How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
...you can learn Spanish at a variety of locations across Spain, online or residential and day courses in Spain?
Regardless of your standard, and whatever level you wish to reach Don Quijote has a program to suit your needs!
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Daily brief -Wednesday 22 February 2017
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
Bank of Spain backs its officials over doomed Bankia listing
The Bank of Spain said on Tuesday its staff had acted correctly in their oversight of Bankia (BKIA.MC) and its ill-fated stock market listing, after a court said it would investigate several former officials at the central bank.
A casualty of Spain's real estate crash, state-controlled Bankia had to be bailed out in 2012, less than a year after it was floated, causing losses for many ordinary Spaniards.
Spain's High Court, which has been looking into who knew what about Bankia's troubled state before it was listed, on Monday said it was placing the central bank's former governor Miguel Angel Fernandez Ordonez under investigation.
Fernandez Ordonez and five other former Bank of Spain officials from the supervisory and inspection units will have to testify, alongside two former senior managers at Spain's stock market regulator, the CNMV.
Reuters has not been able to contact any of the individuals.
The Bank of Spain said in a statement that its board had "full confidence" in the officials named in the court summons, three of whom on Monday tendered their resignations, which were officially accepted by the Bank of Spain on Tuesday.
The central bank had "at all times complied with regulations, the defence of financial stability and the public interest," it added.
Bankia's 22.5 billion-euro (£19.2 billion) bailout pushed Spain into requesting a European aid package for its ailing banks at a height of a deep recession, making it a target of protests and public anger.
The rescues are still politically sensitive. Opposition parties, led by leftist alliance Unidos Podemos ("Together We Can") called on Tuesday for a parliamentary commission to look into how they were handled. The commission is likely to get the green light in parliament next week.
Bankia's listing went ahead when the centre-left Socialists were still in power, and it was their government that named Fernandez Ordonez to the Bank of Spain.
Prime Minister Mariano Rajoy's conservative government dealt with the Bankia fallout in 2012.
The High Court investigation has yet to go to trial.
Its ruling on Monday cited several Bank of Spain internal emails from staff who raised doubts about Bankia's future before it was listed - including one email where "the group is not viable" was written in red capital letters.
Recommended Reading :
Latest News & Stories
- New Route Manchester - Seville
- How millions of Spanish fans are watching pirated soccer on Facebook Live
- Spain says butane gas-bottle truck theft not terrorist related
- Facebook user faces €30,000 fine for posting video of Spanish policeman
- Hundreds of migrants cross into Spain's Ceuta in second wave in 3 days
- Spain will drop out of the world’s 25 largest economies by 2050
- Brexit Worry as Spain Predict Financial Disaster
- 'That bus has gone' - EU sees no Brexit U-turn now
- Spain's trade deficit falls 22.5 percent in 2016
- How and where to complain about my Bank in Spain
- Bank guarantees - when things go wrong
- Bank Charges in Spain