Assertion by José María Barreda; “It’s a solvent entity”
The Government of Castilla-La Mancha at this time assessed the ensures supplied by the Financial institution of Spain to Caja Castilla-La Mancha, following the intervention introduced by the supervisor.
In an announcement, the regional government wished to transmit a message of “tranquility and safety in the future of the field and belief by which the resolution helps to finish the rumors about the entity that don’t assist in any respect since “as Solbes has mentioned” is a solvent entity. ”
The PP will assist Zapatero
The PP has expressed its assist for Zapatero to hold out the Decree Regulation. Nonetheless, the opposition has seized the second to criticize the present financial coverage of the authorities.
The PP thinks about the press convention
The Common Secretary of the PP, María Dolores de Cospedal, and the spokesman for the Economic system of this get together in Congress, Cristóbal Montoro, they’ve supplied a press convention after the press convention to offer their opinion on this measure, which they’ve reported in the Palace of La Moncloa Solbes and the first vice chairman of the Government, María Teresa Fernández de la Vega.
Government curiosity
Solbes has mentioned that curiosity “it isn’t that the public treasury is assured however that the savers are protected“.
The vice chairman mentioned that any more a sequence of enhancements can be made for the operation of CCM. Now, he has decided: “This chance will give liquidity and confidence, and the confidence itself will enhance the field itself“.
“The expertise of the Financial institution is that in Spain there have been no vital losses. We communicate of an entity with constructive web price“, he has asserted.
The understanding with the PP
The PP has remarked that the PP has proven resolution to cooperate in the issues, mentioned Solbes.
Mafo, defined the minister, will give explanations in Parliament.
The Financial institution took this resolution on Saturday
The Minister of Economic system has admitted a sequence of coincidences with the yr 1994 and then the intervention of CCM, which represents lower than 1%. “The truth that it occurred on Sunday, is predicated on giving ensures and peace of thoughts to CCM clients as quickly as potential. “
De la Vega, nevertheless, has corrected Solbes, stating that the initiative has been taken, simply after the resolution of the Financial institution, “which was this Saturday.”
A quiet minister
Is it the first however not the final ?, He replied that the packing containers are solvent and has reiterated his peace of thoughts with the packing containers.
The quantity is between 2,000 and 3,000 million euros
In response to a journalist, Solbes has acknowledged that these 9,000 million assure – inside a capability of 100,000 million – is a “maximalist” determine. In actual fact, the quantity is between 2,000 and 3,000 million euros.
De la Vega has acknowledged that each one teams have been knowledgeable
The vice chairman of the Government has insisted on the ensures of the financial savings of the purchasers of CCM.
Solbes has said that there isn’t any different entity in these circumstances. It’s true that if now we have liquidity issues we’ll act, he mentioned.
De la Vega has acknowledged that each one teams have been knowledgeable.
“The scenario of this field is extra symbolic than financial”
Personal mechanisms haven’t been potential, and lastly it has had to make use of public sources.
“The scenario on this field is extra symbolic than financial.”
“This isn’t to unravel an issue, since lMoney has a constructive web price“, he mentioned.
Transparency
Solbes has additionally referred to monetary transparency and the measures to be maintained by the Government with the different entities.
Useful resource contribution solely
The Government has all the time sought an answer in the personal sphere, mentioned Pedro Solbes, “however sadly, the initiatives have been unsuccessful, therefore the intervention of the BdE. Therefore the liquidity endowment, which may solely be completed with the endorsement of the State. This doesn’t imply that the assure is 9,000. It is just a contribution of sources. “
Why has the intervention of the BdE been essential?
The normality of CCM
CMM will reply and work usually. Solbes has reiterated the energy of the monetary system.
9,000 million euros
Solbes has talked about his supervision system that permits an early alert, so this motion has been completed.
To ensure, the Decree Regulation is authorized, “which is a assure, for an quantity that won’t exceed 9,000 million euros. “
Solbes has detailed the selections of the Ministerial Council.
First CCM, he mentioned, It’s a solvent entity, there isn’t any monetary gap. The field will fulfill all its obligations to its clients.
“Everybody have to be calm”
The vice chairman has appeared to report the settlement adopted, which has been authorized a Decree Regulation that offers ensures for the Financial institution of Spain to intervene CCM.
The Financial institution has moved two issues: The dearth of liquidity of CCM and talk the alternative of the Board of Administrators, which is able to now be dealt with by three directors who will act collectively.
The vice chairman wished to switch belief to CCM clients.
