The Sale of Galician Saving Banks


On the merger of Galician saving banks: (a possible connection of the President of the Galician Xunta, Alberto Nuñez Feyjoo, and former Spanish President, Mariano Rajoy with the Venezuelan opposition, and an example of Spanish Political Corruption)

I read in “En Marea’s” Telegram (a Left-wing electoral coalition in Galicia, Spain [ https://en.wikipedia.org/wiki/En_Marea]) that the National Spokesman, and Deputy in the Galician Parliament of Anova – Nationalist Brotherhood [https://en.wikipedia.org/wiki/Anova–Nationalist_Brotherhood], (a small independentist party integrated in the coalition, with a good independentist “pedigree”, linked to the Galician People’s Front [ https://en.wikipedia.org/wiki/Galician_People%27s_Front],  which was founded by Galician writer   Xose Lois Méndez Ferrin [https://en.wikipedia.org/wiki/Xosé_Lu%C3%ADs_Méndez_Ferr%C3%ADn]), Antón Sánchez García, who declares himself “a farmer”, in his Galician Wikipedia entry [https://gl.wikipedia.org/wiki/Antón_Sánchez_Garc%C3%ADa] , besides taking an interest in the high prices of Galician freeways, maintains an arduous litigation in the Galician High Court of Justice about irregularities in the merger process of  Galician Savings Banks.

The issue is somewhat complex  (I guess that En Marea (or Anova) have powerful legal advice). On one hand, there is a problem with the date of the mandatory audits, which were all wrong and that were already done before the dates in which it was said that they would be done: http://amp.galicia.economiadigital.es/finanzas-y-macro/kpmg-congreso-fusion-caixa-galicia_554177_102.html?fbclid=IwAR0UPZSQ5CtwdvDm_UCHw6C8waX-Nfe6ve6Tjnuaz8aqgs_sKU1cjUDyutg

On the other hand, according to “El Diario” (a well-informed Spanish digital journal: https://www.eldiario.es), Galician Autonomic President, Alberto Nuñez Feyjoo, who pertains to the Galician branch of the Spanish People’s Party, linked to Franquist minister, Manuel Fraga Iribarne [https://en.wikipedia.org/wiki/People%27s_Party_(Spain)], putting into practice a series of economic steps he baptized as “financial galleguism,” promoted the merger of the Southern Galician Saving Banks (Caixanova, with headquarters in Vigo) with the Northern Galician Saving Banks (Caixa Galicia) into a new entity (Nova Caixa Galicia) that went bankrupt (check the link above about the failed audits or, according the legal English term,  the (failed) “Due Diligence,” [https://en.wikipedia.org/wiki/Due_diligence] – the banking entities did not even meet the conditions to survive as independent entities), had to be nationalized by the Bank of Spain (when Spanish President, Jose Luis Rodriguez Zapatero, pushed by economic crisis had to  harden the banking standards), and finally  was auctioned off and purchased  at a laughable prize (1000 million euros) in 2013, in times of Mariano Rajoy Brey, also of the Spanish People’s Party)  by a Venezuelan bank (sic),  [https://en.wikipedia.org/wiki/Mariano_Rajoy], Abanca, [ https://en.wikipedia.org/wiki/Abanca] (I wonder if managed by  Maduro’s Goverment,  Chavez’s Government, (everything happened in the  2009-2013 and was and remains opaque to investigation), or by a business network linked to the Venezuelan opposition). In all the process around 8 thousand million Euros were lost.

Despite criticism and attempts to investigate of the political opposition, Feyjoo abjures any responsibility, attributes the demands of responsibility to a “radical campaign” against his Presidency. And rejects to present  the documents required by Anton Sánchez Garcia in the  the Galician High Court of Justice.

