The Association of Inspectors and Auditors Computer of the Bank of Spain sent yesterday a report to the Commission of inquiry into the financial crisis with its legal proposal to “improve the supervision of credit institutions”. These suggestions were approved last November 26 by the assembly of this association, and ask for it to be delivered to the groups.
The inspectors want the Commission to assume and to propose to the Congress “to avoid that, in the future, repeating the mistakes that have led to devastating consequences for thousands of Spanish citizens”. The inspectors have fought hard sessions in this commission in which they have criticized that the supervisor looked the other way given the poor state of some former savings banks to avoid reclamarles major provisions that would have led to losses. That is what they called the sucuestro of the supervisor.
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“inspectors were stopped for not complaining of the problems of soundness of the banking system” The inspectors claim that the Spanish supervisor and a european is in the hands of the banking inspectors criticize supervisors for Betmarino not addressing before the problems of the Popular
Among the proposals stand out claiming “mechanisms to guarantee the functional autonomy and technical independence of the staff inspector of the Bank of Spain, trying to avoid that is to devalue the significance of the actions carried out by this staff.”
Also consider it important “to ensure that the inspections to reach the organs of address corresponding, to the time that you make sure that you carry out a few proceedings of investigation and inspection to verify directly the actual situation of entities” to get a true picture of the same, point out in the report. This association, the majority of the supervisory body, believes that before the Single Supervisory Mechanism of the EU, should be guaranteed “the participation of the inspectors of the Bank of Spain in the supervision of all systemically important institutions, without influence the role-making of the ECB”.
notes that it is important the role of the States, now they are building the Banking Union, because the cost of another banking crisis “must be assumed” by each country, “as has been evident in the case of Banco Popular”. That’s why they claim that each State have a complete knowledge of the status of their entities.
