former president popular bank Ángel Ron assured the National Supreme Court this Wednesday: supervisory and regulatory bodies (Bank of Spain and European Central Bank) 2012 approved capital increase, it met all the requirements.
Responding to the prosecution, his lawyer, and some lawyers regarding the charges, Ron filed a criminal complaint for a little over an hour, as legal sources explained to Efe. researched He was brought before Santiago Pedraz, the head of central court number 5, which is investigating the capital increase of the extinct bank in 2012.
The banker remembered this. El Popular passed the quality review of its assets carried out by the ECB in 2012.as well as the stress test that the agency has subjected to European banks.
In Popular’s case, there was a capital surplus of €677 million in the most favorable scenario, and in the worst-case scenario, with a deficit of 3,200 million, according to the Bank of Spain, there was a deficit the bank could assume. with their own resources.
In this context, to face the scenario, which never happened, in which the bank will run a deficit of 3,200 million at the request of the Bank of Spain. Popular has devised a plan that includes, among other measures, a capital increase of 2,500m euros.
A few days later Bank of Spain approves plan and capital increase “unconditionally”Ron always said according to the same sources.
Members of the board of directors participated in the operation announced by Ron. 500 of 2,500 million Euros were paid; directors represented 25.4% of the capital and after the increase they owned 24.1%.
And he said “no one invests 500 million euros if they want to cheat”.However, after the People stressed that “the execution period demanded by Europe is expected in more than half a year”.
He said the prospectus for the capital increase was absolutely clear and transparent and contained information about the results of stress tests and the recapitalization plan and interim financial statements approved by the Bank of Spain. gathered the influence of the “Guindos decrees” to improve the financial sector.
Similarly, in its monitoring report dated 31 December 2012, the Bank of Spain confirmed that the requirements derived from the European Banking Authority’s (EBA) minimum CORE TIER 1 capital (maximum quality) recommendation were met. 9% is more than necessary.
Ron also stressed Popular never had to use public subsidies or funds, something influenced by Roberto Higuera, the bank’s former vice president, later mentioned below.
According to legal sources, Higuera explained that Popular did not use public funds because it was “not good for shareholders,” and also included the Bank of Spain, along with Ibercaja, among the non-profit organisations.
The investigation of President of Central Court No. 4, José Luis Calama, continues in parallel with the case investigated by Judge Pedraz. Since 2017, he has joined Popular’s last two management teams, led by Ron and his successor, Emilio Saracho.for alleged company crimes.
The judge then filed two separate pieces regarding Ron’s 108-day tenure, one investigating his team for a 2016 capital increase and the other focusing on a possible crime of market manipulation with false news to cause the value of Saracho’s stock to plummet. .