"It's over defending Spanish banks; that spirit has to disappear. We have to be fair. " These are words that Margarita Delgado, deputy governor of the Bank of Spain since last September, delivered at a recent meeting with the body of inspectors of the institution, according to a recording that Cadena SER had access to.
In the audio, one hour and forty minutes, an inspector of the Bank of Spain suggests to the deputy governor to "clarify" if the inspectors should "analyze well" what is the situation of the entity or if, "as is done many times" , "Defends" the entities.
Delgado, who has a reputation for using a very direct language, was emphatic in his response: "I see some things that can be interpreted as a defense of Spanish entities and I have to split my face in the Supervisory Board [organismo de supervisión del BCE] and I'll decide why I'm going to break my face. But for many I'm not going to split my face and, gentlemen, it's over defending the Spanish banking. That spirit has to disappear. We have to be fair. "
In reference to the risk of new bubbles arising from low interest rates, he adds: "This is not a matter of pestilence against something that has been done in the past, it is a matter of analyzing and growing on our own mistakes and improving for the future, "said the deputy governor.
The Bank of Spain refused to comment and the Association of Inspectors condemned the leak ("it is an intolerable attack on privacy and loyalty") and hopes that the person in charge will be identified and that "the appropriate disciplinary measures will be applied".