Expansion / The European Commission and the European Central Bank are uncomfortable with the decision of the Government to delay by two years, until the end of 2019, the deadline for the privatization of Bankia and BMN.
The community Executive and the ECB are critical of the lack of recent progress in the privatization of both entities, put the sale of Bankia and BMN as one of the outstanding tasks and urge the Government to develop a good strategy to complete it. In these moments, the two entities are owned by the State through the Fund for Orderly Bank Restructuring (Frob).
“The restructuring of the Spanish banking sector has made good progress [...] however, from 2014 there has been no progress in the re-privatisation of the two banks which remain the property of the State. Complete the restructuring and privatization of these State-owned banks it is important to further strengthen the stability of the sector”, say the Commission and the ECB in a report on its visit to Spain as part of the monitoring post-rescue. “The new government should follow a clear strategy toward privatization”, something goes on later on.
On the possibility announced by the Government to merge Bankia and BMN, the Commission and the ECB are shown cautious. After the echo of the Frob is studying the absorption of BMN on the part of Bankia, along with other options of divestment, the report warns that “any decision in this regard must respect the principle of maximizing the recovery of public funds and be consistent with the requirements of the market
Commission and the ECB get in a hurry to privatise Bankia and put conditions to a merger with BMN
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http://entornointeligente.com/articulo/9368452/Comision-y-BCE-meten-prisa-para-privatizar-Bankia-y-ponen-condiciones-a-una-fusion-con-BMN
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