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スペインのBANKIA銀行とその親銀行のBanco Financiero y de Ahorros(BFA)は、自己資産?を35億0000'0000ユーロの過剰評価
El auditor de BFA-Bankia encuentra un desfase patrimonial de 3.500 millones
Las objeciones de Deloitte a las cuentas del grupo obligaban a la entrada del Estado
El desfase patrimonial de la matriz del banco no se podía subsanar por sus propios medios
El ajuste fue el detonante de la salida de Rodrigo Rato de la presidencia
The BFA-Bankia auditor finds a discrepancy of 3,500 million equity
Deloitte's objections to the accounts of the group forced the state's entry
The gap assets of the parent bank could not overcome on their own
The setting was the trigger output of the Presidency Rodrigo Rato
Barron Íñigo Madrid 9 MAY 2012 - 00:30 CET
Deloitte's objections to the accounts of the group forced the state's entry
The gap assets of the parent bank could not overcome on their own
The setting was the trigger output of the Presidency Rodrigo Rato
Barron Íñigo Madrid 9 MAY 2012 - 00:30 CET
When a company's situation is complicated, audits become a key document for understanding what is happening, and very tricky. Auditors try to avoid subsequent complaints, so tuned in signing the document. So much so that the audit of Bank Savings Financial (BFA) and its subsidiary Bankia became a key element in the output of Rodrigo Rato, president of the group, and to allow the Government the profound reorganization of the group.
The main topic of discussion between Deloitte and managers Rato, but not the only, was that the Bank Savings Financial and had counted on the participation of Bankia 12,000 million in balance. Its current value is 2,000 million stock and book value is 8,500 million. Huge gap between reality (the market) and of the records.
Both sides have seemed reasonable that a lowering of the value of 12,000 million Bankia to the Exchange, 2,000 million, because there is an interest that BFA intend to sell in the market. However, Deloitte did consider necessary to reduce from 12,000 million to 8,500 million Bankia book value, ie a reduction of 3,500 million. These should be 3,500 million charge against income, but that was impossible because BFA earns 41 million.
The other possibility was to do it against the assets of the entity. This property amounts to 3.515 million. That is, if it met the requirement would be at zero Deloitte heritage of BFA, the matrix of Bankia. To prevent BFA ran out of assets should be 4.465 million converting preference share capital of the State, as provided by law. The problem is that, automatically, the State would remain as the sole shareholder of BFA and the entity would be nationalized in 100% of its capital.
more informationRajoy's government force the resignation of Rato BankiaThe Bank of Spain and Economy finalize a profound reorganization of BankiaBankia explains that the auditor has asked for more time to analyze the accountsAlmunia calls for a restructuring plan for Bankia
This left the entire control of BFA, chaired by Rato, in state hands. The argument became an insurmountable obstacle to the president, Rodrigo Rato. Ran out of arguments to counter the request of the Ministry of Economics and International Monetary Fund (IMF), which demanded a change of management in the group that included his departure. If BFA was going to be the state, the recommendations of Economics became orders. The ability to maneuver Rato was markedly reduced.
Auditors and is responsible for Bankia enrocaron each in his position. The group chaired by Rato argued that their accounts were included in the reorganization plan that was submitted to the Bank of Spain and had not requested a reduction in the carrying value of Bankia. However, another supervisor warned the group that had Bankia increase their capital, while admitting that it was possible to achieve by selling preference shares and most of the industrial group.
The group believes there is no need to adjust the value because it intends to sell
BFA also argued that not all banks have reduced its holdings to the book value, let alone to market capitalization. They also felt that these 3,500 million difference is an amount that the group could be replenished slowly, with annual profits, once the situation normalized after the reorganization of the entity.
The BFA-Bankia group said that if I give a solution to the problem of brick (which is for anyone to assume the losses of bad bank) may obtain annual results between 1,700 and 2,000 million. With these quantities, they said, could restore the gap.
This argument dismissed Deloitte forces, but remained in place. Bankia informed that he had two choices: reduce the equity in 3,500 million or admit the existence of a qualification in the audit, proof that the auditor believes that the audited accounts do not reflect the true picture of the entity.
