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スペインのラジョイ大統領は、銀行健全化に失敗したBANKIA銀行の頭取のロドリゴ=ラト氏を辞任
El Gobierno de Rajoy fuerza la dimisión de Rato en Bankia
Los planes de inyectar dinero público y la presión de los mercados y el FMI llevaron al presidente de Bankia a dejar el cargo. Goirigolzarri será su sustituto
Rajoy's government force the resignation of Rato Bankia
Plans to inject public money and the market pressure and IMF led the president to leave office Bankia. Goirigolzarri will be your substitute
Barron Íñigo Madrid 8 MAY 2012 - 10:32 CET
No one can manage a bank against the Government's view and the market. That is a maxim that applies in the financial systems of the United States, United Kingdom or Spain. Rodrigo Rato (Madrid, 1949), tried for months to fight against both forces and lost the battle.
The former vice president Aznar economic and Managing Director International Monetary Fund (IMF) yesterday submitted his resignation to the front of Bankia and its parent, Bank Savings Financial (BFA). Rato said in a statement that he considered it "the best interests of the state." Proposed as a substitute Jose Ignacio Goirigolzarri (Bilbao, 1954), former CEO of BBVA to September 2009.
Government president, Mariano Rajoy, spoke on Sunday and yesterday Rato. In his usual style, Rajoy called on Rato's resignation, but he explained that there was pressure on the entity, which has 31,800 million in loans and toxic assets, and the difficulties arising for the entire financial sector, and plans to inject public money with which to clean up its balance sheet. In the last conversation, Rato offered to leave his post if it would benefit the company and the Spanish financial system. Yesterday, before being with Rajoy, Rato spoke with Minister of Economy, Luis de Guindos. It was not an easy task for Rajoy because Rato is a key man of the PP, but "the gravity of the situation demand," they say in the market. Rato is entitled to a severance payment of 1.2 million.
The IMF had already made clear to the entity Bankia as systemic management problems and need for sanitation. Never before had seen so clearly pointing to a bank in an IMF report. In the market means that it was a movement sponsored by Economics and has been instrumental in accelerating the end of Rato. This yesterday sent a message of reassurance to depositors to the robustness of Bankia.
"The government's fear of the intervention of Spain. Rajoy became convinced that the solution to the financial collapse and the risk premium starts to professionalize the management of Bankia "said a senior executive of a large entity. Furthermore, the Government is aware that not justify a massive injection of public money (shuffled between 7,000 and 10,000 million) without changing of the presidency and Rato was aware that the injection could be especially unpopular because of its proximity to the PP. Still, is explain to the public how they can help financial institutions with billions while cuts in health and education.
more informationRato resigns as president of BankiaRato is entitled to compensation of 1.2 millionBankia: 31,800 billion in risky assetsProfile: Goirigolzarri, a quiet manProfile: Rato Hatsa Once Upon a TimeAnalysis: the keys to a necessary changeThe Bank of Spain and Economy finalize a profound reorganization of Bankia
In a first step, the former CEO of BBVA will be appointed director of BFA and Bankia, to then be appointed CEO of both entities. Presumably this will happen later this month. However, Goirigolzarri could start to work and in finding a solution to Bankia, a really complex task and it is anticipated that the board appointment this Friday.
The main question that should resolve the Basque management is how much money to Bankia-BFA to survive and what will be the organization of the group to be viable. Do not forget that the matrix, BFA, is a real bad bank, from which hangs the listed company, Bankia, in a complex interplay of accounting.
Market sources do not rule out merging BFA and Bankia for a global sanitation and clarify the status of preferred shares issued by the matrix. BFA also finished deck that cut off as a bad bank, supported by state aid. It has 4.465 million in preferred stock, paid more than 7.75%, representing a significant payment of money. The decree of Guindos to inject government loans convertible into shares when mergers. Now there is a merger, but you may find a legal formula to help the organization.
According to Rato, Goirigolzarri is "the best person to lead this project at this time." Directors of Santander, BBVA and La Caixa consulted agree that is the right person, "the best professional outside and the only entity capable of overcoming a challenge like this."
Bankia accumulates 31,800 million in troubled real estate assets
Goirigolzarri received 68.7 million as pension and severance pay after 30 years working in the BBVA. He left the body at the wish of the president, Francisco Gonzalez, Angel Cano put in place. Goirigolzarri had a commitment not to compete for two years with BBVA. As he left the agency two and a half ago, is released from any commitment. Goirigolzarri not have an audit to be guided, and that Deloitte has not delivered the 2011.
The Bank of Spain and the Government Goirigolzarri pressured to accept the position, which will not earn much money (compared to other salaries) and will face major challenges. In the first negotiations, on April 30, Rato agreed to change the CEO, Francisco Verdú, and continue as executive chairman, according to financial sources familiar with the operation. Goirigolzarri refused. I wanted full power problem after their experience with Gonzalez. Yesterday, Rato agreed to step down. The new executive shall have all powers and the ability to ask for the money it deems necessary for the raising of Bankia.
Goirigolzarri "is the right person," said the former minister in a statement
The presidents of the three big banks were in constant telephone contact over the weekend. His argument is that the problems directly affect them Bankia its impact on the risk premium and the fall of the ratings agencies' risk assessment. From Bankia is contraargumenta saying that the great "pop" their problems (excess office solvency problems) "blaming everything on Bankia. Now we'll see if the cap is Bankia problem or there are actually many more, "says an executive of the entity.
Rato's departure has surprised the market (although the stock has received increases in the sector) because until four days ago defended the viability and without public aid of Bankia. Rato became president of Caja Madrid in January 2010 and a few months later merged with Bancaja and five small boxes more. Too many entities with common problems: poor management, lots of brick and low income. An explosive cocktail.
Rajoyの政府力ラトBankiaの辞任
公的資金や市場の圧力と国際通貨基金（IMF）を注入する計画は、大統領がオフィスBankiaを残すために導いた。 Goirigolzarriあなたの代わりになります
バロンイニゴ·マドリッド8 MAY 2012 - 10:32 CET
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