The former president of BBVA Francisco González has admitted that suggested to Rodrigo Rato that he resign as president of Bankia in a meeting held on Sunday, May 6, 2012, which was also attended by the president of Banco Santander, Emilio Botín, and that of La Caixa, Isidro Fainé, as well as then Economy Minister Luis de Guindos. This is what Gonzalez said, now questioned by his relationship with the jailed former commander José Manuel Villarejo, during his testimony as a witness in the trial that investigates Bankia's IPO in July 2011, which takes place at the National Court of San Fernando de Henares (Madrid). "I, personally, told him to resign", said the witness before the fourth section of the criminal chamber, adding that Rato's departure from the Bankia presidency was "the best for all and to provide a viable solution" to the problem. He also assured that, when he made this suggestion, Former Minister of Economy Luis de Guindos nodded, whereas Fainé was "hesitant". Gonzalez has remarked that Rato did not take it badly. "I do not remember that I had a negative or violent reaction when I suggested that he resign," he added.
González has also stated that he thought he could stop Bankia's IPO by "implacably" refusing to participate in the operation, thus going "against political power and very relevant institutions". "We thought that BBVA was very relevant and not being in the operation could influence so that everything stopped, but in the end they ignored us," he said in court. As he stated, the fact that there was no order from a foreign investor and the fact that the valuation made by the BBVA technicians was so low, confirmed that a disaster was going to happen ". "We thought it was worth nothing or little," he added. In this sense, González has indicated that does not believe that "there was fraud", but there was a set of circumstances that caused such a situation. "I can not say that there was cheating, I do not believe that there was fraud, but a set of circumstances propitiated mainly by the political power," he added.
The former president of BBVA has assured that refusing to participate in the IPO of Bankia was a "very complicated" decision, since they went against the pressures and interests of the political power, of "very relevant" institutions and of all the economic groups. "Everyone participated less BBVA", he underlined.