August 5, 2020

The commission on financial crisis this month addresses the conclusion



The commission of the Congress that investigates the financial crisis and the banking rescue enters its final stretch and will prepare this month its opinion of conclusions with the recommendations of the political parties, that will persecute to improve the regulation of the banking sector to avoid future crises.

The parties that make up the commission are writing their reports after more than a year and a half of appearances at the highest level, in order to issue a joint opinion that can be debated and voted in plenary at the end of the year.

The president of the parliamentary commission, Ana Oramas, has extended until October 18 the deadline for the parties to present their conclusions.

The banking investigation commission was constituted on May 11, 2017 and more than 80 interveners have passed through it.

In July he began his work with the appearances of the then governor of the Bank of Spain, Luis María Linde, and of the ex-governor Jaime Caruana, and almost fifteen months later the commission has finished its work.

The parties unanimously approved to clarify the causes of the crisis and its gestation from 2000 to 2007, as well as the answers given from 2007 to 2012.

They have also analyzed the role played by the savings banks and the influence of politicians in their councils, while for weeks the Bankia crisis and its rescue deepened.

The spokespersons questioned the heads of regulatory bodies such as the National Securities Market Commission (CNMV), but also the FROB, Sareb or the inspectors of the Bank of Spain.

For the commission have passed international positions as the president of the Single Board of Resolution (JUR), Elke König; the ex-Commissioner of Economic Affairs Olli Rehn or the former head of the Mission in Spain of the CE Servaas Deroose.

Rehn said that the rescue of 41,000 million euros to the bank and the availability of up to 100,000 million was "crucial" to recover the confidence of the markets in Spain, while Deroose assured that the process was a "success".

The general director of the FROB, Jaime Ponce, considered that it was "the best option and, probably, the only one of the admissible alternatives", while the president of the JUR defended the intervention and immediate sale of the Popular, because otherwise It would have closed and customers would not have had access to their money.

König's intervention was criticized because he refused to disclose in full the report of Deloitte that was key to carry out the resolution of the Popular.

However, the commission reached its peak in January of this year with former Economy Minister Rodrigo Rato, Pedro Solbes and Elena Salgado.

Salgado denied having made calls to entrepreneurs or bankers to buy shares of Bankia in its IPO and blamed Greece and Ireland for the relapse of the Spanish economy in 2010, while Solbes said that José Luis Rodríguez Zapatero "should have been braver "to try to" stop the train ", alluding to an economy that was about to derail.

The presence of Rato was one of the most photographed, and also to imply that the Government of Mariano Rajoy wanted the rescue of the Spanish economy as a whole and defend its management as the head of Bankia denounced an alleged plot to arrest and imprison him .

Very controversial was the phrase that snapped the spokesman Citizens after ensuring that the bank rescue had cost more shareholders than the public treasury and say: "is the market, friend."

The process of resolution of the Banco Popular and its sale to Santander for 1 euro, which coincided in the full work of the commission, was discussed with the ex-presidents Ángel Ron and Emilio Saracho.

Both staged a tough cross of accusations about their respective efforts at the head of this entity.

The majority of bank leaders have demanded certainty to give confidence to clients and warn that they must ensure their profitability in order to continue giving credits.

Ministers and regulators have defended that they acted according to the financial rules of the moment and the European directives, while the commission has listened to diverse recommendations to give greater transparency and protection to the consumers.

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