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スペインのガルシア地方の信用金庫のCaixa Galicia, CixaNova が合体してできたNovaCixaGalicia(NCG)ha,は、放漫経営で700億0000'0000ユーロの自己資本があるにもかかわらず、過剰な不動産投資で、資本増強のために銀行再編基金から11億6200万0000ユーロの融資を受け、再び不良債権のために24億6500万0000ユーロの融資を受けた.スペイン国立銀行が国有化した時には、理論的資産価値は17億1400万0000ユーロなのに、実際は1億8100万0000ユーロにすぎず、1億6900万0000ユーロの損失を出し、またぞろ45億0000'0000ユーロの資本増強の融資が必要
Directivos fuera de control y políticos dóciles dinamitaron la caja gallega
Directivos fuera de control y políticos dóciles reventaron el proyecto
Managers out of control and docile political dynamited the Galician bank
Managers out of control and burst docile political project
THE 'BLACK HOLES' FINANCIAL SECTOR / 1. Caja Castilla-La Mancha
THE 'BLACK HOLES' FINANCIAL SECTOR / 2. Cajasur
THE 'BLACK HOLES' FINANCIAL SECTOR / 3. Mediterranean Case
Maria Fernandez Vigo 26 JUN 2012 - 21:31 CET
Managers out of control and burst docile political project
THE 'BLACK HOLES' FINANCIAL SECTOR / 1. Caja Castilla-La Mancha
THE 'BLACK HOLES' FINANCIAL SECTOR / 2. Cajasur
THE 'BLACK HOLES' FINANCIAL SECTOR / 3. Mediterranean Case
Maria Fernandez Vigo 26 JUN 2012 - 21:31 CET
Directors believed that the owners, directors charged diets and asked no questions, media captive advertising revenue, politicians looked the other way. Mix all that with a lot of ambition, lack of transparency add a formidable real estate bubble and the result will be a box nationalized. The screenplay was written by Caixa Galicia and Caixanova, merged in December 2010 in Novacaixagalicia (NCG). They did so after a report commissioned by the regional government, far from demonstrating that in the financial world one plus one can equal zero, assuring the solvency and viability of the single till Galicia.
BLACK HOLES OF BANKSCCM, notice that no one wanted to hearCajasur also joined the party of the brickCAM, the worst of the worst
The limited documentation that offered self-government claimed that the new entity would generate a gross profit of 2.671 million between 2010 and 2015. As a result the Treasury could raise 655 million as income tax and another 300 would provide for the social work. The fifth case in the country, with assets of 70,000 million euros, would be willing to return to the Bank of Spain needed the loan as a first injection of the FROB, was 1,162 million, "with interest". In 2013 they would have written off all the extra costs, estimated at 485 million.
The limited documentation provided in 2010 the Home Government stated that the new entity generararía a profit of 2.671 million between 2010 and 2015
Too bad real life does not resemble the power point. Following the merger came the decrees of the Zapatero government recapitalization, very protested from the Xunta, and NCG again needs a double ration of oxygen (FROB other 2.465 million) to support the enormous weight of the brick on its balance sheet. It was the perverse legacy boxes for years had been dedicated to open offices around the world, invest in promotions in the Mediterranean and to support the Pocero in their dreams of greatness.
Managers also used to enforce their own. In command of Caixa Galicia was Man About Town, Jose Luis Mendez, who for decades he held enormous power in the autonomous region, although a single manager. Became a provincial institution, which had landed in 1981, the sixth of the country. In the last phase of his mandate did not hesitate to mount on the wave of the housing bubble. Mayors of all political stripes saw it as a kind of patron and watered with funds from the social work until the last City Council. In 2007, after years of excessive growth caused surprise that more than admiration, came to buy the island of Salvora, part of the Atlantic Islands National Park. He was also fond of sailing, the box had a nautical center, caring staff, which now belongs to the social work, where he received politicians and businessmen. Without anyone rechistase not asked you any explanation put two of his sons in high positions of the box, one at the head of the industrial division.
