Sabadel | IMF approves CNMC conditions for BBVA OPA Pi Economy
The International Monetary Fund (IMF) devotes somewhat Nigu phrase in its annual report on Spain BBVA OPA in Sabadel Bank. Agency guarantees the conditions or commitments of the National Markets and Competition Commission (CNMC) (CNMC) (CNMC) Has given power to the operation, But he does it conditionally, he does not finish defining himself. It also stated that its potential negative impact on economic stability, but has seen the European Central Bank (ECB) operation responsible for the analysis.
The IMF report on a country represents private companies and ongoing activities, not just briefly. In an encounter with the country on public publication, the IMF Mission Chief for Spain, Romain Duwal, the approval of Fusion must be specific to these two standards: effect on capacity and economic stability.
“The negative consequences of the merger between BBVA and Sabadel should be carefully assessed in the economic stability; the competitive concerns of the competitive nature proposed by the Competence Authority should be reduced by the actions of the competent nature,” which is a text phrase of the report dedicated to the operation.
Bank of Spain is responsible for examining the effects on the European Central Bank (ECB), Salvency, He expressed his choice for the operation in September last year.
As a result, after a long investigation, the National Markets and Competition Commission (CNMC) Has authority with commitments to take control Sabadel Bank by BBVA by OPA. The CNMC has concluded that the BBVA’s commitments have been “enough, enough, and provided, to solve this concentration problems in the affected markets.
Finance Minister, Carlos Body, It was decided to increase this operation to the board of ministers. The government, in accordance with the law, can assess it according to the standards of general interest except for the protection of the competition, and then it may confirm the resolution of the CNMC or impose conditions for efficiency.
IMF refused to comment on the process of operation, but its standards, Like the European Commission, This is only the causes of efficiency and economic stability, already established by the relevant authorities, which must be guided by the decision.
“We have a policy aspect of an opinion. What should be this process. We have a point of view of what we have and decide whether the merger needs to be maintained,” Duwal pointed to El Pace. “The main criteria depending on whether or not a fusion must be maintained. A fusion may be an efficiency profit and it is suitable for admitting it, but it can cause competitive damage, and in that sense, in that sense.
Although Duwal is not clear, the standard is against the establishment of additional needs of the Ministers of the Ministers, as the law clearly indicates that the imposed conditions should be mandatory for the ability to impose (and, for subsidy, it does not conform to analyzing economic stability).
Bank tax
In his report on Spain, IMF will develop criticism of the IMF -hit bank in April in announcing its technical staff at the end of the mission. The fund hopes that this version will solve some of the flaws of the previous tax by eliminating the minimum business volume limit and, including the lower profitable companies reduction. “However, its general economic justification is clear and its design is overwhelming and the size of the banks is confused with extra profitability. Therefore, it should continue as a temporary measure and be suppressed at the end of the three -year validity.”
The diagnosis of the financial sector indicates that it gains good health, there are banks Comfortable capital and liquidity blanketsThe main capital ratios are slightly smaller than their eurozone opponents. Supports the background to continue The second stage of the gradual contact of the positive anti -cyclical mattress It advises banks to maintain adequate voluntary blankets until they reach 1% and through the prudent distribution of dividends.
The IMF also emphasizes its previous recommendation to give CNMV’s autonomous in its contract process and also requests to strengthen the resolution capabilities of the Banking Orderly Reconstruction Fund (FROB).