The news in El Diario can be read (in Spanish) here: https://www.eldiario.es/galicia/politica/solvente-Feijoo-agujero-millones-directivos_0_602640592.html

The corporate group to which Abanca  belongs (Banesco, https://en.wikipedia.org/wiki/Banesco) was intervened by  Nicolás Maduro Government in May 2018, because its alleged contribution to  distortions in Venezuelan economic system: https://www.vozpopuli.com/economia-y-finanzas/Maduro-amplia-intervencion-Banesco-Escotet-Venezuela_0_1161183995.html

Galician President shows no care, but, at the same time, declares he is following “in real time” the events:https://intereconomia.com/empresas/banca/incertidumbre-y-temor-entre-los-gallegos-por-la-situacion-de-abanca-tras-la-intervencion-de-banesco-en-venezuela-20180505-2119/amp/?fbclid=IwAR1bvMVy949peOJa-tRzMT4PKGmYZdOk5w7V0e3klq9otiwSdvMv1Kwo29s

There is some information about this (in English), here:

https://www.thelocal.es/20131219/venezuelans-snap-up-failed-spanish-bank/amp

https://www.reuters.com/article/banesco-ncgbanco/venezuelas-banesco-to-buy-spains-nationalised-ncg-banco-idUSE8N0HJ01N20131218

https://uk.news.yahoo.com/top-venezuelan-bank-banesco-apos-152406820.html;

https://apnews.com/ed8181cfa6c94055ab0956b775cf965a

You may have a look also at: (also in Spanish):

https://www.elconfidencial.com/amp/empresas/2013-12-19/feijoo-impone-la-solucion-venezolana-para-mantener-la-galleguidad-de-ncg_68071/

 There’s too big an amount of information on the subject. In any case, the gift of the CNG (there’s an article in the Finacial Times you can read, if you are a subscriber), Caixa Nova Galícia, to a private Venezuelan bank (which payed just 1 billion euros, coming to terms with a loss of  8 billons), was the Right-wing Government of Prime Minister Mariano Rajoy, in my opinion,  because the Galician Bank had been nationalized.

 https://www.diariodeferrol.com/extarticulo/espana/tribunal-cuentas-cifra-9159-millones-dinero-publico-rescate-cajas-gallegas/20170110225456317337.html

Chronology of the sale process according to “El Faro de Vigo” (the  nationalization of the NCG took place on June,2011, during the term of office of José Luis Rodriguez Zapatero, the Spanish General Elections won by Mariano Rajoy Brey were held on November 20th of that year, the anniversary of Franco’s death):   

2011 Spanish general election – Wikipedia

I link again chronology exposed by El Faro de Vigo: NCG was sold by the FROB (the Banking Recue Fund)  twice (the first time in December 2012, and the second one in December 2013), both times to Banesco: https://www.farodevigo.es/galicia/2013/12/19/novagalicia-cronologia-proceso-venta/935442.html

On December, 2012,  NCG’s shares in Banco Echeebarria were sold by the FROB (the Banking Rescue Fund) (to BANESCO) for 25’6 million Euros to (El Correo Gallego): https://www.elcorreogallego.es/galicia/ecg/ncg-ingresa-213-millones-tras-vender-su-participacion-en-16-empresas/idEdicion-2013-05-03/idNoticia-804746/

We are close to December 2013, the FROB’s President, Fernando Restoy declares prize will be the main thing in the auction (for recovering the funds of the rescue) (Europa Press): https://www.europapress.es/galicia/noticia-frob-afirma-subasta-ncg-fundamental-precio-integre-proyecto-viable-20131204182726.html

On December 18th of 2013,  Banco Echevarria (from the BANESCO group) obtains the NCG for 1018 million Euros (Banco Echavarria’s page): http://blog.banesco.com/banco-etcheverria-grupo-banesco-gano-subasta-de-ncg/

In a not exhaustive research it is easy to find (linking once more  to “El Faro de Vigo”: https://www.farodevigo.es/galicia/2013/12/19/novagalicia-cronologia-proceso-venta/935442.html) that 2400 million Euros  were  invested in October 2012 , and 5400 million from the EU more in November 2012, both during Mr. Mariano Rajoy Brey’s term. The Court of Auditors, nevertheless, [https://en.wikipedia.org/wiki/Court_of_Auditors_(Spain)] calculates an amount of more than 9500 million euros had been invested: https://www.diariodeferrol.com/extarticulo/espana/tribunal-cuentas-cifra-9159-millones-dinero-publico-rescate-cajas-gallegas/20170110225456317337.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2 Comments