Other companies also accounted for on the market value
With this open debate, the time is jumped on. The deadline for submitting the audit was April 30. That day, the group Bankia not delivered to the National Securities Market Commission (CNMV) for continued discussions with Deloitte. The official excuse of the group, expressed in a note, was that Deloitte had not had sufficient time to analyze the accounts "by the enormous complexity" involving the group. Bankia tried to register without audit accounts under the heading of "Audited Financial Accounts," to be denied the CNMV. To solve the problem, it was agreed that Bankia send unaudited accounts as significant, something quite unusual.
The lack of audit to BFA-Bankia blocked because he could not convene the meeting of any of the two entities. According to financial sources, Deloitte has taken the arrival of the recovery plan of the Government, including the injection of between 7,000 and 10,000 million to make its audit to the fact that this really will influence the future and accounting group.
The main topic of discussion between Deloitte and managers Rato, but not the only, was that the Bank Savings Financial and had counted on the participation of Bankia 12,000 million in balance. Its current value is 2,000 million stock and book value is 8,500 million. Huge gap between reality (the market) and of the records.
Both sides have seemed reasonable that a lowering of the value of 12,000 million Bankia to the Exchange, 2,000 million, because there is an interest that BFA intend to sell in the market. However, Deloitte did consider necessary to reduce from 12,000 million to 8,500 million Bankia book value, ie a reduction of 3,500 million. These should be 3,500 million charge against income, but that was impossible because BFA earns 41 million.
The other possibility was to do it against the assets of the entity. This property amounts to 3.515 million. That is, if it met the requirement would be at zero Deloitte heritage of BFA, the matrix of Bankia. To prevent BFA ran out of assets should be 4.465 million converting preference share capital of the State, as provided by law. The problem is that, automatically, the State would remain as the sole shareholder of BFA and the entity would be nationalized in 100% of its capital.
more informationRajoy's government force the resignation of Rato BankiaThe Bank of Spain and Economy finalize a profound reorganization of BankiaBankia explains that the auditor has asked for more time to analyze the accountsAlmunia calls for a restructuring plan for Bankia
This left the entire control of BFA, chaired by Rato, in state hands. The argument became an insurmountable obstacle to the president, Rodrigo Rato. Ran out of arguments to counter the request of the Ministry of Economics and International Monetary Fund (IMF), which demanded a change of management in the group that included his departure. If BFA was going to be the state, the recommendations of Economics became orders. The ability to maneuver Rato was markedly reduced.
Auditors and is responsible for Bankia enrocaron each in his position. The group chaired by Rato argued that their accounts were included in the reorganization plan that was submitted to the Bank of Spain and had not requested a reduction in the carrying value of Bankia. However, another supervisor warned the group that had Bankia increase their capital, while admitting that it was possible to achieve by selling preference shares and most of the industrial group.
The group believes there is no need to adjust the value because it intends to sell
BFA also argued that not all banks have reduced its holdings to the book value, let alone to market capitalization. They also felt that these 3,500 million difference is an amount that the group could be replenished slowly, with annual profits, once the situation normalized after the reorganization of the entity.
The BFA-Bankia group said that if I give a solution to the problem of brick (which is for anyone to assume the losses of bad bank) may obtain annual results between 1,700 and 2,000 million. With these quantities, they said, could restore the gap.
This argument dismissed Deloitte forces, but remained in place. Bankia informed that he had two choices: reduce the equity in 3,500 million or admit the existence of a qualification in the audit, proof that the auditor believes that the audited accounts do not reflect the true picture of the entity.
Other companies also accounted for on the market value
With this open debate, the time is jumped on. The deadline for submitting the audit was April 30. That day, the group Bankia not delivered to the National Securities Market Commission (CNMV) for continued discussions with Deloitte. The official excuse of the group, expressed in a note, was that Deloitte had not had sufficient time to analyze the accounts "by the enormous complexity" involving the group. Bankia tried to register without audit accounts under the heading of "Audited Financial Accounts," to be denied the CNMV. To solve the problem, it was agreed that Bankia send unaudited accounts as significant, something quite unusual.
The lack of audit to BFA-Bankia blocked because he could not convene the meeting of any of the two entities. According to financial sources, Deloitte has taken the arrival of the recovery plan of the Government, including the injection of between 7,000 and 10,000 million to make its audit to the fact that this really will influence the future and accounting group.
スペインのBANKIA銀行とその親銀行のBanco Financiero y de Ahorros(BFA)は、自己資産?を35億0000'0000ユーロの過剰評価
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