スペインの経済大臣ルイス·デ·ギンドは、スペイン国立銀行元総裁ミゲル·アンヘル·フェルナンデスオルドニェスが、Bankiaの母体銀行のBFA(Banco Financiero y de Ahorros)の国有化を推薦するメールを送ったことを明らかにした
De Guindos dice que Ordóñez le aconsejó nacionalizar Bankia tras dimitir Rato
El Banco de España planeaba restarle competencias al expresidente de Bankia Rodrigo Rato
EP Madrid 27 MAR 2013 - 21:40 CET
De Guindos said Ordonez advised nationalize Bankia after resigning Rato
The Bank of Spain planned to take away powers the president of Bankia Rodrigo Rato
EP Madrid 27 MAR 2013 - 21:40 CET
The Economy Minister Luis de Guindos, has revealed that the former governor of the Bank of Spain Miguel Angel Fernandez Ordonez sent him an email in which he advised the nationalization of Banco Financiero y de Ahorros (BFA), the matrix of Bankia, just a day after Rodrigo Rato resigns in front of the bank.
De Guindos reveals so in his written statement submitted to the National Court Judge Fernando Andreu, who is investigating the merger and IPO of Bankia.
Specifically, the Minister of Economy concerning the recommendation to convert Ordonez "voluntarily" preference shares subscribed by the Fund for Orderly Bank Restructuring (FROB) in the matrix of Bankia, amounting to 4,465 million euros.
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The post, which had a "document" and was sent on May 8, 2012, has been brought to the trial judge's Bankia beside De Guindos written statement, as reported legal sources. The sources point out that this letter has been sent by the minister Andreu "along this morning."
De Guindos also reveals that the ancestor of Luis Maria Linde told him that the General Supervisory BFA had already informed the "convenience" that its board approved the request for voluntary conversion "that week", which concluded on May 13 .
Fernandez Ordonez said before the judge of the High Court that the regulator plans to take away powers the president of Bankia Rodrigo Rato, when the Ministry of Economy, headed by Luis de Guindos, took "full control" of the situation.
Economy or received or requested a plan on BFA-Bankia
"The Ministry of Finance did not request any specific plan. Never presented a BFA-Bankia plan for approval to Economy" emphasizes the minister, who nevertheless says that the department heads "is not a mere observer" of what happens in credit institutions.
In this sense, calls for "close collaboration" between the Bank of Spain and Economy, while ensuring that the government "had and has" an obligation to know "at all times" the situation being experienced by Bankia, especially after receiving public funds of 4,465 million through loans to the matrix and convertible preferred shares were exchanged for shares in the company in June.
The minister also highlights the systemic nature of Bankia, being at that time the fourth largest in Spain. "Any doubts about the solvency affect the entire financial system, and, ultimately, economic stability, as it appeared later," he explains.
Monitor Bankia to avoid "dereliction of duties"
Therefore warns that economics had committed a "gross irresponsibility" and "dereliction of duty" if he had not followed closely the situation of BFA-Bankia. And he defends the work of the present government to prevent episodes like the now nationalized bank happen again, as with the creation of a framework that establishes a distribution of supervisory functions that lie under the Bank of Spain and the restructuring or resolution under the scope of the FROB.
De Guindos recalls showing concern all international agencies to the plight of "alarm" that was being generated, and coming from the IMF, the ECB, the EC, the Eurgogrupo and the G-20, which, in his view , denoting the need to act "quickly, clear and convincing" to restore confidence in the Spanish financial sector.
Bankia biggest problems in the expected
At this point, the economy minister even acknowledges that the reality of the problems of a magnitude Bankia was "even greater than expected." And among these "most relevant" places the peculiarity of Banco de Valencia, which was a subsidiary of the entity at the time of its IPO in July 2011 and November 21 of that year had to be operated by the Bank of Spain.
It also ensures that the now nationalized bank situation was "more complex" than that contemplated in the plan submitted to meet the first provisions of the Government Decree, and admits that his solution required "necessarily go beyond." "The magnitude of risk facing property that Bankia was, by far, the largest Spanish financial system," he says.
In several meetings between the authorities, De Guindos reveals that Rato visited him in "numerous" occasions during the month of April, in which the president of Bankia he presented various mergers, as raised with CaixaBank. And it ensures that at the end of that month Rato told that one of them was almost complete, alluding to Liberbank. "Although a few days I confirmed (Rato) that the operation had been frustrated," he says.
After the failed talks to merge Bankia Rato, the minister said that the now nationalized bank president conveyed his intention to correct the "weaknesses" in corporate governance of the company, the new asset valuation and recapitalization needs.
De Guindos Rato not asked to resign
On this last point, Rato said he would seek additional money from the FROB to 4.465 million already allocated to ensure the future viability of Bankia as an independent entity. "At no time Rato requested output" De Guindos sentence written in his statement, which does recognize a "common concern" of international organizations and financial analysts about the corporate governance structure of Bankia.
The economy minister said he met Rato's decision to resign the same day it was made official, the May 7, 2012, for a call that he personally did that morning. "I do not know the reasons that led him to resign," he stresses, then ensure that economics did not ask the new president, Jose Ignacio Goirigolzarri, "no reformulation" Bankia accounts.
Meetings with Rato Fainé, Booty and Gonzalez
Three days before the resignation of Rato, De Guindos reveals that Rato himself met with the presidents of CaixaBank, Isidro Faine, Santander, Emilio Botin, and BBVA, Francisco González.
Yes, framing these conversations held on 4 and 6 May last year in the "common touch" to analyze the sector, the credit outlook and projections of the economy, among other issues.
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