20:15 CET

All financial information included in the prospectus Bankia its IPO reflected fairly the group, which met the solvency requirements to “almost final” in 2011, according to a new report by Ruben Manso, former inspector of the Bank of Spain. EFE / File

Madrid, March 30 ( EFE ) .- All financial information included in the prospectus Bankia its IPO reflected the true picture the group, which met the solvency requirements to “almost final” in 2011, according to a new report by Ruben Manso, former inspector of the Bank of Spain.

This expert, one of the two contracted by the Current team Bankia to clarify what happened, reaches these conclusions in a report submitted to the judge of the Audiencia Nacional Fernando Andreu and has had Efe access.

The work done, he says, can not but conclude that the financial statements of the BFA Group / Bankia should be regarded as consistent with the true picture of the economic subjects they represented.

“There is no evidence to show that the same during the period analyzed, contained errors or accounting materials in its formulation, as administrators have kept the Group endorse their auditors and supervisory authorities, “he adds.

In addition, the company founder Mansolivar stresses that the accounts that appeared in the prospectus of the IPO can be considered correct because they were either audited or reviewed by Deloitte.

The key to the market debut of the then entity chaired by Rodrigo Rato document met all the formal requirements information required by law at the time of the initial public offering ( OPS ), says this expert reputed, contrary to what is stated in court for the experts assigned by the Bank of Spain.

So much so, says the new report, the brochure IPO especially warned of the risks to which the issue of shares of the group was submitted.

However, the transaction was subject “strictly formal aspects legally required for this type of operation, paying particular attention to the characteristics and content of the prospectus and related documents to it.”

As for the participation of professional investors in the formation of the price of the IPO of Bankia, the expert recalls that was established as a guarantor of fixing a value of the company through a model concurrency.

Moreover, stresses that no limitations to the type of investor and its relationship with the issuer, nor the creation of corporate or long-term economic links were established.

For example, after studying the various purchases undertaken by investors, the new report concludes that the participation of companies refinanced loans represent “a low percentage in the order book.”

That will lets say “the existence of independence of all officers involved in the formation of prices” incident.

Manso recalls that display controller recommended that emissions of capital reconverted to collect boxes least a total of 200 qualified investors representing at least 40% of the capital.

In the IPO of Bankia such figure rose to 317 investors, of which 298 participated in the process of fixing price, and, according to the switchboards presented in the settlement of the offer, this requirement is amply fulfilled. The percentage of shares allocated to institutional investors was 45.52%

Regarding the issue price of 3.75 euros per share finally fixed, explains that was determined by “the existence of a complex economic moment for the country that determined the presence of risks arising from their economic situation as well as by pressure exerted by investors institutional “.

In its report, the expert also analyzes the post-IPO months and in no time, doubt the solvency of the group until the end of 2011.

Moreover, emphasizes that the Bank of Spain considered that Bankia would face “smooth” the maturities of 2012 and that actions contribute to a substantial improvement in liquidity in the coming years.

Finally, on the reformulation of the 2011 accounts held after the arrival of José Ignacio Goirigolzarri the group, Manso ensures that you can say they were correct because they had a favorable opinion of the board, the general meeting and endorsed by Deloitte, besides not have opposed the FROB .

euronews published from Reuters as, but not involved in the published articles.

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