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スペインの教会の信用金庫CajaSur(Cordoba)は過剰な不動産投資がたたって、17億0000'0000ユーロの不良債権をかかえ、11億0000'0000ユーロの損失を出して、2010年5月21日に150年の歴史に幕を閉じて破綻した
Cajasur, la caja de la Iglesia, también se apuntó a la fiesta del ladrillo
La concentración de riesgos en el sector inmobiliario acabó con la entidad
La caja cordobesa fue intervenida en 2010 tras rechazar una fusión con Unicaja
El análisis de la caída de Cajasur, segunda entrega de la serie de EL PAÍS sobre el sector
Cajasur, the case of the Church, also joined the party of the brick
The concentration of risks in the property sector ended the entity
The Cordoba box was operated in 2010 after rejecting a merger with Unicaja
The analysis of the fall of Cajasur, the second installment of the series of El País on the sector
THE 'BLACK HOLES' FINANCIAL SECTOR / 1. Caja Castilla-La Mancha
Manuel Planelles Sevilla 25 JUN 2012 - 01:08 CET
The concentration of risks in the property sector ended the entity
The Cordoba box was operated in 2010 after rejecting a merger with Unicaja
The analysis of the fall of Cajasur, the second installment of the series of El País on the sector
THE 'BLACK HOLES' FINANCIAL SECTOR / 1. Caja Castilla-La Mancha
Manuel Planelles Sevilla 25 JUN 2012 - 01:08 CET
Cajasur died in a windowless room on May 21, 2010. The 20 members of the Board last met that night in this dark room with walls lined with embossed leather and portraits of prelates who had presided over the case during its 150 years of life. On the table in the boardroom was the ultimatum from the Bank of Spain: Cordoba or entity signing the merger with Unicaja to plug the gaping hole in its accounts or black men (who were not precisely priests) would take control .
"The deterioration of the box does not support further delay," he said at the beginning of the meeting the president of Cajasur, Santiago Gómez Sierra. "Today has been a withdrawal of deposits amounting to 23.8 million, when the normal was around three," said the priest, now auxiliary bishop of Seville, something like the dolphin Archbishop of Seville.
But surprisingly, Gómez Sierra counselors did not propose to approve the merger. Called for a vote in favor of sending a letter to Bank of Spain in which, in fact, requested the intervention of Cajasur. A suicide. "The proposal put forward is to let the patient die, disconnect the machine," warned Luisa Fernandez Ruiz, chief executive appointed by the Socialists, according to the minutes of the meeting. The document portrays the desperate attempt of several directors, appointed by PSOE, IU and PP, to convince the priest that Gomez-Sierra-controlled Council to accept union with Unicaja. "Time will tell and each one in place, but be aware that we have the opportunity to avoid it. No one will forgive this decision, "snapped the former vice president Salvador Blanco (PSOE).
The cash losses recorded 1,100 million in 2010, the year the Bank of Spain intervened
But there was no way to reason with the priest, who maintained a difficult relationship with Braulio Medel, president of Unicaja. After a break of 15 minutes caused the vote of the Council six priests, four depositors and the representative Aspromonte, union related to the Church, accepted the proposal of Sierra Gomez. Cajasur underwent surgery that night and later sold to the Basque BBK, who claimed the FROB 392 million to address the disastrous state of the box controlled by the cathedral chapter of Córdoba. The agency ended 2010, the year of its operation, with 1,100 million loss.
But that's the end of the story. The beginning is to be found a decade earlier. The Catholic Church also joined the party of native brick. It was actually a student ahead of the bubble in the years that controlled the former Cajasur.
The framework of loans and shareholdings that was woven around the building early this century was what led to the bankruptcy case. In the summer of 2009 when the crisis in the sector was already stated, the entity and its subsidiaries had caught 1,700 million: 4,000 homes and two million square meters of land.
Cajasur looked to the sea. The organization, promoter of the hand of Rafael Gomez Cordoba, charged in the case of Malaya, he was on the Costa del Sol, one of the epicenters of the recent orgy of brick and corruption. The entity also teamed up with builders and Sanchez Ramade Prasa Cordoba. Poor credit policy bolted delinquency. In 2004, when the Bank of Spain opened the first file to the managers, the default rate was 3.5% versus 0.6% of the sector. Five years later, was 10.4%, double the average. "The loan portfolio was a bomb explode it took four or five years," says a former executive of Cajasur.
