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Vegar and Pérez Cid head the race for the governor of the Bank of Spain

The relay of Javier Alonso is not urgent, but the governor and the Minister of Economy are willing to tackle it without many delays

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Vegar and Pérez Cid head the race for the governor of the Bank of Spain

The respite of subgobenador of Bank of Spain is not most urgent issue for Pablo Hernández de Cos, new governor, and Minister of Economy, Nadia Calviño; But it is also not a question to on forever four years that can still extend current tenant, Javier Alonso. In race to occupy office re are names: David Vegaa, Councillor of Sabadell and former secretary of state for economy with PSOE, heads list; Daniel Pérez Cid, director of Regulation, with technical profile, is son of former president of Xunta, Emilio Pérez Touriño, and Margarita Delgado, now in ECB.

"The Minister of Economy, Nadia Calviño, wants to hear opinions before making a decision. When it is clearer conditions which, in his opinion, must have candidate for deputy governor, he will speak with Hernandez of Cos, because it should not be forgotten that appointment must propose it to Minister ", point out political sources that call for anonymity. Or sources also underline that governor was elected by Government of PP, so, according to unwritten tradition of sharing appointments, would be to propose to PSOE, now in government.

In se circumstances, David vegan is given more possibilities in this environment than opposing orists, Daniel Pérez Gil and Margarita Delgado. Moreover, market does not forget that Minister Calviño said that vegan was "one of his mentors" in his inauguration. However, it has elements for and against. Vegaa, aged 51, complies with right profile to have weight on supervisory board of European Central Bank (ECB), "which is one of two most important tasks of a deputy governor," says a financier. The supervisory board meets twice a month to discuss, plan and execute its tasks. Vegaa has experience in IMF (he was assistant director in Department of two Americas) and exsubdirector of European Stability Mechanism (MEDE).

The second task of Governor is to organize internal structure of Bank of Spain. For this work, Vegar has advantage of being a person outside supervisor "who can bring new and refreshing ideas, which is very necessary, would be a good partner for Cos, a good mixture of blood," point or sources. This feature would leave your hands free to solve problems with inspectors, one of most complicated battle horses.

However, candidate is an advisor to Banco Sabadell, something that would oblige him to abstain in some cases. It would be highly criticized for reverse revolving door as it passed from administration to private banking and would now return to supervisor. For or experts consulted will weigh "that is a politician, who became a member of PSOE". They also remember, as most burdensome, "that it is involved in previous financial crisis, since it did not leave government until May 2009. At time, it was advocated to limit money that was put in rescue of boxes, which delayed exit of crisis, "y point out. "The Bank of Spain needs people with no past in crisis to make an honest and real story," y add.

Political independence

For his part, Daniel Pérez Cid, of 45 years, occupies direction of regulation of bank, where it ensures that he is competent, very hardworking, "with genius and claw to be Deputy governor". He is candidate of House, of those who believe that one could ride a tandem with two men inside that have very good relationship. With Cos he has participated in committees of ECB, European Banking Authority (EBA), Basel and Brussels for complex matters on banking regulations.

The sources consulted indicate that he is politically independent, although he is son of socialist former president of Xunta de Galicia, Emilio Pérez Touriño. However, among his problems he emphasizes that he is not director general, nor attached, so naming him as a deputy governor would be a double jump in organization chart, "something that has never happened; It would be an ascent too fast. " He also recalls that his international weight, before ECB's supervisory board, "would be much lower than that of vegans." The sources consulted believe that, despite being of house, would not have problems with inspectors.

In fight appears Margarita Delgado, which covers female quota, which PSOE has shown to feel very attached, and also has a high prestige. He is currently Deputy Director General of single Monitoring mechanism (MUS), a body dependent on ECB. Delgado, state's commercial technician, also belongs to Bank of Spain, where he was director of inspection and Executive Coordinator of group that oversaw Banco Popular in years that made first major capital increase (in 2012), which could happen Bill. The sources consulted say, however, that ir work was not so decisive. Nor is he known political whims.

Hernandez of Cos promises position of governor before king

The country

lt; IL gt; The new governor of Bank of Spain, Pablo Hernández de Cos, promised yesterday before Felipe VI his position as new Governor of Bank of Spain, which will occupy next six years, replacing Luis Linde, in an event held at Palacio de la Zarzuela.

Hernandez de Cos becomes 70 º governor of that "house laden with history, as culmination of a long list of governors that goes back to 1856", according to a note from supervisor.

As did ministers of new government of Pedro Sanchez in his takeovers last week, Hernandez de Cos has assumed his new position in front of Constitution and without religious symbols, as dispensed of Bible and crucifix. The appointment of Hernandez de Cos is one of last decisions taken by Government of Mariano Rajoy before motion of censure. Rajoy shielded appointment in Official Gazette of State, since it published decree of appointment on May 31 although "with effects on June 11". Since 1994, with Law of Autonomy of Bank of Spain, Governor is appointed by King, on proposal of President of government, "among those who are Spanish and have recognized competence in monetary or banking matters". Madrid and economist, new governor was until now head of study service.

The ceremony to promise charge took place in Zarzuela audience hall in presence of President of government, Pedro Sánchez, of Minister of Economy and Business, Nadia Calviño, and of Justice, Dolores Delgado, in his capacity as notary of kingdom.

Once Hernandez de Cos promised to "faithfully fulfill duties of Governor of Bank of Spain with loyalty to king and save and keep Constitution" and posed before media with king, Sanchez and two ministers. He n chatted casually with those present, when he was congratulated by chief executive.

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