Expand / The SGR will reduce its capital by 20 million so that no part of the public sector to consider and compute the deficit, though still alive thanks to a guarantee of 200 million Consell. At the time of this alleged weight loss, IVF director, Manuel Illueca, will be the new president.
One of the sons of the financial crisis have been the bailouts and nationalizations of financial institutions … to which it is to look not. The Board of Directors of the SGR has just approved a capital reduction that seeks to avoid precisely that their rescue suppose for the Generalitat Valenciana have to account for its debt as part of the public deficit. This despite that meet the deficit target seems more worthy of a science fiction movie that law in force.
The company directors have unanimously approved reducing the shareholding the Generalitat Valenciana in the SGR. This agreement aims to prevent the segmentation of the entity within the public sphere, as the National Audit Office (IGAE) administration understood to overcome 50% of the share deal. This decision will prevent the increase of the Valencian government deficit by not having to take the coffers of the Generalitat Valenciana debt of the SGR.
With the adoption of this measure, public administration reduced its share from 55 % to about 40%, and decreases its capital SGR in about 20 million euros, as agreed by the Council, it will go to fund technical provisions of the entity. That is, that money not return to the regional coffers.
Remember that besides the SGR is alive thanks to a guarantee of 200 million approved by the previous Consell of the PP, which served as collateral for the rest of banks to refinance the company.
Interestingly, yet it ‘denationalizes’ the SGR, the board has appointed as president of it to the director of IVF, Manuel Illueca. Traditionally this position was occupied by a businessman, but his appointment was for the Ivace.
The Council approved the report which allows the modification of the statutes of the guarantor society and that will be proposed for approval at Annual General Meeting . The new statutes established limit the participation of the Generalitat Valenciana in 45% of capital and reducing the maximum number of directors. The SGR, which has already reduced the number of directors from 34 to 9, proposed an amendment to the articles of association so that the Board of Directors is composed of 3 to 6 members. With this reduction, is to have a more agile and executive when making decisions Board of Directors, the bank said.
Currently, the SGR is working on the implementation of a Strategic Plan that has as key areas to address the debt owed to financial institutions and regain their normal business activity.
The council SGR has valued “very positively” the acceptance of the new president of the organization for institutional support involved. For his part, Manuel Illueca recalled that with its entry “the Generalitat Valenciana meets its commitments and supports the SGR to continue on the path of recovery of activity and the assumption by the IVF of the Council presidency SGR is a good example of that. “
the Consell reduced to 40% weight in the SGR while appointing Illueca President
Information of Expansión
http://entornointeligente.com/articulo/8049859/El-Consell-reduce-al-40-su-peso-en-la-SGR-a-la-vez-que-nombra-a-Illueca-presidente
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