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The Congress examines the role of Rato, Solbes, Salgado and the CNMV during the crisis

The former president of Bankia appears on Tuesday in the parliamentary committee Quee investigation the management of the financial crisis

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The Congress examines the role of Rato, Solbes, Salgado and the CNMV during the crisis

The Congress commission investigating financial crisis, bank bailout and bankruptcy of savings banks will examine from this Tuesday role of governments of José María Aznar and José Luis Rodríguez Zapatero in management of financial crisis. The Commission, which has already appeared Governor of Bank of Spain and OTOs responsible for financial supervisor, will host this week testimonies of Rodrigo Rato, Pedro Solbes and Elena Salgado.

The former vice-president of Government of Aznar, former minister of Economy and former president of Bankia will be first to parade this week by Commission. He does this Tuesday since 09.30. In addition to its role in economic policies during years of housing bubble and credit, Rato will also appear as former president of Caja Madrid and Bankia, an entity that came out in May 2012, a day before state decided to rescue it. The fall of Bankia aggravated financial crisis and led government to ask for bailout to Brussels to clean up financial sector.

After leaving bank, Rato has opened several judicial fronts. The first of m to be resolved, by use of ' black cards ', was settled last February with a four-and-a-half-year prison sentence, not yet confirmed by Supreme Court. At present, Rato is confronted at national hearing in oral trial of Bankia's exit to bourse in a process that is accused of falsehood of accounts and fraud to investors, for which Prosecutor requests five years in prison. It also has anor open cause in Provincial Court of Madrid, about alleged Ílicito origin of its heritage, where it is investigated, among or issues, for tax crimes and corruption among individuals.

The economic ministers

Wednesday will be turn of former economic vice president with José Luis Rodríguez Zapatero, Pedro Solbes, and on Thursday, former Socialist vice-president, Elena Salgado. During sessions of Commission, many of interventions have pointed out that delay in taking action and its lack of forcefulness aggravated effects of economic crisis.

In fact, Pedro Solbes, minister until 2009, who came to ensure that Spain would not be affected by subprime crisis, toxic mortgages that broke out in U.S., recognized years later his excess of optimism at first economic difficulties, during Those that supported solvency and solidity of Spanish financial system.

His successor in office, Elena Salgado, justified in 2012 in Congress, outside government, that Socialist executive ruled out to apply shock to crisis in order that country was not intervened by international authorities.

The Committee of Inquiry has prevented members from interrogating comparecientes directly. The Commission has opted for a format which includes an initial intervention of appearing and, reafter, an exchange of interventions with groups, but without usual question-answer in or research committees.

The CNMV also offers explanations

The sessions of Commission shall be supplemented by interventions of National Securities Market Commission for past three years, two state secretaries of economy and lawyer of case which provoked Court of Justice of Union European law on evictions is declared abusive.

Thus, Tuesday will attend Congress that was president of CNMV between 2007 and 2012, Julio Segura, who follow him on Wednesday and Thursday his two successors: Elvira Rodríguez (President between 2012 and 2016) and current president, Sebastián Albella. Your turn will be from 16.30 hours.

They will close each session, from 18.30 hours, ' numbers two ' of last two economic ministers: José Manuel Campa Fernandez, secretary of state with Elena Salgado, and Fernando Jiménez Latorre, appointed by current Minister Luis de Guindos until 2014. Both will appear on Tuesday and Wednesday, respectively.

Finally, on Wednesday at 18.30 hours lawyer Dionisio Moreno Trigo will appear before Commission, who goes to Congress as a lawyer for ' Aziz case '. After being evicted in 2011 for several months of non-payment of a mortgage with CatalunyaCaixa, Mohammed Aziz decided to litigate nullity of a clause in mercantile Court of Barcelona.

From re, Judge Fernandez Seijo raised a prejudicial consultation to Strasbourg, which ended up questioning Spanish rules for being contrary to Community law by not guaranteeing protection that European directive brings to consumer. According to CJEU, this regulation makes it "impossible or almost impossible" for a judge to dictate precautionary measures, particularly suspension of implementing procedure, when necessary to guarantee effectiveness of final decision.


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