Sat. Apr 20th, 2019

MAFO: Fernández Ordóñez denies having received the internal warning about the non-viability of Bankia | Economy

MAFO: Fernández Ordóñez denies having received the internal warning about the non-viability of Bankia | Economy



The ex-Governor of the Bank of Spain, Miguel Angel Fernández Ordóñez. On video, his statement at the trial for the Bankia IPO,

Sponsored Ads

Advertise Here

Miguel Ángel Fernández Ordóñez, former governor of the Bank of Spain, said today during the trial for the Bankia listing that he did not receive the emails from the inspector in charge of Bankia, José Antonio Casaus, in which this alerted of the inviability of the entity. He also added that the opinions of this inspector were wrong and that his superiors made the right decision by not letting him know because what Casaus said was "not relevant". Fernández Ordóñez, who was governor during Bankia's IPO, became imputed in the final stage of the instruction of this cause, precisely after four internal mailings of this inspector were incorporated.

Today he has testified as a witness and insisted that his management of the banking crisis in front of the supervisor was correct and he blamed the crisis of Bankia's fall. His interrogation is one of the most anticipated because several of the accused, including Rodrigo Rato, have tried to charge the Bank of Spain with responsibility for what happened with Bankia, that shortly after going public had to be rescued with 22,424 million public money. The former governor has assured that he learned of the existence of these emails watching television and added that Casaus guessed right in the future non-viability of Bankia, but not for the reasons he expressed in the emails. "It happened by chance"; has signaled.

Fernández Ordóñez has insisted that the decision to go public was made by the Bankia administrators, in the same way that these managers decided to merge seven boxes to create the banking giant. He explained that Bankia had three options to achieve the capital levels that were asked for in 2011: it could go public, search for external investors or ask for help from the FROB and nationalize. "The philosophy was to let the managers decide", he assured almost at the beginning of his statement. The former governor wanted to make it clear that, unlike what the members of the old Bankia dome say, the Bank of Spain did not force them to opt for the first option.

Discount on the share price

Fernández Ordóñez has ensured that the discount in the price of the OPS (public offer of subscription) was good both for the small shareholders, who could buy more shares, and for the taxpayers. Bankia debuted on the stock market at 3.75 euros, 15% below the minimum of the initial fork, which ranged between 4.41 and 5.05 euros. The ex-governor has assured that the price of the IPO did not "interest him especially" because it did not fall within his competences and that he did not give "relevance". The important thing, he added, is that with the debut of the stock market, more than 3,000 million euros were obtained through "an interesting operation that fulfilled the law".

Fernández Ordóñez has replied to the Bankia and BFA directors who have mostly declared that they limited themselves to doing what the Bank of Spain indicated to them. "The Bank of Spain does not authorize the IPO of the entity, what it does is not oppose," said the former governor, who took the opportunity to emphasize that supervision does not consist in telling bank managers what they should do .

The former governor has also entered, on questions from the prosecutor Carmen Launa, on the question of whether Bankia should have charged the losses against results or against reserves, as was done, in the results for the year 2010. For Fernández Ordóñez, do so against reserves It was "the most reasonable" because otherwise a "false image" of the entity would have been offered only three months later. In his opinion, in addition, charging losses against reserves or against results would not have altered the equity value of the entity. He added that this formula was approved for all the funds that were merged in Spain, not only in Bankia.

Fernández Ordóñez blames only the crisis of the collapse of Bankia, according to what he has related. He has assured that the "monstrous recisión" was the one that prevented that the merger of seven boxes that gave rise to the entity prospered.

.



Source link

Leave a Reply