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The Single Resolution Council (JUR) denied access to a group of people affected by Popular's downfall in the final version of the report which determined that the bank had a negative value of up to $ 500,000. to 8,200 million euros. The argument of the organization, chaired by Elke König, is based, as reflected in a letter consulted, in which the JUR does not have this document in the hands. However, Deloitte Belgium, the firm responsible for this operation, did not request delivery, according to financial sources aware of the situation.
When in June 2017, Deloitte Belgium was commissioned to develop the independent evaluations of Popular, delivered. In the beginning, and urgently, an interim report on the value of the bank in case of sale in a resolution process. This document, known as Valuation 2, would be completed in the future by a final and more refined version, prepared with more accurate and up-to-date data.
In turn, Deloitte was to conduct the assessment 3, a third report intended to answer the question of whether investors and shareholders of Popular would have benefited from a more favorable treatment in the event that they would have gone through an ordinary liquidation process. The JUR has already received this latest document (which determined a negative value of 34,000 million euros for the entity) and announced that it would publish it (in a "non-confidential" version) in the weeks to come.
Deloitte Belgium was preparing for both reports were pending early in 2018, so that they could be delivered to the JUR as soon as the latter would request it. European sources claim that this request has not been formalized even in the case of the final version of the resolution report, which is a necessary preliminary step to obtain it.
As the final version of the Valuation 2 "does not work at the JUR", this does not see in the obligation to give access to the eventual affected. Legislation in this regard applies only to "documents that are in the possession of the institution", as recognized by the European Resolution Authority in its letter.
In the hands of the ECB
The response of the JUR sent to this group of victims also explains the reasons for not giving access to the documents that justified the finding, by the authorities, that Popular was in serious difficulty or close to falling. This information was prepared by the European Central Bank (ECB) and is an essential step before triggering the resolution mechanism.
After the categorical refusal of the ECB to provide this information (on the basis of its duty of confidentiality and damages that would cause Santander, the buying entity, the publication of certain sensitive information), is now the JUR that declines also the request of the persons concerned to access the minutes and other documents that were used to decide the impossibility of Popular. [19659002"VotredemandeportesurunproblèmequirelèvedelacompétencedelaBCE"indiqueleJURdanssonmémoireCelasupposequel'autoritéderésolutionnepuissetechniquementreconnaîtrecesdocumentsouydonneraccèsmêmes'ilsétaientenleurpossession[19659009]! Function (f, b, e, v, n, t, s)
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