Madrid, Jan 11 (EFE) .- The judge in the case Bankia, Fernando Andreu, hear this week the experts said that the accounts that were the basis for the market debut of the entity did not reflect its real image, before deciding whether to call new witnesses or defendants in order to clarify what happened.
On December 4, the independent experts appointed by the Bank of Spain did get to judge an expert report which stated inter alia that the accounts of Bankia and its parent BFA in 2011, the last full of Rodrigo Rato as president of the group, as well as reformulated by his successor, José Ignacio Goirigolzarri did not reflect “the true image of these entities.”
And starting tomorrow, the judge has cited two technicians to realize its findings to all parties in person if Bankia .
The interrogations, which will be extended in principle until Friday, will shape the path that will take the case, as they serve Andreu to decide whether to extend the number of defendants and witnesses, as it has manifested in various orders made after receiving the report.
On the table is the application of imputing to Goirigolzarri and other members of the current Board of Directors though was the former which participated in the reformulation of accounts, except the current president of Bankia- as well as all users of the opaque cards Caja Madrid, on which the experts found a clear “will of concealment”.
But both Goirigolzarri as his predecessor as head of Bankia, Rodrigo Rato, has defended his role as head of the entity.
Rato noted that there was “neither intention nor ability to deceive” anyone in the IPO, as had bills of the Bank of Spain specifying what the expected loss group were boxes and recognized that the accounts were consistent.
And Goirigolzarri reiterated that funding issues that question the experts are prior to their arrival to the state.
Both in the case of Bankia and its parent BFA the distortion was due to “the existence of material importance adjustments unaccounted” stated the report, detailed in the 2011 accounts prepared by the team Rato highlighted “the poor quality of monitoring credit risk.”
In the case of BFA, experts questioned not provide financial strength participation in Bankia -in which the Valencian Bancaja, in the reformulation of accounts generated an adjustment of 5.189 million euros, or were retired joined tax assets, all of which must register at the date of the first statements after the IPO.
With regard to the accounts restated under President Goirigolzarri, the experts considered “improper adjustment of tax assets BFA, 2,744,000″ and the impairment losses recognized in particular those related to writedowns 20,807,000 discounted 3,100 million attributable to the transfer of assets to the bad bank, SAREB.
According to the experts, “it is clear that some of these impairments were earlier 2012 “, the year in which the new team Bankia reformulated accounts from the previous exercise.
The report also detect accounting errors in the first accounts of Bankia 2011, which did not meet the regulations of the Bank of Spain as it should have been reduced eligible capital and net worth in those states amounting to 781.9 million euros, reducing the income and losses on the group’s exposure to the real estate sector.
Also should have recorded losses 1301.30 million for the review of portfolios and risk to the promoter and real estate sector.
The adjustment for these concepts sum 2083.20 million and would make the group really lost 1,830 million euros compared to 252.87 million profit that Bankia said before the march de Rato, the report concludes.
In addition, the experts conclude that BFA also made good their accounts and had adjusting for 6869.81 million, making a “very significant losses” of 4,570 million euros, against 30 declared.
You would score Neither the 2011 accounts restated by the team of Goirigolzarri, which were approved by unqualified auditor Deloitte and Francisco Celma whose complaint has also requested some accusation, complied with the rules of the Bank of Spain, indicated the experts, regarding consideration as certain delinquent loan portfolios to developers
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