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Bancos centrales, el FMI y la EBA supervisarán la auditoría a la banca
Sus representantes formarán parte del comité que vigile los trabajos
Economía espera que el examen gane credibilidad si participan junto al BCE
Central banks, the IMF and the EBA oversee the banking audit
Its representatives serve on the board to monitor the work
Economy expected to gain credibility if they participate examination by the ECB
Miguel Jimenez Madrid 24 MAY 2012 - 00:19 CET
Its representatives serve on the board to monitor the work
Economy expected to gain credibility if they participate examination by the ECB
Miguel Jimenez Madrid 24 MAY 2012 - 00:19 CET
International organizations and foreign central banks will oversee the evaluation of the Spanish financial system, according to industry sources. Their representatives will be part of advisory and oversight committee be created to direct the work of consultants and independent auditors hired by the Economy and the Bank of Spain. Although, according to official sources, the composition of this committee is not closed, which is being proposed is broadly representative bodies such as the International Monetary Fund (IMF), European Banking Authority (EBA) and some central banks of countries in the region euro, according to people in the process, although some of them could be finally out. In addition, this would be the European Central Bank (ECB), which "expressed interest" in taking part in the process, said Minister of Economy, Luis de Guindos, last week.
more informationWhy not trust us?The Government postponed its decision until Monday on the firms assessed in the banking
The objectivity of economics is that the banking review win international credibility by having such a broad international supervision. Until now, European stress tests, the work of financial stability report from the IMF and the bank's own supervision of Spain have not been able to dispel doubts about the Spanish financial sector. But nothing guarantees that the work of a small group of consultants and independent auditors will restore confidence.
Industry sources believe that if the result is a low of sanitation needs would not be very credible and if too high, do not generate confidence. Virtue would be at a point that was assumed by the State if necessary without damaging your credit too. But, while any figure will have more value if it has the implicit backing of a committee who represent international organizations and other central banks.
Some banks also have doubts that they will reconcile the figures resulting from the two approaches to test. First, there will be a general rapid evaluation by consultants Oliver Wyman and Roland Berger will conduct a sort of endurance test or stress test, basically with the data provided by the Bank of Spain and no entity fieldwork entity. It is what is known in the jargon as a top-down analysis (top-down). The result will be known in about a month.
Three audit for late payment
Then select three auditors still conduct a review entity by entity very focused on revealing the hidden default, ie to check properly accounted entities deterioration of its assets and endow the required provisions. This bottom-up analysis (bottom-up, in the jargon) is individualized and there is doubt whether the results on the one hand, coincide with the first review and, secondly, if made public. The work will be delayed several months and will not be finalized until after the summer.
The favorites for this second process is the large international accounting firms, known as the big four or four: PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte. Not be ruled out even to hire four instead of three. The funny thing is that they are the same auditors have certified that each year the accounts of all entities, without any exception in most cases.
The advisory committee and including representatives of international organizations and European central banks will be chaired by Secretary of State for Economy, Fernando Jiménez Latorre. The vice president will be the Deputy Governor of the Bank of Spain, Francisco Javier Ariztegui, and the secretariat is also for the Bank of Spain.
On the other hand, the European Commissioner for Competition, Joaquin Almunia, called yesterday a "major restructuring" by the Spanish financial system and called face "overwhelmingly the legacy of the housing bubble," Efe reported.
more informationWhy not trust us?The Government postponed its decision until Monday on the firms assessed in the banking
The objectivity of economics is that the banking review win international credibility by having such a broad international supervision. Until now, European stress tests, the work of financial stability report from the IMF and the bank's own supervision of Spain have not been able to dispel doubts about the Spanish financial sector. But nothing guarantees that the work of a small group of consultants and independent auditors will restore confidence.
Industry sources believe that if the result is a low of sanitation needs would not be very credible and if too high, do not generate confidence. Virtue would be at a point that was assumed by the State if necessary without damaging your credit too. But, while any figure will have more value if it has the implicit backing of a committee who represent international organizations and other central banks.
Some banks also have doubts that they will reconcile the figures resulting from the two approaches to test. First, there will be a general rapid evaluation by consultants Oliver Wyman and Roland Berger will conduct a sort of endurance test or stress test, basically with the data provided by the Bank of Spain and no entity fieldwork entity. It is what is known in the jargon as a top-down analysis (top-down). The result will be known in about a month.
Three audit for late payment
Then select three auditors still conduct a review entity by entity very focused on revealing the hidden default, ie to check properly accounted entities deterioration of its assets and endow the required provisions. This bottom-up analysis (bottom-up, in the jargon) is individualized and there is doubt whether the results on the one hand, coincide with the first review and, secondly, if made public. The work will be delayed several months and will not be finalized until after the summer.
The favorites for this second process is the large international accounting firms, known as the big four or four: PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte. Not be ruled out even to hire four instead of three. The funny thing is that they are the same auditors have certified that each year the accounts of all entities, without any exception in most cases.
The advisory committee and including representatives of international organizations and European central banks will be chaired by Secretary of State for Economy, Fernando Jiménez Latorre. The vice president will be the Deputy Governor of the Bank of Spain, Francisco Javier Ariztegui, and the secretariat is also for the Bank of Spain.
On the other hand, the European Commissioner for Competition, Joaquin Almunia, called yesterday a "major restructuring" by the Spanish financial system and called face "overwhelmingly the legacy of the housing bubble," Efe reported.
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