May 18, 2021

Santander, Caixabank and Bankia claim 1,350 million Castor before the Supreme | Economy

Santander, Caixabank and Bankia claim 1,350 million Castor before the Supreme | Economy



Santander, Caixabank and Bankia have filed a lawsuit against the State with the Supreme Court (TS) for the 1,350 million euros they contributed to facilitate the closure of the underwater gas warehouse Castor and that the Government promised to return in 30 years, "plus the damages caused."

Last April, the three entities filed a claim for patrimonial liability against the State, which was made effective by means of a claim before the Council of Ministers. The claim received no response other than administrative silence, which is why it is considered dismissed and now the possibility of appeal is possible.

Now, they resort for the "damages and losses suffered as a result of the loss of investments made by them after the declaration of partial unconstitutionality of a royal decree law, by which urgent measures are adopted in relation to the gas system and ownership of nuclear power plants.

Competition froze reimbursements

The entities decided to present the claim to the Government after the Constitutional Court declared null several articles of the royal decree law that allowed Escal UGS, a company controlled by ACS, to collect compensation for the shutdown of the gas warehouse; Subsequently, the National Commission for Markets and Competition (CNMC) stopped reimbursing the funds financed by Santander, CaixaBank and Bankia.

The banks understand that this judicial decision should not cause any loss to those who have financed the public powers to facilitate a measure of general interest, since, otherwise, the public power would benefit from unconstitutionality at their expense, since they disbursed more than 1,350 million to finance the closing of the warehouse.

This was due to a series of earthquakes that aroused social alarm among residents of the provinces of Castellón and Tarragona.

In September 2013, the Executive suspended the activity of the gas warehouse after the earthquakes registered in the area; four years later, the Constitutional Court annulled the compensation of 1,350.7 million euros granted to Escal UGS for the hibernation of the project.

After this judicial decision, the payments to Enagás for the maintenance of the installation and to the banks, to which the technical manager transferred the collection rights, were no longer paid.

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