Sa Nostra ended its 128 years of existence because of the disastrous managementof its executives, its desire for growth based on brick in places as remote as Miamiand Las Vegas as well as the difficulty of accessing credit in the markets after the catastrophe of the economic crisis in 2008. These were the main reasons alleged by the former Minister of Economy and Finance Carles Manera , whose management was spent between 2007 and 2010 during the Government of the socialist Francesc Antich , to explain the stormy end of Balearic box. Way heappeared yesterday in the Congress of Deputies in the commission that investigates the financial crisis, the bank rescue and the bankruptcy of the savings bank system.
The ex-conseller defended the political action around the box and overturned the responsibility of the management in the entity's heads. "The dome of Sa Nostra - directors and deputy directors - ended up deciding investment strategies here in the Balearic Islands and abroad," said Manera, adding that "greed lost because they exceeded the powers of savings banks." He thus alluded to the 50 million dollars, about 32 million euros, that the entity lost in Miami due to the nonexistent construction of two skyscrapers in this city and a complementary residential center in Las Vegas, as anticipated by EL MUNDO / El Día de Baleares at the time. Today, the National Court investigates operations of the box valued at 130 million euros at the request of the Anticorruption Prosecutor .
Also in these decisions the responsibility of the members of the Government of Antich . "I do not think that the operations of Miami or Las Vegas they had to do with political pressure from leaders of the Govern " he said.
Fernando Navarro , national deputy for the Islands in Congress, asked Manera if he was in favor of promoting the commission of investigation on Sa Nostra in the Balearic Parliament. The socialist replied that he was in favor of "a commission in the Balearic Parliament to explain the great recession in the Balearics . I experienced it in the first person and I have first-hand information. It would be an example of how to handle the most serious crisis since 1929, laugh at that of 73 ». Both the PP and the PSIB frustrated the non-permanent research commission on the process of banking restructuring of the box formulated in 2016. The PSIB did support this proposal in 2014, before its rise to power at the hands of thePacte de Progrés .
Way diluted the end of the centennial box in the financial recession. «This banking crisis caught us all unprepared. Do not believe who you say you saw it coming, "he said," the Bank of Spain reports were overly optimistic. " Although acknowledged that " Sa Nostra already dragged problems prior to 2008" to refer back to the real estate transactions of the box. He also recalled the ruinous business with businessman Vicente Grande , who left a hole in the 110 million box.
"I have been awarded the dubious honor of being the undertaker of Sa Nostra , but with the situation that was not easy. If we had nationalized the box, it would have been the prelude to the economic ruin of the Balearic Islands, "stated Manera and reiterated that the merger with BMN was" the only plausible alternative at that time. "
The Socialist recalled that, in relation to the restructuring process that affected the entity before merging in 2010 with BMN , the solvency ratios were evaluated, which reached 9% in 2009 and fell to 4.9%. At that point, Manera recalled the "premise of not dropping large banks, not written anywhere, but that exists." And, for this reason, it was decided "to negotiate the proposal of the Bank of Spain to merge the different boxes" to "guarantee its continuity over time".
That Caixa Colonya has weathered the economic storm in the face of the disappearance of its competitor, was due "to the fact that the cash register functioned strictly as a cashier. Sa Nostra was carried away by the expansive anxiety of operating as a bank when it was not, which did not match the founding spirit of the savings banks. " Any political responsibility? "I have serious doubts that politicization would lead
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