May 15, 2021

The Congress approves the opinion of the crisis and points to the institutions as guilty

The Congress approves the opinion of the crisis and points to the institutions as guilty


MADRIDUpdated:

The Congress of Deputies today has put an end to what may have been the most important commission of investigation of the Legislature. The Chamber today approved the report prepared on the economic and financial crisis suffered by Spain, and the rescue of the boxes with the support of the entire parliamentary arch, with the exception of Citizens, and points to supervisors, regulators and entities as the ultimate responsible for one of the greatest economic catastrophes in our country. The text has been written as it was done last fall and the votes and particular requests presented by the different political groups have not been included. Thus, despite the interest of most of the parliamentary groups to add new versions or request particular measures, the writing maintains its original narration and urges to take measures such as the creation of a macroprudential authority, improve the protection of the financial consumer or «reinforce the independence »Of regulators and supervisors.

"It was a serious, rigorous and credible investigation, the result of more than 114 hours of work and audience of 81 experts with marathon meetings in 48 sessions in which they have analyzed huge volumes of information," said Ana Oramas, deputy Coalition Canaria and president of the commission. Oramas defended that in the crisis there has been "not a single winner" and, although it has acknowledged that citizens are the greatest losers, it has also wanted to highlight the undermining suffered in the prestige of institutions such as the Bank of Spain or the CNMV, including financial institutions, which are now suffering a serious reputation crisis. and the crisis also revealed the "weakness" of the institutional architecture with which the European Union (EU) was equipped. To solve this situation, Oramas has defended, action is needed at European level: "It is evident that the European Union must complete and perfect its financial structure if it wants to avoid a reproduction of the problems".

On the other hand, Unidos Podemos has advanced that it wants to take to the Office of the Prosecutor the opinion so that the parliamentary investigation goes to the Office of the Prosecutor and it can be "clarified" what happened if it observes "indications of crime" in the management of the problems, has assured Alberto Garzón.

Council of lawyers

On the other hand, the opinion has not taken into account the rabbits that arrived from the lawyers of the Congress, who recommended modifying the wording to avoid that it is challenged judicially, since it attributes to the Bank of Spain a "serious irregularity" in the accounts of 2010 of the boxes that Bankia created. Supposedly it happened because the institution allowed these entities account for an impairment of 7.619 million against reserves – as was done in all cold mergers – and not against the income statement. The text of the lawyers of the Lower House also speaks of the "inaction" of both the Bank of Spain and the CNMV in the commercialization of the preferred ones.

During his speech in the Plenary of the Lower House where the final opinion was approved, Garzón considered that "yes there were responsible" in the crisis, pointing directly to financial institutions, regulators, governments of the PP and PSOE for their management of the problems and «the big banks and savings banks», as well as their managers.

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