Sunday, July 8, 2012


CIC President Gonzalo Postigo working on a WOW Financesection declaration during a meeting in Vienna, April 2012

CIC has claimed that the European Commissioner of Competition, the Spanish Joaquín Almunia, submits his resignation for suggesting that some banks intervened by the Bank Restructuring Fund (FROB) should be liquidated. 

During his recent visit to Spain Almunia argued on several occasions that it would be better to liquidate orderly intervened financial institutions if the costs of its restructuring demands greater efforts to the taxpayer. He maintained that this formula has been used many times during the crisis of the last five years.
According to CIC, Almunia's statements are "unacceptable, the most grave and blameworthy" to those said by "any public responsible European" so that, in his own view, "this must have the necessary political consequences." This means that the Commissioner should "resign and if he does not understand the gravity of his acts, he should be dismissed by the Commission."
To this end, CIC has already sent a letter to the Commissioner of Economic and Monetary Affairs requesting this punitive measure against the "bad influence on the perception of the markets right now on the whole Spanish financial system, contributing negatively to the evolution of the risk premium on Spanish debt. "
Furthermore, CIC has offered to perform in Brussels "or in any other forum" to "tell the reality" of what happened in the Spanish financial system in general or in the savings banks in particular.


CIC president, Gonzalo Postigo, considers the words of the curator to have caused a "great economic and moral damage" to the affected entities as "customers have been impacted by negative information that does not respond to any formal decision taken ".
Postigo argues that  "the four entities - referring to Bankia, Banco de Valencia, Catalunya Caixa and Novocaixagalicia - have had to endure the withdrawal of funds by customer, frightened by some information that has provoked the weakening of the institutions under suspicion," adding that "these have also caused damage to many customers, who dominated by fear, have suffered penalties for withdrawing funds before the expiry of the period.”
In this sense, he has called it "inconceivable" that a measure such as liquidating a bank "has been said repeatedly as a possibility" when it is not even decided. He concludes that "even the younger sector employees know how to communicate such decisions, and still know better how this news should not be treated."

Original language: Spanish

No comments:

Post a Comment