The inspection of the Bank of Spain questions Bankia’s sentence: “Mysteries remain”
The inspectors' association insists that there were accounting irregularities that have not been clarified in the criminal process
The board of directors of the Association of Inspectors of the Bank of Spain questions the ruling of the National Court that acquits the defendants in the so-called Bankia case of fraud and accounting falsification.
In a letter to his associates to which this newspaper has had access, he ironizes that, in view of the decision, “it only remains to try to find out what the” PEPAs “are, the mysterious “specific provisions pending allocation”, which do not exist in any regulation“and that they constitute one of the mainstays of the defenses so that the Bankia accounts were not put into question before their IPO in 2011.
Also, according to this association -which represents the vast majority of the Banco de EspaÃ ± a inspection- it remains “Find out how more than 6.9 billion provisions that appeared in Bankia’s IPO brochure can be made in less than three months (and, in addition, without going through the income statement), how is it possible that Bankia was viable at the time of its IPO and only a few months later it presented a capital hole of billions of dollars “.
He recalls that “the latter, in line with what the inspection team had anticipated in 2010 regarding its true value.” And finally he emphasizes that “some public accounts with alleged profits of three hundred million are transformed in just three months into public accounts with more than three billion losses”, giving the sentence as “correct both versions simultaneously”.
The association pays tribute to the Bank of EspaÃ ± a judicial inspection experts who questioned the Bankia accounts and who, despite being the basis of the accusation of the Anti-Corruption Prosecutor’s Office, have finally been ignored by the judges of the National Court. The Prosecutor’s Office and the Fund for Orderly Bank Restructuring (Frob) have decided not to appeal the acquittal.
“We also want to convey our appreciation and gratitude to Bankia’s inspection team and to those of the rest of the savings banks participating in the merger who, with courage and maximum commitment, they alerted, unequivocally and with more than enough time to take measures, of the situation of the participating entities and of what would happen if they did not act correctly, “the letter states in reference to the emails of JosÃ © Antonio Casaus, among others. The notices of the inspection were They were ignored by the supervisor’s leadership and, according to the sentence, they were never reflected in official reports, so they are not taken into account in the criminal process.