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スペインのBANKIA銀行の政府と行政と金融機関の経営失敗の結果、3200億0000'0000ユーロの資産、1億0000'0000m2の売れない土地、4万5000戸の売れ残った住宅、1万5000戸の商店、2011年には33億1800万0000ユーロの損失,230億0000'0000ユーロの公的資金援助、38万0000人の株主の損失
Bankia y el fiasco de la política
La crisis de la entidad y la de Rato estuvieron marcadas por la injerencia del PP, los errores de gestión y la recesión económica
Bankia and policy fiasco
The crisis of the entity and the de Rato was marred by the interference of the CP, the mismanagement and the economic recession
scandalous resignation
Barron Íñigo Madrid 1 JUL 2012 - 00:50 CET
The crisis of the entity and the de Rato was marred by the interference of the CP, the mismanagement and the economic recession
scandalous resignation
Barron Íñigo Madrid 1 JUL 2012 - 00:50 CET
If there is a paradigm of how bad that link politics and finance, that is Bankia. Encouraged from all levels (Bank of Spain, Madrid, Valencia and senior government of Zapatero) and a political heavyweight like Rodrigo Rato at the front, has gone from being an "entity instance" to star greatest financial crisis in Spain.
Bankia records are staggering. With assets of 320,000 million (more than its parent Bankia BFA) accumulated 100 million square meters (equivalent to the entire municipality of Las Palmas de Gran Canaria) unproductive land, 45,000 homes and 15,000 unsold premises, garages ... A real estate today is a huge tribute to the incompetence and lack of prudence. BFA losses also are scandalous: 3,318 million in 2011.
The coincidence of political, brick and lack of professional management, dressed with the greatest crisis since the Second World War, has resulted in a fiasco that has cost 23,000 million citizens and large losses to 380,000 shareholders. Without doubt, the recession came as a surprise in 2011 and the multitude of legal changes that have experienced the system-more than 12 decrees hampered plans, but that does not absolve managers. Rato and Jose Luis Olivas, president of Bancaja, face three lawsuits for alleged "crimes of negligence" and "scam".
The former vice president in the economic government of Jose Maria Aznar and former Managing Director International Monetary Fund (IMF) has starred in the larger role of politics in a financial institution. His appointment was political, policy and management was leaving was political, summarizes an executive close. Time was two years and four months as president of Bankia, during which he had to ride out the most complicated sector has experienced in decades. "You can back both horses at once: the political and financial, especially when you have problems. He had his head in the state, it was difficult to carry Bankia devoting 100%, so if you're distracted ... I should not have been on the balcony of the PP headquarters in Genoa, in the election dates, "concludes this executive .
more informationI. Caja Castilla-La Mancha, notice that no one wanted to hearII. Cajasur, the case of the Church, also joined the party of the brickIII. "The worst of the worst" was the CAMIV. Managers out of control and docile political dynamite NovacaixagaliciaV. Caixa Catalunya, the box was mounted on the brickVI. Unnim, the price of leaving the regionVII. Banco de Valencia, crony capitalism
The truth is that Rato inherited a poisoned body. According exgestores Caja Madrid, from mid-2008 the balance began to deteriorate while stopped receiving large capital gains from Endesa and other equity. "The last year and a half of former President Miguel Blesa was fatal," say these sources, requesting anonymity. The agency lost commercial power and went into business with low profitability and sowed the seeds of real estate problems to pay much money to developers. In parallel, Esperanza Aguirre, president of the Community of Madrid, began a campaign against Blesa to replace his secretary, Ignacio Gonzalez. In the struggle, Rodrigo Rato appeared as the least far-fetched. Policy to depoliticize took over Caja Madrid, the PP said. Curious.
Blesa ended his 13 year tenure with the worst result since joining, suggesting a clear closing cycle. "I have strengthened the balance to a very difficult 2010," he said then, and have recognized and awarded 1,200 million in real estate.
And Rato, who in 2005 had warned from the IMF on the weaknesses of the boxes, I knew the situation was delicate. In early February sent a letter to the main realistic charges: "We are facing in 2010 to a complicated economic environment. The cycle downturn has not yet touched the ground. " And hit the nail on the head, lack of capital, which would become the tomb of Bankia. "Financial regulation will force us not only to preserve but to increase our capitalization and improve our risk profile."
On May 29, 2010, Rato told the Council the merger of Caja Madrid with five small boxes: Laietana, Avila, Rioja, Canary Island of Segovia. For this operation said they needed 3,000 million aid from the bailout fund, the FROB. However, 11 days later, Rato and Olivas, both announced that Bancaja was incorporated into the project. Why? Those who have merged that had the support and / or push the Bank of Spain and the Ministry of Economy Elena Salgado. They also had favorable reports from AFI, Deloitte and PwC. Other critics believe that was done to favor the PP, who sensed that the Generalitat Valenciana, along with the CAM, Bancaja and Banco de Valencia could become Greece, with a default tremendous. The Socialist government was interested in collaborating.