Pedro Solbes press convention begins: “This has been symbolic”
Unicaja, in negotiations for merger, doesn’t rule on CCM intervention
The monetary entity Unicaja, which had open negotiations for its merger with Caja Castilla-La Mancha (CCM), It’s not going to pronounce on the resolution of the Financial institution of Spain to intervene the Castilian-La Mancha field, they’ve indicated at this time to Efe sources of the Andalusian entity.
Sources from the Junta de Andalucía, for his or her half, have instructed Efe that they won’t pronounce on the resolution of the Financial institution of Spain, though they’ve confused that the president of Unicaja, Braulio Medel, “has completed what he needed to do with the full assist of the Andalusian Government “, in relation to the presumable stoppage of the merger operation.
On March 2, CCM and Malaga's Unicaja knowledgeable the Nationwide Securities Market Fee (CNMV) that they’d reached “some bases of settlement” for the proposed integration between each entities.
CCOO believes that intervention is the greatest assure for CCM clients
The COMFIA-CCOO union considers that the intervention of the Financial institution of Spain in Caja Castilla-La Mancha (CCM) It’s the initiative that may greatest safeguard the pursuits of staff and the entity's purchasers, primarily its deposits.
The union claimed at this time, in an announcement, a “agency dedication” of the entity with the job upkeep and requested an interview with the governor of the Financial institution of Spain, Miguel Ángel Fernández Ordonez, to be taught first-hand what occurred.
In response to the Federation of Monetary and Administrative Companies of Employees Commissions (COMFIA-CCOO), the resolution of the Financial institution of Spain it have to be framed in the “normality” of the sanitation processes of the banking entities and it have to be “the greatest assure” for the purchasers of the field and its workers.
“Mr. Rubio, look me in the face!
The president of Caja Castilla-La Mancha, Juan Pedro Hernández Moltó, whose entity has been intervened by the Financial institution of Spain, starred in 1994, when he was a deputy of the PSOE, a troublesome interrogation of Mariano Rubio, who had resigned then as head of the regulatory physique after realizing their operations with black cash.
In response to the Congress transcript, Hernández Moltó reproached Mariano Rubio to have disenchanted those that like him guess on his “honesty”.
On this regard, in a session of the Economic system Fee on April 15, 1994, Hernández Moltó pronounced the phrase that was then made well-known: “Mr. Rubio, look me in the face! Head on! It jogs my memory, doesn't it?”
The mandatory assist of the in style
The vice chairman has knowledgeable Mariano Rajoy of the intervention of the Financial institution of Spain. The Government continues to debate the actions to assist the liquidity of CCM.
Solbes calls Rajoy
The second vice chairman of the Government and Minister of Economic system, Pedro Solbes, He referred to as the president of the PP, Mariano Rajoy, by telephone at this time, to tell you of the resolution of the Financial institution of Spain to intervene the Caja Castilla-La mancha (CCM).
Solbes has talked with the opposition chief and He knowledgeable him of the extraordinary meeting that the Council of Ministers was going to have this afternoon to check the Decree Regulation on this intervention, the first of a big monetary entity since Banesto in 1993.
Follow the meeting
The ministers and the president of the Government have been collectively for an hour to proceed with the Decerto Regulation essential to intervene CCM
Clear fingers keep in mind that he requested thrice to intervene in CCM
The union of Clear Arms officers mentioned at this time that it has requested forn thrice this yr that totally different public establishments take measures relating to Caja Castilla-La Mancha.
On this sense, this union reported that this group has been the “solely” group that has requested earlier than the Financial institution of Spain the intervention and not the merger of this monetary entity.
Clear Arms confused that denounced the scenario of Caja Castilla-La Mancha on February 25 earlier than the governor of the Financial institution of Spain. As well as, he moved this matter on March Three to the Nationwide Securities Market Fee and the Ministry of Finance March 4
United Left of Castilla-La Mancha requires the resignation of these answerable for CCM
United Left of Castilla-La Mancha at this time demanded the resignation of coverage makers who’ve “hidden” the actuality of Caja Castilla-La Mancha (CCM) and He has requested that the pursuits of the impostors and the jobs be assured.
After realizing the intervention of CCM by the Financial institution of Spain, the regional coordinator of IU, Daniel Martínez, has reiterated the requirement of “most transparency and data a few course of full of obscurantism, half-truths and political opportunism, which have generated mistrust and concern amongst the impostors of the banking entity and amongst the nearly 3,000 staff of the CCM. ”
He has insisted that “who’ve been hiding the actuality of the CCM scenario and which have led to this finish of the entity cannot lose a minute to resign and clarify the fact about the matter, beginning with Mr. (CCM President Juan Pedro) Hernández Moltó “.
