Seen, suffered and in the right path of having been able to leave them in the past the serious economic problems of Spain in recent years, it seems mandatory that our politicians do as much as possible so that -among another thousand more emergencies- financial restructuring Spanish had no more victims. And I am not referring only to the citizens, who have suffered the consequences of this crisis with total cruelty, but also to the sector's own entities, which this week have suffered as few as the "bear hug" between Pedro Sánchez and Pablo Iglesias.
And it is that after the sudden – for the rest of the mortals, for them I fix that I do not – agree between both leftist politicians to try to form Government, all the alarms in some of the social headquarters of large Spanish companies jumped. Among them, the banks. And the markets quickly saw the uncertainties created, in the form of immediate losses of value in the shares of listed entities, under fears that they believe are more than founded.
Our bankers fear that in the event that this hypothetical leftist Executive ends up consecrating, the PSOE will end up giving more of the account to Podemos, which would result in practice, on the one hand, in a new tax – that of financial transactions -, which would end up knocking out a sector hit quite badly by the negative rates and by the constant regulatory rigidity; and, on the other, in the definitive conversion of a 100% «public Bankia», absolute obsession of the leader of the purple formation, which always includes it in his electoral programs. Even in the form of gross mockery. This time, in the envelopes that included their ballots for the last elections: "This letter is not from a bank …".
Not surprisingly, one of the hallmarks of being leftist in our country today, under the argument of defending the desirability of strengthening the role of public banks in the promotion of the economy, is the firm conviction of having to create it. or yes, putting ICO and Bankia in the same package. Something that sincerely not only do not see convenient from any regulatory body or institution (or in the ECB, or in the Bank of Spain, or in the IMF …), or in the entities themselves, but that all of them seem highly counterproductive.
Currently, the State continues to control 61% of Bankia through the Frob. With Podemos installed in the Government, privatization would remain in the air, and as a consequence also other possible mergers insistently recommended from Europe, since the entity is called to be swallowed by others, such as Sabadell or BBVA, with which it could not compete for You to you already nationalized.
The electoral program of Podemos directly urges to paralyze this privatization and to replace, immediately, the person responsible for its reflot, its
, José Ignacio Goirigolzarri. Both actions are neither easy nor as simple to carry out by including them in an electoral program. Today, with the watchful eye of the European Central Bank (ECB) on the cogote and absolutely dependent on the rules of Europe, replacing a bank's board of directors "en bloc" is highly unlikely.
Under the community umbrella, the appointment of directors and members of senior management of a financial institution must obtain approval from Frankfurt, where «Goiri» has the unconditional support of the ECB Vice President, Luis de Guindos, before that they can start exercising, a process known as "fit & proper" and in which the aptitudes of the candidates are evaluated. A process that expands a lot in time, so it seems complicated to head one of the largest banks in the country for months. And if anyone believes that any politician (and it comes to mind, for example, and without evil, the socialist Miguel Sebastián, who diligently lends himself to any mandate of the party), without financial training or curriculum suitability for Europe can today form Part of a board of directors of a European bank are much more illusive than any neighbor's son thinks they are!
In addition, the one who is called to be the economic vice president of the new Government, Nadia Calviño -mal that despite Iglesias-, is undoubtedly another firewall to the claims of Podemos regarding its plans on Bankia. Calviño, who in this has the full support from Frankfurt of his former counterpart in the Government of the PP, has a very clear strategy regarding privatization: to continue reversing dividends to the State while hoping to increase its stock market value Once interest rates are recovered and sold to the highest bidder.
In any case, the problem is not so much that a bank is publicly or privately owned, but if it is managed with economic rationality – such as the current Bankia management team is currently doing – or is subject to type guidelines politician. And, by the way, in Spain, the last time the ICO was used as a public bank, the disastrous Plan E of the previous socialist government of José Luis Rodríguez-Zapatero was financed, which also gave direct loans to companies and freelancers who did not find resources for another way. The result was a loss of about 8,000 million euros.
To avoid greater evils in the stock market, and for the future (the "bankruptcy" would be stalking depending on its use) the Government – still in office and without a firm agreement with the purple ones – should cut off this possibility of a public Bankia. When you shut up, they say you grant. Something that other entrepreneurs should also let them see. They whistle and look the other way, thinking that while politicians focus on the "Goiri" entity they are safe. Well, they talk now or they will shut up forever. . (tagsToTranslate) article (t) mara (t) jesus (t) bankia (t) banking