The steering committee decided Wednesday Frob tell the judge “not opening a resolution process to the Banco de Madrid entity” in response to the order of the judge asked him if he wanted to clarify rescue or liquidate the entity.
Following the decision of the FROB, the court will continue the processing of the application of the competition last Monday was requested by the new management of the bank, it leads to Banco Madrid to settlement by the bankruptcy route .
The FROB has informed the holders of the cash deposits of this BPA subsidiary of the Bank of Spain has determined that “having produced unpaid beatable and payable cash deposits, Banco de Madrid SAU: is in a state of inability to restore them without having prospects to do so in the immediate future. “
After the decision not to rescue the bank reports that the FROB will satisfy the holders of cash deposits the Amounts secured under the terms established by regulations that are a maximum of 100,000 euros per holder.
On Monday the new directors of Banco Madrid requested the voluntary bankruptcy of the company due to “severe deterioration suffered in its economic-financial “situation, a process that was interrupted by the judge for 14 days for the FROB decided if I opened a restructuring of the company.
Banco Madrid was operated by the Bank of Spain last March 10 after Andorra takeover of its parent, BPA, for alleged money laundering.
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