CAM intervention by the Bank of Spain led by Miguel Angel Fernandez Ordonez socialist (aka MAFO) has set a very bad international investors. Sources in the City of London, which has outraged the big funds and investment banks is not the intervention itself, but the supervisor has expected that the IPO cumpletara Banki to act.
"They knew for months but have been keeping such a problem until they have managed to get Bankia bag, which was all that mattered. Spain as a country has been fatal," said one of these sources. He added that statements by Fernández Ordóñez that no entity needed capital before the CAM intervention have exacerbated the damage.
As reported by The Confidential, the Bank of Spain Alicante inspected the box in December and has since had ample evidence of his state, the breakdown of the Bank Base, the refusal of any entity to purchase the CAM no guarantees, commissioned by the due diligence Ernst & Young FROB and the results of stress tests. However, it has chosen not to do anything at all that time until Bankia was quoted.
"The image we give to foreigners is that we go ready for life and we take them for fools," says a Spanish banker living in London. But clearly no 'school' in the light of the renewed confidence in the accounts of the financial sector, which is leading to more attacks on Spanish banks in exchange.
The sources explained that the City does not explain why Spain did not nationalize their financial system (or at least the boxes) in 2008-2009, like the rest of the world. And the fact that in 2011 we continue intervening entities will show that the problem has been solved and that the only thing that has made the Bank of Spain is a waste of time. One thing that experts agree as reputable as Aristobulus Spanish John.
Investors faced Roldán
The intervention of the CAM is the straw that broke the camel's discrediting of the Bank of Spain to investors, but last Saturday it was clear at a meeting of director general of regulation, José María Roldán, with analysts to explain the stress test . One analyst says the meeting was very tense because analysts snapped at Roldán not believe MAFO statements and needs to inject more capital into the system.
And not just about the savings but also banks, particularly the median, which was not considered able to absorb their losses in brick with current resources. "In Italy, Unicredito all banks have expanded less capital, and no one believes that the Italians and the Spanish capital need not," says a banking analyst.
This distrust has also shown very little in foreign demand in the IPO Bankia and Civic Banking (about 100 million in the first and 72 in the second). A lack of interest is repeated in the case of CAM. "There have been funds that have looked at the box Nomura's hand, but after the stress test and that he expected to Bankia MAFO to intervene CAM, nobody is interested," concludes one of the sources.
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