The popular accusation says that Bankia cost 1,000 euros to each Spanish worker

  • Statements by the CIC’s lawyer in the IPO trial
  • Herzog denounces certain harassment carried out by the defenses

The lawyer of the Inter-Union Credit Confederation (CIC) Andrés Herzog, who exercises the popular accusation in the trial for Bankia’s IPO, said today that the rescue of the entity has cost 1,000 euros each of the approximately 22 million workers that make up the active population in Spain.

The lawyer has begun his intervention by denouncing a certain “harassment”, in relation to the claim of the defenses who have requested that the accusations bear the costs of the trial.

He later recalled Bankia bailout terms, that received about 23,000 million euross of public funds between the direct aid and the Frob loan, a rescue that the entity’s managers have attributed to the economic context of the years 2011 and 2012.

The problem, Herzog has indicated, is that it is not argued that this unprecedented financial crisis affected only BFA-Bankia, the only entity that had to reformulate its accounts, going from a profit of 300 million euros to nearly 3,000 million losses.

The key lies in the accounts for the year 2011, those that were used for the IPO, formulated in March 2012 and later reformulated, which “were false”, as the judicial experts demonstrated during the trial.

Over the two experts appointed by the Bank of Spain to assist the investigating judge, Herzog has defended their independence, despite the fact that on many occasions the defense attorneys have referred to them as experts from the Prosecutor’s Office.

Both, Herzog has said, made it clear that the accounts for 2011 and those for the first quarter of 2012 were “false”, and it is that “accounting is not a science, but neither is it chewing gum that can be stretched”.