April 15, 2021

The Deloitte-Guindos Conjuration | Economy

The Deloitte-Guindos Conjuration | Economy

Luis de Guindos, former Minister of Economy and now Vice President of the ECB, in the Congress of Deputies in January 2018. In video, Rodrigo Rato answers questions from the chief prosecutor of Anticorruption in the trial for the IPO of Bankia.

A Rodrigo Rato more gentle, without outbursts of aggressiveness that he exhibited on January 8 before the prosecutor Carmen Launa -Who is recovering from a retinal detachment-, yesterday brought before the prosecutor Alejandro Luzón and his own lawyer, Ignacio Ayala, clues about the alleged objective and subjective collusion between Francisco Celma, the auditor partner of Deloitte, and the Minister of Economy Luis de Guindos, at the end of April 2012, which ended with his defenestration on Monday May 7 following.

The auditing firm sent the entity an unqualified draft of Bankia's 2011 annual accounts, approved by its board of directors, and promised to send its official report later. But as it was approaching April 30, the mandatory date to submit the accounts to the National Securities Market Commission, and to note that the auditor's promise to his collaborators was not met, the concern began to increase

"We were very puzzled by the fact that an audit firm like Deloitte left us without a report, whatever it was, but lacking a report put us in a very extreme situation. I thought that Deloitte would wait for the approval of our sanitation plan by the Bank of Spain. But that had already happened on April 17. I did not understand what Deloitte was waiting for. The law requires the auditor to provide his opinion, "explained Rato.

Rato then picked up the phone and called Celma. The only explanation for the delay that his interlocutor gave him was that he was about to issue a new decree-law on requirements to financial institutions, apart from the one in force since February 3, 2012, the so-called first decree Guindos. The then president of Bankia, as noted yesterday, did not understand the explanation. Because the new decree would refer to the year 2012 and what he was asking Celma was the report on accounts already approved in 2011.

But the most relevant: Celma proved to have, slipped Rato as who does not want the thing, direct information from the Ministry of Economy. Indeed, the second decree was approved Guindos on May 11, 2012. This behavior of Deloitte at the end of April 2012 fits with the narration of the three meetings held by De Guindos on Sunday, April 8, on Friday, May 4 and , finally, on Sunday, May 6, 2012 in his office on Paseo de la Castellana, excluding, Rato said, the Bank of Spain.

Since Sunday, April 8, Francisco González, president of BBVA, put on the table that the write-downs should be 15,000 million. According to Rato, De Guindos agreed with this figure.

But between April 8 and the following meetings of May 4 and 6, 2012, a spectacular event took place that neither the prosecutor Luzón nor the lawyer Ayala mentioned. Your date: April 19, 2012. And it's the elephant in the room.

De Guindos requested that day in Washington Christine Lagarde, Managing Director of the IMF, to make public on April 25 the preliminary conclusions of the five-year mission of the Fund on the Spanish financial system when the report was scheduled for June.

De Guindos already knew that the report would point the finger at Rato and Bankia and that he would come to say: the king is naked. The statement said in a paragraph addressed to Bankia: "To preserve financial stability, it is essential that these banks, especially the largest, take swift and decisive steps to strengthen their balance sheets and improve management practices and corporate governance."

Deloitte, then, already knew everything he needed to step aside. On Sunday, May 6, it was Francisco González who told Rato in front of De Guindos, Botín, and Fainé: "You have to leave because you're from the PP." He wanted to say that the Government of Rajoy, of the PP, could not contribute the fresh funds to rescue Bankia with a president of the PP.


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