Signed the merger with only 4.465 million of aid, 1,465 million more than first anticipated, although joined Bancaja, a monster of almost 100,000 million in assets, many toxic. Europe limited the amount of aid and gained nearly 8%, a price hard to pay for organizations in crisis. The BFA ended 2010 by performing a reinforcement of 9,000 million in provisions, charged against capital.
But probably the biggest mistake of management Rato was the IPO. The Government demanded a capital ratio of 10% to entities not listed and 8% for those that do. Time decided to leave the park when their ratio was 7.5%. If not reached the minimum, the State would enter the body. Bankia In the councils of the operation was justified "by law, to prevent the boxes lose their heritage." With few professionals and many politicians on the boards, the Bankia IPO became "a matter of state." Zapatero and the Bank of Spain helped Bankia forcing many companies in the Ibex 35 to buy their shares. Got 3,000 million investors. Did you know that Bankia Rato had feet of clay? Senior executives say: "He created an entity too big to fail as life insurance. He was immune. But he was wrong. " The price-very supported, remained in line with banking to Rato's resignation. Since then he has lost 75% of its value. Bankia Everything is big, including its precipitous decline.
Scandalous resignation
Í. Of B.
Luis de Guindos, Minister of Economy and Competitiveness, failed in his initial plan did not dispel the doubts of the markets about the health of the banks with a decree that forced banks to make provisions for 50,000 million euros. Raised the bar with a second rule which required 28,000 million. For many entities represented through the red and into losses. Bankia was one of them. Therefore, some in the industry, called it the "anti-Bankia decree."
However, Rodrigo Rato presented a plan to recapitalize the Bank of Spain and this was approved. Bankia President undertook to obtain 7,000 million through the sale of part of the industrial group and preference shares. Miguel Fernandez Ordonez, Governor of the Bank of Spain, demanded change of CEO and placing professionals rather than political, in the Council. This agreement was the end for both. Ordonez was removed, left to drive the restructuring and Rato became the target to beat. Mariano Rajoy and especially Guindos regarded Rato "the problem within the problem." Creating Bankia and mismanagement had led to a situation of insolvency. It was the cap that prevented regained confidence in the Spanish financial system and sovereign debt, they said.
Economy Minister met several times with Emilio Botin and Francisco González, president of Santander and BBVA, respectively, to design the relay. At the last meeting, on May 4, participated Isidro Faine, president of La Caixa. Rato was called to the dinner and told Gonzalez that Jose Ignacio Goirigolzarri, his last bullet, would not go as CEO to Bankia, but as president. It was an ultimatum. Rato mused that weekend and saw no way out. On Monday 7, published the news that would inject billions of Bankia State, resigned to Rajoy. He played strong banker and politician in a boat with holes. He lost.
Bankia records are staggering. With assets of 320,000 million (more than its parent Bankia BFA) accumulated 100 million square meters (equivalent to the entire municipality of Las Palmas de Gran Canaria) unproductive land, 45,000 homes and 15,000 unsold premises, garages ... A real estate today is a huge tribute to the incompetence and lack of prudence. BFA losses also are scandalous: 3,318 million in 2011.
The coincidence of political, brick and lack of professional management, dressed with the greatest crisis since the Second World War, has resulted in a fiasco that has cost 23,000 million citizens and large losses to 380,000 shareholders. Without doubt, the recession came as a surprise in 2011 and the multitude of legal changes that have experienced the system-more than 12 decrees hampered plans, but that does not absolve managers. Rato and Jose Luis Olivas, president of Bancaja, face three lawsuits for alleged "crimes of negligence" and "scam".
The former vice president in the economic government of Jose Maria Aznar and former Managing Director International Monetary Fund (IMF) has starred in the larger role of politics in a financial institution. His appointment was political, policy and management was leaving was political, summarizes an executive close. Time was two years and four months as president of Bankia, during which he had to ride out the most complicated sector has experienced in decades. "You can back both horses at once: the political and financial, especially when you have problems. He had his head in the state, it was difficult to carry Bankia devoting 100%, so if you're distracted ... I should not have been on the balcony of the PP headquarters in Genoa, in the election dates, "concludes this executive .
more informationI. Caja Castilla-La Mancha, notice that no one wanted to hearII. Cajasur, the case of the Church, also joined the party of the brickIII. "The worst of the worst" was the CAMIV. Managers out of control and docile political dynamite NovacaixagaliciaV. Caixa Catalunya, the box was mounted on the brickVI. Unnim, the price of leaving the regionVII. Banco de Valencia, crony capitalism
The truth is that Rato inherited a poisoned body. According exgestores Caja Madrid, from mid-2008 the balance began to deteriorate while stopped receiving large capital gains from Endesa and other equity. "The last year and a half of former President Miguel Blesa was fatal," say these sources, requesting anonymity. The agency lost commercial power and went into business with low profitability and sowed the seeds of real estate problems to pay much money to developers. In parallel, Esperanza Aguirre, president of the Community of Madrid, began a campaign against Blesa to replace his secretary, Ignacio Gonzalez. In the struggle, Rodrigo Rato appeared as the least far-fetched. Policy to depoliticize took over Caja Madrid, the PP said. Curious.