  1. fernando_santamaria December 24, 2018 1:00 pm 

    As the facts exposed involve European Funds, I presented a formal denounce (in a formulary) at the OLAF, an European Commission Anti-fraud Office that treats also mis-management (?) of European money. It seems someone will have a look at the case and open (or not) an investigation. At the present, I’ve been given a secret “user-name,” and entered a password to log in in a (private) account, which someone will activate (don’t know if necessarily or only if “convenient”) “in a few days.” I sent them as the main document an e-mail (in Spanish), with approximately the same content I posted in my blog, I sent to (all) the Deputies of the Socialist Group in the Congress. And a link to Znet and to my blog entry. [https://fns.olaf.europa.eu/].

  2. fernando_santamaria December 19, 2018 6:08 pm 

    Thanks for non deleting my post (you may look for it typing “Fernando Santamaria, Naomi Klein” in the Facebook search box). I shared the Znet personal blog entry today with all the Socialist Deputies in the Spanish Congress, the EnMarea Galician Parlamentary Group, particularly concerned, and the President of the Catalonian Parlament, Roger Torrent. (And exiled former president of Catalunya, Carles Puigdemont i Casamajo, too, at least left a copy in the “visitors’ publication,”section of his Fakebook Page, most of the other links there don’t work, and the section is overwhelmed with irrelevant content. It seems no possible, neither, to contact with any Governmental (sic) page from Venezuela or from Cuba. I guess you are already aware of that. Didn’t tried China, don’t know if it’s worth of it.)
    Also asked for Legal Advice at the Court of Justice of the European Union in the afternoon (December 18th 2018). (I think the Alcoa plants here also break European ambiental Regulations).This is the acknowledgment of receipt they sent this afternoon. I don’t expect much success, anyway:
    Thank you for your e-mail. We expect to be able to reply within three working days. For more complex or specific queries, responses may take longer.
    Your case number is 101000405155
    Your registered enquiry to the Europe Direct Contact Centre is as follows:
    Hi, I’m looking for legal advice from Court of Justice of the European Union.
    I’ve been doing recently some research about economic decisions by the Galician President of the Galician Xunta
    [https://www.xunta.gal/portada ] https://en.wikipedia.org/wiki/Xunta_de_Galicia Mr. Alberto Nuñez Feyjoo [https://en.wikipedia.org/…/President_of_the_Regional_Govern… ; https://es.wikipedia.org/…/Presidente_de_la_Junta_de_Galicia ; and former Spanish Prime Minister, Mr. Mariano Rajoy Brey [https://en.wikipedia.org/wiki/Mariano_Rajoy
    The core of the problem, concerning the sale of Galician Saving Banks to the Corporate Venezuelan Banking Group Banesco can be read in this link: [ https://zcomm.org/…/the-sale-of-galician-saving-banks-to-a…/ ], published, as a personal blog entry, in the American Left-Wing page Znet [https://zcomm.org/znet], and some other places. Even mailed the text this morning to all the Socialist Deputies of the Spanish Congress, The Galician EnMarea Parliamentary Group, particularly concerned, and the President of the Catalonian Parlament, Mr. Roger Torrent. Years ago I legalized an Independentist Galician Party, finally abandoned, but still registered in the Spanish Ministry of Interior [https://servicio.mir.es/nfrontal/webpartido_politico.html ; http://estatutos-da-udng-lingua-espanhola.blogspot.com ]. In the Regulations we were extremely concerned about the state of Galician Law.
    I think the facts exposed, as they involve a squandering, a waste, of the European Funds for the Rescue of Spanish Banks (I plead for a careful reading of about the “chronology of the sale process in El Faro de Vigo:[ https://www.farodevigo.es/…/novagalicia-cronolo…/935442.html ]) could be a case for the General Court.
    I hope the links will work.
    If there are any errors or omissions in this confirmation, please write to us via https://europa.eu/european-union/contact/write-to-us_en or call us at 00 800 6 7 8 9 10 11. You cannot use the “reply” function for this email.
    With kind regards,
    Europe Direct Contact Centre

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