スペインの破綻して国有化されたBankiaの取締役は、監査会社のDeloitteの意見*報告を鵜呑みに。監査内容の無知？経営内容の無知？無能の取締役？
Los consejeros de Bankia acusaron al auditor de no prevenirles del desfase
Los consejeros: “En 18 meses, nadie nos informó de objeciones o salvedades”
Goirigolzarri: “Es atípico formular cuentas sin el informe de la auditora”
“Tenemos 280 socios promotores inmobiliarios, la mayoría insolventes”
Francisco Mercado Madrid 24 SEP 2012 - 21:03 CET
Bankia counselors accused the auditor not to warn the gap
Counselors: "In 18 months, no one reported objections or reservations"
Goirigolzarri: "It is unusual to formulate accounts without the report of the auditor"
"We have 280 partners developers, most insolvent"
Francisco Mercado Madrid 24 SEP 2012 - 21:03 CET
The minutes of the board of directors of BFA-Bankia Group, which has had access to the country and held by the preliminary proceedings in the High Court to investigate whether there was fraud in the management of such entity, reveal the apparent ignorance that had the vast majority of the directors of the bank suffered holes. Members of the Board of Directors of Bankia accused the auditor, Deloitte, not to inform them of possible objections. He replied that he had already issued a warning in October 2011 to the Audit Committee.
The following is a summary of the minutes of the board of directors of BFA-Bankia group since April 23, the penultimate chaired by Rodrigo Rato, until late June, when the new team definitely takes the reins of Bankia.
»April 2012. All is well. In April 2012, before the resignation of Rodrigo Rato and the nationalization of Bankia, the president of the company directors explained that the Bank of Spain had approved its recapitalization plan, an entity would meet all requirements statutory funding that had set the Spanish and European authorities and that delinquency was slightly below the industry average.
Everything was going well on April 23, when the board of directors held. Only 14 days later, resigned Rato and counselors began to know the actual numbers were staggering for Bankia.
»New team, capital adjustments. May 9. Rato's successor, Jose Ignacio Goirigolzarri, at its first board of directors, on May 9, 2012, gave the floor to the CEO Francisco Verdú, who after referring to pending audit report on the accounts of 2011 and warned that " there may be adjustments to the assets of BFA [Bankia matrix], as a result of the deterioration occurred in the valuation of Bankia "and that such a problem" does not arise in the management of the bank, but there are pre-or constitution of the bank or a result of regulatory changes. "
Deloitte said it warned of possible gap before the IPO
"" We first heard of the problem. " Several counselors (Mercedes de la Merced, Stanislaus and Francisco Rodriguez-Ponga Baquero) request that the record his protest: "This is the first news we have about the problem explained by Verdú on the problem of the audit report." Verdú up the glove: "The directors responsible have been aware of the issues raised by the auditor recently". The Minister Jorge Gomez (PSOE) said then his perplexity: "I thought that the Bank of Spain approved the plan submitted by the bank reinforcement." It seems to refer to the plan submitted to the Bank of Spain on May 4, 2012 and that, contrary to widespread nor formally acknowledged receipt nor did he discuss the agency supervisor.
"" There was never any objections or qualifications. " Council May 28. The fight over the role of the auditor grow following boards of BFA. On May 28, the group accounts completely change. Where the team announced informally benefits Rato 300 million in fiscal 2011 losses now approved 3.318 million and also claimed by 19,000 million aid to avoid bankruptcy of the entity.
At that meeting, the Minister José Rafael García Fuster, auditing comisón member, takes a hard argument: "Never in the past 18 months has been expressed by the auditing company no objection or qualification, nor by the Comptroller General of the bank, it's been reported that the group always had overcome successive Bankia capitalization requirements imposed by the Bank of Spain, the same group Bankia senior managers have always recommended and subsequently documented decisions, in terms of output bag today formulation and reformulation of accounts has been taking this advice. With the confidence that professionals have inspired me above, how were we to doubt the credibility of their actions. The various meetings with the company and Lazard have maintained always followed his thoughts and suggestions about the opportunity and the share price of the IPO. "
»Goirigolzarri:" What is atypical formulate draft bills without audit. " President Goirigolzarri, recalling that there had been a change in the bank's management team, launched a diplomatic criticism of his predecessors by emphasizing "the atypical for formulating statements without having the draft audit report."
Francisco Celma, audit partner at Deloitte, explains that the accounts presented that day "are the only ones on which Deloitte said" and that is the first time that offers counselors the draft report.
Several councilors questioned how the accounts have been restated. Ricardo Romero de Tejada (PP) said that Deloitte has been for years overseeing the boxes and their integration process, however, considers that the criteria to restate the accounts are "fully contestable". Romero de Tejada questioned the criteria used by Deloitte to determine Bankia accounting mismatches. Celma (Deloitte) responded that the criteria followed are "known to all financial experts". And said "international accounting standards clearly state a 40% threshold in the deterioration of the value of units, from which it is necessary to record an impairment (impairment of assets)." Celma concerned that Bankia was valued at 12,000 million while accounts BFA in Bag worth about 3,000 million at the time. That huge difference in value of depreciating assets BFA and favored the need to reclaim billions aid.
"Deloitte" information prior to deterioration IPO ". At the time of the tense meeting, Celma (Deloitte) said: "The end (impairment of assets) was revealed at a meeting prior to the IPO with investment banks advising on the process." However, in the IPO prospectus, in which Deloitte reviews the situation of the company, not listed any problem assets. Apparently, the statement of the auditor of Deloitte, Celma, mean that advisers IPO previously known risk offset assets that had BFA (Bankia owned entity) and it was easy to splash its subsidiary.
Explanations of Deloitte responsible members of BFA board are key to determining whether the investment banks advising the IPO of the company knew the accounting problems that eventually could affect the price, as and was finally.
Several counselors abounded they were never informed of discrepancies between the auditor and the company at the time of preparing the financial 2011 and despite the fact that the auditor oversaw the merger and IPO.
On 27 June 2012 the scenario is repeated. Several counselors who complain of misinformation on the fly and Bankia valuation. Mercedes de la Merced (PP) expressed his "surprise at the reported valuation when, in advance, from the bank's management moved a completely different take on the same situation. Understand that the earlier direction should have appeared to explain ".
"The plan was never discussed Rato"
On 7 August, the Bank of Spain had referred a letter to the National Court judge investigating the case Bankia scampered in which one of the key elements of the environment used by the president, Rodrigo Rato, in defense of his administration : its recovery plan for the entity filed May 4, 2012 was welcomed by the supervisor. In Congress, Rato admitted that the plan "was never approved" despite an "intense exchange of views", which joined the group "any suggestions" of the Ministry and the Bank of Spain.
But the Bank of Spain, in its response to the judge, dispatched in a row with some disdain the recovery plan "is attached as Annex 7 alternative plan Rodrigo Rato informally referred to the Bank of Spain on May 4, 2012. This plan was never discussed, introducing that a few days later, on May 7, 2012, his resignation as president of the group. "
His report "informally" Rato contained several dozen pages with multiple variables that had presented the last cartridge to clean the bank and demanded another 7,000 million additional aid. Previously, Bankia had requested and received 4,465 million euros of aid in December 2010. Bankia resigned Rato had offered just as the Bank of Spain to fulfill one of the requirements that made him such an institution in its last inspection in September 2010. The Bank of Spain demanded: "It is recommended that a CEO of the banking sector to the extent that the current structure of DDGs around a CEO with a nonbank profile has not been successful." Rato offered uselessly and just that in its recovery plan: "Clear separation of Chairman and CEO roles making clear the roles of CEO in the business and the daily management of the entity."
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