The Bank of Spain has expedientado to 38 exconsejeros and directors after the intervention of 2010. All sanctioned (the priests) have blamed the collapse of the entity to the management of former Miguel Castillejo, the priest who led the 30 years until the summer of 2005. "Cajasur was mortally wounded before the crisis," says a exconsejero of the entity that places the genesis of the problem between 2002 and 2004. During this period the institution was under the tutelage of the central government through the support that I offered Rodrigo Rato, former Minister of Economy and now star of the bankruptcy of Bankia.
The dates of bankruptcy
• 2002-2004. Cajasur is placed under the supervision of the central government.
• 2005. The Board and the Church agree to the return of the autonomous entity and the output protection of former Miguel Castillejo. In April, the Bank of Spain for the first time expedienta Cajasur.
• 2005-2008. The supervisor makes 4 inspections and noted that no problems have been fixed on the stage of Castillejo.
• 2009-2010. The Bank of Spain urges Cajasur to merge with Unicaja. The Board of Directors in May 2010 rejected the operation. The entity is operated and sold to BBK.
"During those years desmelenó Castillejo," the former manager. For example, in December 2004, the box had granted loans worth 400 million to Rafael Gomez, 209 and 143 Prasa Ramade Sanchez. The agency exceeded the legal limit of 25% concentration of risks with these three groups: Rafael Gomez (39.1%), Prasa (37.8%) and Sanchez Ramade (30.8%), according to the record of 2005. The Bank of Spain warned: "The 22% of the total investment is concentrated in the segments of promoter and risk trading floor. In a considerable number of such funding has seen a marked bias speculative. "
Castillejo left the institution in the summer of 2005, after the Church Board and closed an agreement to return the case to the regional guardianship. The Bank of Spain was already close to Cajasur recondujera marking its location. But the crisis and instability caused by the lack of understanding in the governing bodies of the priests and political representatives complicated everything. The box was changed four times as CEO between 2007 and 2009.
The Bank of Spain conducted four inspections between 2005 and 2008. Required the box "greater caution in granting and monitoring phases of credit risk, especially in real estate." But the situation straightened. The supervisor forced Cajasur in late 2009 to accept a plan of salvation: the merger with Unicaja. That union did not please the priests. The canons even traveled to the Vatican to try to seek papal support.
"The loan portfolio was a time bomb," said a Cajasur exdirectivo
The months went by without running out of closing the deal with Braulio Medel. And back to the Board of Directors May 2010. The position of the canons has not changed in two years in defending the surprising request for action. "It profited from the workforce," says one of the priests who attended the Council. Sierra Gomez's argument for rejecting the merger was that it had signed labor agreement with unions.
Unicaja's latest proposal in 2010 involved a set of 564 employees in the state of Cordoba. After taking over the box, closed in 2011 BBK ERE has meant the departure of 652 employees Cajasur matrix. Furthermore, it has laid off another 100 workers in the group of companies and foundations.
"Going to FROB has no meaning whatsoever," said Andres Hens (UI) in that night that Council request the intervention was discussed: "This decision will not be understood by anyone, and workers first."
"The deterioration of the box does not support further delay," he said at the beginning of the meeting the president of Cajasur, Santiago Gómez Sierra. "Today has been a withdrawal of deposits amounting to 23.8 million, when the normal was around three," said the priest, now auxiliary bishop of Seville, something like the dolphin Archbishop of Seville.
But surprisingly, Gómez Sierra counselors did not propose to approve the merger. Called for a vote in favor of sending a letter to Bank of Spain in which, in fact, requested the intervention of Cajasur. A suicide. "The proposal put forward is to let the patient die, disconnect the machine," warned Luisa Fernandez Ruiz, chief executive appointed by the Socialists, according to the minutes of the meeting. The document portrays the desperate attempt of several directors, appointed by PSOE, IU and PP, to convince the priest that Gomez-Sierra-controlled Council to accept union with Unicaja. "Time will tell and each one in place, but be aware that we have the opportunity to avoid it. No one will forgive this decision, "snapped the former vice president Salvador Blanco (PSOE).
