The bankruptcy, Legal and Economic Administrators Administrators (Peter Martin Molina) and Data Insolvency (Vera Francisco Vazquez) have announced that the current account balances of pension funds and collective investment instruments (IIC) investment -funds and SICAV- of Banco Madrid out depositary will not enter the mass of the contest, which will proceed to full transfer “in the coming days.”
In a statement, the receivers of Banco Madrid has clarified that the process of transfer of the UCITS and pension funds and other depositories to Cecabank done so far affected only the deposited securities (such as stocks and bonds ) without being transferred monetary balances in checking account held in Banco Madrid last March 25, the date of declaration of insolvency.
The decision was taken after a “thorough” review of applicable legislation, the Bankruptcy Act, the Securities Market Law, the Law on Collective Investment Institutions (CII), Royal Decree and Regulation governing pension plans and funds, jurisprudence and even the doctrine of Spain, according to the receivers.
“In accordance with the aforementioned sectoral legislation of the UCITS and pension funds, is admissible separation and consequently cash balances in current accounts can not be held insolvency claims” indicated.
However, the receivers of Banco Madrid has clarified that the same law requires that cash balances in checking account maintained at a bank in bankruptcy and not from acting as depositary pension funds and UCITS are considered bankruptcy credit, so they will have the same status as the other balances in current and not separate accounts.
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