This article form part of the report of the Bank of Spain called operations detrimental to the financial institution Valencia. And this is the assignment of a which granted the Caja de Ahorros del Mediterraneo (CAM) to Mediterranean Resorts Investment Company (IRM). Y who took over Banco de Valencia. In addition to a confidentiality agreement with third parties, and without the executive committee of Banco de Valencia was aware of this agreement. This means that the Bank financed a credit Valencia that corresponded to the CAM. And as the operation was ruinous, the entity hit was the Bank of Valencia. "These funds provided by the Bank of Valencia to MRI both in the form of equity capital and loans are deteriorated to 47%", confirms the Bank of Spain in its report.
It was in May 2011 when an operation of restructuring the debt of Polaris World was launched. And this financial move was that several entities provide 143 million euros through asset purchases. These banks were Bankia (39 million) and Banco de Valencia (45 million). The remaining 59 million, so the company had to provide Investment Mediterranean Resorts (MRI), in turn owned by the lending financial institutions Polaris: Bankia 16 million, Banco de Valencia 14 million, 17 million and CAM Banco Popular 12 million.
The CEO of the Bank of Valencia sent a letter on May 24, 2011 to CAM irrevocably committing to purchase the loan from the CAM to MRI of 17 million euros. In total, the Bank of Valencia contributed 31 million euros. On June 2, the parties agreed to maintain the confidentiality of the existence and content of the agreement, agreeing also that the credit assignment would be valid even if the Bank of Valencia that is notified not to MRI.
But what seems most amazing is that the funds transferred by Banco de Valencia to the CAM on June 2, 2011 came from a credit account opened in the name of IRM, "unduly", according to the information that is available (the Bank of Spain), since the contract was confidential and MRI did not know the transfer of credit.
The transaction was agreed four days after the issuance of the funds and the executive committee had knowledge of it three months later.
For the Bank of Spain this performance Parra Sunday in May, 2011, apparently without knowledge of the board of directors of Banco de Valencia, to all appearances, completely lacks economic rationality was an immediate financial loss to the entity.
the Bank of Valencia and Murcia
Banco de Valencia is being investigated by the National Court judge Santiago Pedraz and anti-corruption prosecutor.
And in the record there is a report of the Bank of Spain that
highlights each of the operations that could be, according to the Bank
of Spain, criminal scope.
Most of these credit transactions were developed in Valencia, who have come out in the media. But less known are those in the Region of Murcia its epicenter.
And I'm going to count to, as I said in my first article of this logbook, be as indiscreet as possible, but always remain true to reality.
The Bank of Spain has in a report that is included in the case summary Banco de Valencia to the financial institution controlled by Domingo Parra suffered a loss of 27.6 million euros with an operation in the municipality of Murcia. Moreover, in the bursting of the housing bubble. In particular was the November 26, 2010 and January 10, 2011 when the company Habitat 2018, owned 55.6% of Banco de Valencia, Bancaja 32% and 11.8% of the company Farms Carrus, this Ramon Salvador last group, acquired by 29.8 million rustic floors in Murcia Residence Look Llevant. The latter group also belongs to Ramon Salvador, according to the Bank of Spain, which specifies that Residencial Mira Llevant had purchased the land sold "a few days before." But the price he paid Residencial Mira Llevant to initially own the land (Protected Agricultural and Promasa Elche) was 3 million. Thanks to this operation, which could well exemplify what is commonly called a ball, one of the companies of Ramon Salvador won, "in such a short period of time, capital gain of 26.8 million euros," said the report, prepared in December 2012.
But the regulator said that the price of the purchases of rural land in the municipality of Murcia was conditional on soils were included in some partial plans within 30 days. And if those conditions were not met, the price of land sold for 29.8 million would fall to 2.2 million. Forcing the seller, ie the Group Ramon Salvador, to refund the difference. But the deed of sale included a point that stretched until January 1, 2013 the date for the passage of partial plans. "So, was postponed three years the obligation to return the difference between 29.8 and 2.2 million, 27.6 million, to the detriment of Banco de Valencia.
And according to the information available, this investment was approved within the organization of the Bank of Valencia by the nominating committee of accord and satisfaction. But it was after his elevation to the public, so that according to the Bank of Spain, had to be authorized, therefore, "by someone with authority to do so within Banco de Valencia", which suffered a loss of 27.6 million in Group profit Ramon Salvador.
But this report puts down several unknowns. The first is to know which field is concerned. And second, to know if in the end the floor was reclassified. Some unknowns that will surely want to know the opposition of Murcia.
Most of these credit transactions were developed in Valencia, who have come out in the media. But less known are those in the Region of Murcia its epicenter.
And I'm going to count to, as I said in my first article of this logbook, be as indiscreet as possible, but always remain true to reality.
The Bank of Spain has in a report that is included in the case summary Banco de Valencia to the financial institution controlled by Domingo Parra suffered a loss of 27.6 million euros with an operation in the municipality of Murcia. Moreover, in the bursting of the housing bubble. In particular was the November 26, 2010 and January 10, 2011 when the company Habitat 2018, owned 55.6% of Banco de Valencia, Bancaja 32% and 11.8% of the company Farms Carrus, this Ramon Salvador last group, acquired by 29.8 million rustic floors in Murcia Residence Look Llevant. The latter group also belongs to Ramon Salvador, according to the Bank of Spain, which specifies that Residencial Mira Llevant had purchased the land sold "a few days before." But the price he paid Residencial Mira Llevant to initially own the land (Protected Agricultural and Promasa Elche) was 3 million. Thanks to this operation, which could well exemplify what is commonly called a ball, one of the companies of Ramon Salvador won, "in such a short period of time, capital gain of 26.8 million euros," said the report, prepared in December 2012.
But the regulator said that the price of the purchases of rural land in the municipality of Murcia was conditional on soils were included in some partial plans within 30 days. And if those conditions were not met, the price of land sold for 29.8 million would fall to 2.2 million. Forcing the seller, ie the Group Ramon Salvador, to refund the difference. But the deed of sale included a point that stretched until January 1, 2013 the date for the passage of partial plans. "So, was postponed three years the obligation to return the difference between 29.8 and 2.2 million, 27.6 million, to the detriment of Banco de Valencia.
And according to the information available, this investment was approved within the organization of the Bank of Valencia by the nominating committee of accord and satisfaction. But it was after his elevation to the public, so that according to the Bank of Spain, had to be authorized, therefore, "by someone with authority to do so within Banco de Valencia", which suffered a loss of 27.6 million in Group profit Ramon Salvador.
But this report puts down several unknowns. The first is to know which field is concerned. And second, to know if in the end the floor was reclassified. Some unknowns that will surely want to know the opposition of Murcia.
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