Billions for CCM
Sources of the Economist have been capable of know that the Government will endorse with Hundreds million euros CCM intervention.
The PNV requires the Government to say “the complete fact about the case of Castilla La-Mancha”
PNV senator Iñaki Anasagasti requested the PSOE and the president of Caja Castilla-La Mancha, Juan Pedro Hernández Moltó, to say “the complete fact” of what has occurred on this entity in order that his intervention has been reached.
Anasagasti recalled the undeniable fact that , former governor of the Financial institution of Spain,It was Hernández Moltó, when he was a deputy of the PSOE, who requested Mariano Rubio in Congress to inform the complete fact about the case that led to the resignation of this former head of the regulatory physique.
Because of this, Anasagasti mentioned that “I might ask Hernández Moltó and the PSOE to inform us the complete fact of what has occurred and what is occurring in the field.”
The PSOE wants the assist of the PP to assist CCM
This morning, the Government Financial Workplace has contacted the Common Get together to succeed in an settlement that helps the Decree Regulation which is able to assist the intervention of the Financial institution of Spain in CCM.
Socialists want assist in the PP Chamber to hold out this initiative that retains the Council of Ministers collectively.
Pedro Solbes will account for the scenario of CCM and the Government Decree
Pedro Solbes will report after the finalization of the Council of Ministers of the particulars of the Decree and of the circumstances by which CCM is.
The Government will approve a Decree Regulation that may inject cash CCM, which is in a really severe scenario because of its liquidity issues and spinoff insolvency.
The BdeE had detected the existence of about 3,000 million euros in “unrecoverable” credit
An evaluation scrutinizes how, after the failure of the merger of the Caja de Castilla-La Mancha with the Andalusian Unicaja final Friday, the Financial institution of Spain had no margin to keep away from the intervention of the CCM, after it leaked days in the past that the Common Directorate of Inspection of the BdeE had detected the existence of about 3,000 million euros in “unrecoverable” credit, linked to the development sector.
Interventions of the Deposit Assure Fund in Spanish banks
Since 1978 the Deposit Assure Fund has had for use in the intervention of 27 banks and 13 financial savings banks.
The calls for of the unions
The final secretary of Comfia-CC.OO., José María Martínez, has demanded that the Financial institution of Spain “safety ensures of buyer deposits take priority” of Caja Castilla-La Mancha (CCM) in the intervention of the monetary entity.
Talking to Europa Press, Martínez declared that “the measure that greatest ensures the money scenario proper now, all the time considering the safety of buyer deposits and jobs. “
Beneath the Regulation of Self-discipline and Intervention of Credit score Establishments
Castilla-La Mancha Field it had loans granted in the quantity of 19,536 million euros at the finish of 2008 and with buyer deposits price 17,265 million euros, that are assured by the Deposit Assure Fund, as much as a restrict of 100,000 euros per buyer.
The intervention of the Financial institution of Spain is roofed by article 31 of the Regulation on Self-discipline and Intervention of Credit score Establishments, which states that “solely when a credit score establishment is in a scenario of distinctive gravity that jeopardizes the effectiveness of its personal sources or its stability, liquidity or solvency, the intervention of the identical or the provisional alternative of its administrative or administration our bodies could also be agreed upon. “
The CCM Board of Administrators He deliberate to satisfy subsequent Tuesday with the purpose of advancing to December 31, 2008 the allocations deliberate for 2009 and incurring even adverse outcomes, as a way to strengthen its fairness construction, as sources near the administration physique had been instructed Efe.
Approve the CCM intervention
The Council will approve a Decree Regulation authorizing the granting of spinoff ensures of the financing that the Financial institution of Spain can grant in favor of the Financial savings Financial institution of Castilla-la Mancha, based on sources of the Presidency of the Government.
The decree is a consequence of an settlement of the Financial institution of Spain of March 28 by which it’s determined the alternative of the board of administrators of the Caja de Castilla-La mancha and the injection of an quantity of cash to this entity.
First since the disaster
The choice of the Financial institution of Spain is the first such measure in Spain since the starting of the monetary disaster.
At 18:00 the Council of Ministers begins on the intervention of CCM
This afternoon the Council of Ministers meets, this time of extraordinary character, by which the holders of the financial portfolios will take part, along with the President of the Government.