Despite being the first interested in forcing a merger to which resisted Caixanova, retired two months before the project cuajase to loud applause of his advisers, closing the door on 29 years of service. Claimed 16.5 million in his retirement. Accounts made during his tenure never had strikeouts in audits, but the Bank of Spain did not consider a manager for a position right in the box only Galicia. Instead, the regulator was more inclined to the view of another veteran manager, Julio Fernandez Gayoso, Caixanova president, who, about to turn 81, has so far resisted the blows of the scandals. Don Julio, as he was known in ancient Caixanova made what Mendez Vigo La Coruna: build to suit the Board of Directors. Even theoretically members elected among the depositors, by lot, were often familiar faces. The universities were not represented in the boxes, although associations were present as the Polyphonic Choir of Betanzos and the French Alliance.
In 2007, after years of growth that caused admiration, came to buy the island of Salvora, part of the Atlantic Islands National Park
What Gayoso pulled himself to a box Francoist mayor of Vigo in 1965. He retired as director after 75 years, perpetuated over the age limitations indicated in the regulation through legal chicanery had the invaluable assistance of the governments of Manuel Fraga. More moderate territorial expansion, more prudent in business, consented to the merger because, as explained later, the Bank of Spain had requested that Caixanova "pilotase the process." A dream that was fulfilled in his favor after decades of fighting commercial Caixa Galicia. He said the box would only be "better than the two that had so far", although no secret that the operation faced "more complex in Spain." In the coming-of NCG someone came up to congratulate him. "Better give me their condolences," replied presciently.
With these willows was cooking the perfect storm. After the integration is carried out 1,200 early retirements, are encouraged low and closed 300 branches. Boxes were hegemonic in the community, with 40% market share and huge overlaps. A reality that knew Mariano Rajoy. The opposition came to ensure that the plan did not seem a good idea, but finally yielded to the claims of Feijoo and supported him until the end.
In the coming-of NCG someone came to Julio Fernandez Gayoso to congratulate him. "Better give me their condolences," said
But once the integration, the trouble came one after another. In August 2011, former number two of Inditex, Jose Maria Castilian, expressed his intention to take the lead for cleaning. It was then that the Bank of Spain nationalized entity, which had a theoretical value of 1,714 million euros from both boxes. After accounting adjustments founding heritage was transformed from a stroke at 181 million to the amazement of the Galician society. But no one offered a coherent explanation of what could have taken place for the state to stay with 93% of the capital (to the box he left the remainder to fund its founding). That's when managers forged under the protective mantle of Mendez and Gayoso abandoned the project.
Born Novagalicia Bank, which in September will be a year, and with her scandals surfaced multi-million dollar compensation. They claimed that the directors had authorized the merger with descuadre of 982 million euros to implement inflated appraisals and misinformation on soils and promotions, and after the audit revealed. In December 2011 there was no other choice but to recognize a loss of 169 million euros. After the two financial reform decrees of the present government needs Novagalicia 4,500 million euros at least. Castilian repeated over and over that have the commitment of foreign funds that would be willing to inject 700 million in exchange for Asset Protection Scheme. Economy is not the work of grant.
BLACK HOLES OF BANKSCCM, notice that no one wanted to hearCajasur also joined the party of the brickCAM, the worst of the worst
The limited documentation that offered self-government claimed that the new entity would generate a gross profit of 2.671 million between 2010 and 2015. As a result the Treasury could raise 655 million as income tax and another 300 would provide for the social work. The fifth case in the country, with assets of 70,000 million euros, would be willing to return to the Bank of Spain needed the loan as a first injection of the FROB, was 1,162 million, "with interest". In 2013 they would have written off all the extra costs, estimated at 485 million.
The limited documentation provided in 2010 the Home Government stated that the new entity generararía a profit of 2.671 million between 2010 and 2015
Too bad real life does not resemble the power point. Following the merger came the decrees of the Zapatero government recapitalization, very protested from the Xunta, and NCG again needs a double ration of oxygen (FROB other 2.465 million) to support the enormous weight of the brick on its balance sheet. It was the perverse legacy boxes for years had been dedicated to open offices around the world, invest in promotions in the Mediterranean and to support the Pocero in their dreams of greatness.