Blesa ended his 13 year tenure with the worst result since joining, suggesting a clear closing cycle. "I have strengthened the balance to a very difficult 2010," he said then, and have recognized and awarded 1,200 million in real estate.
And Rato, who in 2005 had warned from the IMF on the weaknesses of the boxes, I knew the situation was delicate. In early February sent a letter to the main realistic charges: "We are facing in 2010 to a complicated economic environment. The cycle downturn has not yet touched the ground. " And hit the nail on the head, lack of capital, which would become the tomb of Bankia. "Financial regulation will force us not only to preserve but to increase our capitalization and improve our risk profile."
On May 29, 2010, Rato told the Council the merger of Caja Madrid with five small boxes: Laietana, Avila, Rioja, Canary Island of Segovia. For this operation said they needed 3,000 million aid from the bailout fund, the FROB. However, 11 days later, Rato and Olivas, both announced that Bancaja was incorporated into the project. Why? Those who have merged that had the support and / or push the Bank of Spain and the Ministry of Economy Elena Salgado. They also had favorable reports from AFI, Deloitte and PwC. Other critics believe that was done to favor the PP, who sensed that the Generalitat Valenciana, along with the CAM, Bancaja and Banco de Valencia could become Greece, with a default tremendous. The Socialist government was interested in collaborating.
Signed the merger with only 4.465 million of aid, 1,465 million more than first anticipated, although joined Bancaja, a monster of almost 100,000 million in assets, many toxic. Europe limited the amount of aid and gained nearly 8%, a price hard to pay for organizations in crisis. The BFA ended 2010 by performing a reinforcement of 9,000 million in provisions, charged against capital.
But probably the biggest mistake of management Rato was the IPO. The Government demanded a capital ratio of 10% to entities not listed and 8% for those that do. Time decided to leave the park when their ratio was 7.5%. If not reached the minimum, the State would enter the body. Bankia In the councils of the operation was justified "by law, to prevent the boxes lose their heritage." With few professionals and many politicians on the boards, the Bankia IPO became "a matter of state." Zapatero and the Bank of Spain helped Bankia forcing many companies in the Ibex 35 to buy their shares. Got 3,000 million investors. Did you know that Bankia Rato had feet of clay? Senior executives say: "He created an entity too big to fail as life insurance. He was immune. But he was wrong. " The price-very supported, remained in line with banking to Rato's resignation. Since then he has lost 75% of its value. Bankia Everything is big, including its precipitous decline.
Scandalous resignation
Í. Of B.
Luis de Guindos, Minister of Economy and Competitiveness, failed in his initial plan did not dispel the doubts of the markets about the health of the banks with a decree that forced banks to make provisions for 50,000 million euros. Raised the bar with a second rule which required 28,000 million. For many entities represented through the red and into losses. Bankia was one of them. Therefore, some in the industry, called it the "anti-Bankia decree."
However, Rodrigo Rato presented a plan to recapitalize the Bank of Spain and this was approved. Bankia President undertook to obtain 7,000 million through the sale of part of the industrial group and preference shares. Miguel Fernandez Ordonez, Governor of the Bank of Spain, demanded change of CEO and placing professionals rather than political, in the Council. This agreement was the end for both. Ordonez was removed, left to drive the restructuring and Rato became the target to beat. Mariano Rajoy and especially Guindos regarded Rato "the problem within the problem." Creating Bankia and mismanagement had led to a situation of insolvency. It was the cap that prevented regained confidence in the Spanish financial system and sovereign debt, they said.
Economy Minister met several times with Emilio Botin and Francisco González, president of Santander and BBVA, respectively, to design the relay. At the last meeting, on May 4, participated Isidro Faine, president of La Caixa. Rato was called to the dinner and told Gonzalez that Jose Ignacio Goirigolzarri, his last bullet, would not go as CEO to Bankia, but as president. It was an ultimatum. Rato mused that weekend and saw no way out. On Monday 7, published the news that would inject billions of Bankia State, resigned to Rajoy. He played strong banker and politician in a boat with holes. He lost.
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