The inspector of the Bank of Spain José Antonio Delgado Manzanares has assured that the starting information with which the experts of Afi and PwC counted for the union of the seven boxes in the SIP that would give place to Bankia was false, adding that Caja Madrid was "dying" and, Bancaja, "dead".
This was stated by Delgado during his appearance as a witness in the trial investigating the Bankia listing in July 2011, which takes place at the National Court of San Fernando de Henares (Madrid).
"The ideal would have been for someone to check the balance sheets of the savings banks, but nobody did that." The integration plan, which included future projections, was determined by base information provided by the entities that was incorrect, "he said. the witness before the fourth section of the Criminal Chamber.
Delgado has underlined the fact that the starting information for the constitution of the SIP was "false" and derived from much earlier years, when the real estate bubble began to grow in 2005, so Bankia's problems were not due to the impact of a recession.
As he explained, these problems were made up by refinancing that accrued interest in the income statement. "They were like a dead man's makeup," he said graphically.
The inspector of the Bank of Spain added that if the supervisor, the National Securities Market Commission (CNMV) or the auditor had left the plan at the time of integration, this process "clearly would not have gone ahead".
BLAME TO THE RD OF THE FROB
In his opinion, everything responds to a "succession of facts that show that indeed the overall conceptual framework for what moved all this was Royal Decree-law 9/2009, of June 26, the Fund for Orderly Bank Restructuring (Frob) ), which established that the entities, in an integration, were mostly viable and that, let's say, that he condemned them. "
"This led to a failure to analyze the actual bankruptcy situation of the entities, some entities with problems such as Caja Madrid could have survived if the basic situation was analyzed, Bancaja had it much more complicated. it is the result that in the end has been seen ", has specified.
Once Bankia was established, when Delgado assumed responsibility for the monitoring structure at the request of José Antonio Casaus in September 2011, its mission was to detect operations that could have an irregular content, analyzing their solvency, if the provision coverage is adequate or if the credits are properly classified.
"As soon as Casaus arrived, he warned me about what I was facing: it was an unviable bank, it was said that there was a good bank (Bankia) and a bad bank (BFA), but the reality was that there was a bad bank (Bankia) and a worse bank (BFA) ", has sentenced.
"When I arrived at the group, it was already deduced, from the first follow-up report, that there were assets classified as normal investments and that they should be under substandard, or doubts about the discount in the valuation of the IPO and how that affected participation. that BFA had in Bankia, "he explained.
All these irregularities were revealed to the entity in weekly meetings with the general intervention, which essentially came as Sergio Durá representative, although they were maintained and not corrected.
"The concern was increasing, the tone was much more serious, we saw that the deterioration that was brought from base would materialize", he added, noting that the entity was informed of all the deficiencies.
REFORMULATION OF THE 2011 ACCOUNTS
Faced with the declaration of former Bankinter General Interventor Sergio Durá as defendant in the judicial process, Delgado has assured that the reformulation of the accounts for the year 2011, carried out by José Ignacio Goirigolzarri upon his arrival, was due to a problem of disguised delinquency and not to the negative evolution of the economic cycle.
On the contrary, Durá said that it revolved fundamentally around the evolution of the real estate sector. "At that time there was talk of the breakup of the European Union, that Spain was going to leave the euro, nobody wanted to invest in the country, and when nobody invests, prices fall, the reason that leads to the reclassification of the assets of ' normal 'a' substandard 'was their real estate collateral, because due to the' brutal crash 'experienced had something more weakness, not that they were refinanced, as has been said, "said the defendant.
In this sense, the inspector of the Bank of Spain has indicated that the reformulation did not respond to the fact that these operations "suddenly" deteriorate due to the evolution of the economy, but that they came from the base accounts, due to problems generated in the savings banks. origin. "It is false that it was due to the economic environment, collects the covert arrears that the team of the Bank of Spain had been stating for some time," he said.
In the first part of the trial session held on Monday, the former director general of the Office of the President, Strategy and Corporate Development of Bankia Luis Maldonado García-Pertierra has also testified. To the questions of the public prosecutor, Carmen Launa, and those of the rest of defendants' defenses, Maldonado has reiterated that he "did not remember" or that he "did not know" the matters for which he has been asked.
MEETING PREVIOUS TO THE DINNER OF THE BANKERS
However, he did refer to a meeting that took place on the morning of May 3, 2012 at the Ministry of Economy, which would be attended by representatives of Frob, Bankia and BFA. This meeting, held a day before the famous dinner attended by the former Minister Luis de Guindos and the main bankers, was "very brief".
In fact, Maldonado said that "never quite understood" that meeting, in which the "only clear message that he recalled was that the Ministry of Economy urged" to accelerate the pending actions regarding the capitalization plan requested by the Bank from Spain".
"As soon as I left, I told the president - Rodrigo Rato - what was said there," he assured. A day later, on May 4, the BFA and Bankia accounts without an audit report were published and the plan was exposed at the meeting Rato would have with the former minister and current vice president of the European Central Bank (ECB) and the rest of bankers.