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The CNMV studies whether the losses of the Popular of 2017 had to be imputed in other years

The National Securities Market Commission has formulated several requirements for the entity to analyse its latest results, reflecting losses of 12,218,000,000

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The CNMV studies whether the losses of the Popular of 2017 had to be imputed in other years

The National Securities Market Commission (CNMV) is analyzing "to what extent it is reasonable" to impute in full first six months of 2017 last results of Popular, corresponding to first semester of last year, or if y were to have been charged in previous years.

The president of market supervisor has explained during his appearance before Congressional Commission that investigates financial crisis, bank bailout and bankruptcy of savings banks that CNMV has formulated several requirements to entity with Objective of analyzing its latest results, which reflected a loss of 12,218,000,000 euros.

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"The CNMV, after publication last September of individual results of entity of first semester of 2017 is analyzing to what extent it is reasonable to impute those results in its integrity to first six months of 2017 or if, at least in part , should have been imputed to previous years, "said Sebastián Albella.

During last full exercise of Popular as an independent entity, bank recorded -so far-worst result of its history, with losses of 3.485 billion euros, after provisioning 5.692 billion euros, compared to positive result of 105.43 Million euros he registered in 2015.

These accounts were made public in February last year, although two months later, in April, Popular informed CNMV of a restatement of ir accounts. The entity stated to supervisor that it would not reformulate accounts for year 2016, but it did intend to include timely corrections in financial statements of first semester after an internal audit of credit portfolio and Capital increase.

Albella has emphasized that Popular sent 77 relevant facts to CNMV on different topics, of which supervisor made a "narrow follow-up", although he recalled that quoted companies are not obliged to communicate through a relevant fact all Sensitive or privileged information.

In particular, it has explained that European and Spanish legislation allows financial institutions to maintain confidentially "information that should be known to be relevant to contribution" whenever y do so "in good faith to protect ir interests "And y concur certain requirements, like" that re are no leaks or bankruptcies of own confidentiality ".

The CNMV also keeps track of information provided by entity in matters of remuneration to directors and has made certain requirements to bank in this sense of which could derive sanctioning consequences.

As he said, his "insistence" in various forums on need to improve this type of information, in particular that referred to remuneration in form of pensions or long-term plans of foresight, has to do with this issue.


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