Rodrigo Rato has blamed Mariano Rajoy for his departure from the Bankia presidency in May 2012, 48 hours before the government nationalized BFA, its parent group. "I was thrown out by the President of the Government," he assured on the second day of his statement before the National Court hearing that he is being tried for alleged irregularities in the IPO of the entity.
The former president of Bankia described his replacement by José Ignacio Goirigolzarri as an "absolutely political" decision. "We will get to that question," he has limited at that time, to try to order the interrogation, the prosecutor of the case, Carmen Launa, who requests for him a penalty of five years in prison for a crime of fraud to investors. To which Rato, ironically, has responded: "Unless dramatic events occur, we will all arrive, Your Honor …"
During his appearance, the former vice president of the Government has also criticized the intervention of the boxes. "Of course they lost", has assured questions from the prosecutor.
"The problem of the boxes was that they did not have capital, they were public corporations but without partners", reason why in his opinion the debut in the parquet was "a historical landmark". Not only was it a merchant operation, it has qualified, but the objective was "to become an entity like the others". "The Bank of Spain's strategy was to get out of the anomalous situation of having no capital as soon as possible," he stressed, recalling that although by law the deadline for taking that step was May 2012, the regulatory agency "told us that in September (of 2011) we had to be already on the stock exchange or nationalized us ".
Also, Rato has explained to the Prosecutor's Office that, although the board of directors of the entity set a range of 4.10 to 5 euros per share to go public, finally debuted on the stock exchange with a price of 3.75 euros and they did not consider backing down because "to have given up would have had reputational costs".