The cash losses recorded 1,100 million in 2010, the year the Bank of Spain intervened
But there was no way to reason with the priest, who maintained a difficult relationship with Braulio Medel, president of Unicaja. After a break of 15 minutes caused the vote of the Council six priests, four depositors and the representative Aspromonte, union related to the Church, accepted the proposal of Sierra Gomez. Cajasur underwent surgery that night and later sold to the Basque BBK, who claimed the FROB 392 million to address the disastrous state of the box controlled by the cathedral chapter of Córdoba. The agency ended 2010, the year of its operation, with 1,100 million loss.
But that's the end of the story. The beginning is to be found a decade earlier. The Catholic Church also joined the party of native brick. It was actually a student ahead of the bubble in the years that controlled the former Cajasur.
The framework of loans and shareholdings that was woven around the building early this century was what led to the bankruptcy case. In the summer of 2009 when the crisis in the sector was already stated, the entity and its subsidiaries had caught 1,700 million: 4,000 homes and two million square meters of land.
Cajasur looked to the sea. The organization, promoter of the hand of Rafael Gomez Cordoba, charged in the case of Malaya, he was on the Costa del Sol, one of the epicenters of the recent orgy of brick and corruption. The entity also teamed up with builders and Sanchez Ramade Prasa Cordoba. Poor credit policy bolted delinquency. In 2004, when the Bank of Spain opened the first file to the managers, the default rate was 3.5% versus 0.6% of the sector. Five years later, was 10.4%, double the average. "The loan portfolio was a bomb explode it took four or five years," says a former executive of Cajasur.
The Bank of Spain has expedientado to 38 exconsejeros and directors after the intervention of 2010. All sanctioned (the priests) have blamed the collapse of the entity to the management of former Miguel Castillejo, the priest who led the 30 years until the summer of 2005. "Cajasur was mortally wounded before the crisis," says a exconsejero of the entity that places the genesis of the problem between 2002 and 2004. During this period the institution was under the tutelage of the central government through the support that I offered Rodrigo Rato, former Minister of Economy and now star of the bankruptcy of Bankia.
The dates of bankruptcy
• 2002-2004. Cajasur is placed under the supervision of the central government.
• 2005. The Board and the Church agree to the return of the autonomous entity and the output protection of former Miguel Castillejo. In April, the Bank of Spain for the first time expedienta Cajasur.
• 2005-2008. The supervisor makes 4 inspections and noted that no problems have been fixed on the stage of Castillejo.
• 2009-2010. The Bank of Spain urges Cajasur to merge with Unicaja. The Board of Directors in May 2010 rejected the operation. The entity is operated and sold to BBK.
"During those years desmelenó Castillejo," the former manager. For example, in December 2004, the box had granted loans worth 400 million to Rafael Gomez, 209 and 143 Prasa Ramade Sanchez. The agency exceeded the legal limit of 25% concentration of risks with these three groups: Rafael Gomez (39.1%), Prasa (37.8%) and Sanchez Ramade (30.8%), according to the record of 2005. The Bank of Spain warned: "The 22% of the total investment is concentrated in the segments of promoter and risk trading floor. In a considerable number of such funding has seen a marked bias speculative. "
Castillejo left the institution in the summer of 2005, after the Church Board and closed an agreement to return the case to the regional guardianship. The Bank of Spain was already close to Cajasur recondujera marking its location. But the crisis and instability caused by the lack of understanding in the governing bodies of the priests and political representatives complicated everything. The box was changed four times as CEO between 2007 and 2009.
The Bank of Spain conducted four inspections between 2005 and 2008. Required the box "greater caution in granting and monitoring phases of credit risk, especially in real estate." But the situation straightened. The supervisor forced Cajasur in late 2009 to accept a plan of salvation: the merger with Unicaja. That union did not please the priests. The canons even traveled to the Vatican to try to seek papal support.
"The loan portfolio was a time bomb," said a Cajasur exdirectivo
The months went by without running out of closing the deal with Braulio Medel. And back to the Board of Directors May 2010. The position of the canons has not changed in two years in defending the surprising request for action. "It profited from the workforce," says one of the priests who attended the Council. Sierra Gomez's argument for rejecting the merger was that it had signed labor agreement with unions.
Unicaja's latest proposal in 2010 involved a set of 564 employees in the state of Cordoba. After taking over the box, closed in 2011 BBK ERE has meant the departure of 652 employees Cajasur matrix. Furthermore, it has laid off another 100 workers in the group of companies and foundations.
"Going to FROB has no meaning whatsoever," said Andres Hens (UI) in that night that Council request the intervention was discussed: "This decision will not be understood by anyone, and workers first."
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