Managers also used to enforce their own. In command of Caixa Galicia was Man About Town, Jose Luis Mendez, who for decades he held enormous power in the autonomous region, although a single manager. Became a provincial institution, which had landed in 1981, the sixth of the country. In the last phase of his mandate did not hesitate to mount on the wave of the housing bubble. Mayors of all political stripes saw it as a kind of patron and watered with funds from the social work until the last City Council. In 2007, after years of excessive growth caused surprise that more than admiration, came to buy the island of Salvora, part of the Atlantic Islands National Park. He was also fond of sailing, the box had a nautical center, caring staff, which now belongs to the social work, where he received politicians and businessmen. Without anyone rechistase not asked you any explanation put two of his sons in high positions of the box, one at the head of the industrial division.
Despite being the first interested in forcing a merger to which resisted Caixanova, retired two months before the project cuajase to loud applause of his advisers, closing the door on 29 years of service. Claimed 16.5 million in his retirement. Accounts made during his tenure never had strikeouts in audits, but the Bank of Spain did not consider a manager for a position right in the box only Galicia. Instead, the regulator was more inclined to the view of another veteran manager, Julio Fernandez Gayoso, Caixanova president, who, about to turn 81, has so far resisted the blows of the scandals. Don Julio, as he was known in ancient Caixanova made what Mendez Vigo La Coruna: build to suit the Board of Directors. Even theoretically members elected among the depositors, by lot, were often familiar faces. The universities were not represented in the boxes, although associations were present as the Polyphonic Choir of Betanzos and the French Alliance.
In 2007, after years of growth that caused admiration, came to buy the island of Salvora, part of the Atlantic Islands National Park
What Gayoso pulled himself to a box Francoist mayor of Vigo in 1965. He retired as director after 75 years, perpetuated over the age limitations indicated in the regulation through legal chicanery had the invaluable assistance of the governments of Manuel Fraga. More moderate territorial expansion, more prudent in business, consented to the merger because, as explained later, the Bank of Spain had requested that Caixanova "pilotase the process." A dream that was fulfilled in his favor after decades of fighting commercial Caixa Galicia. He said the box would only be "better than the two that had so far", although no secret that the operation faced "more complex in Spain." In the coming-of NCG someone came up to congratulate him. "Better give me their condolences," replied presciently.
With these willows was cooking the perfect storm. After the integration is carried out 1,200 early retirements, are encouraged low and closed 300 branches. Boxes were hegemonic in the community, with 40% market share and huge overlaps. A reality that knew Mariano Rajoy. The opposition came to ensure that the plan did not seem a good idea, but finally yielded to the claims of Feijoo and supported him until the end.
In the coming-of NCG someone came to Julio Fernandez Gayoso to congratulate him. "Better give me their condolences," said
But once the integration, the trouble came one after another. In August 2011, former number two of Inditex, Jose Maria Castilian, expressed his intention to take the lead for cleaning. It was then that the Bank of Spain nationalized entity, which had a theoretical value of 1,714 million euros from both boxes. After accounting adjustments founding heritage was transformed from a stroke at 181 million to the amazement of the Galician society. But no one offered a coherent explanation of what could have taken place for the state to stay with 93% of the capital (to the box he left the remainder to fund its founding). That's when managers forged under the protective mantle of Mendez and Gayoso abandoned the project.
Born Novagalicia Bank, which in September will be a year, and with her scandals surfaced multi-million dollar compensation. They claimed that the directors had authorized the merger with descuadre of 982 million euros to implement inflated appraisals and misinformation on soils and promotions, and after the audit revealed. In December 2011 there was no other choice but to recognize a loss of 169 million euros. After the two financial reform decrees of the present government needs Novagalicia 4,500 million euros at least. Castilian repeated over and over that have the commitment of foreign funds that would be willing to inject 700 million in exchange for Asset Protection Scheme. Economy is not the work of grant.
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