How is Kutxabank controlled at 30 percent?
What is Kutxabank now? What will it be in the future? And what do we want it to be? You don't have to be an expert in finance to answer the questions, but you have to know the keys to the case and release the debate: Should Kutxabank be a public or private project?
Kutxabank is today a bank, but an extraordinary bank. Let us say that, driven by the global financial world and the financial crisis, the savings banks have been pushed to become banks as a result of the process forced by the Spanish authorities. As a result, BBK, Kutxa and Caja Vital left their business in 2011 in the hands of Kutxabank, but maintaining all their actions (57% BBK, 32% Kutxa and 11% Vital Kutxa).
In addition to the supposed impulse of the laws, all this was being carried out with a philosophy of style and finance that in the new bank has been replaced by Mario Fernández. Basically, in order to be competitive and survive in the current financial world, it is necessary to grow and Kutxabank is in a good position to grow and compete. How? Embracing private capital within it. It was noted that it existed, but in February it was publicly reported that the route would begin this year. Fernandez has not specified the percentage of property over which private capital could reach, but it has been suggested that it could reach up to 70%. Therefore, 30% of the Basque capital will be in the hands of the BBK Foundation, the Kutxa and the Caja Vital.
At first sight, the scandal is enormous, because in this process, something that is a public project is still in private hands. This is the path supported by PNV, PSE and PP, which consider it essential to grow and which is key to survival. In addition, more business, more profit and, therefore, more money for social action.
ELA launched at the beginning of May a brutal criticism and criticised privatization with a comprehensive report. He has denounced that this is a robbery that would be sponsored by the PNV. The report is on the ELA website and it is the basis for all your complaint. The Jeltzales also responded very strongly, but instead of relying on arguments and responding to the report, he replied that ELA should become a political party and accused him of incurring EH Bildu’s theses. Anyone reading the ELA report will see, however, that ELA has been very critical of Bildu, who supported the creation of Kutxabank in 2011.
The PNV has not yet entered into a public response to the House’s arguments and the statements by lehendakari Iñigo Urkullu have merely expressed their confidence in Mario Fernández. However, after the hare was lifted, Fernández has not fired a single shot and the extent of this privatization is unknown. It is expected that at the beginning of the fall the answers will be given and an idea will be given of the proceso.Los advocates of privatization consider that the Spanish Law on Savings Banks and Bank Foundations, adopted in December last year, drives Kutxabank, but are convinced that the foundation formed by BBK,
Kutxa and Caja Vital can control the bank, although, for example, only 30%. Nobody has explained how this is done and, above all, how it can be guaranteed in the future. In the world of capital it is impossible to control power with the minority, perhaps at a certain time, but in general not. That is obvious. In the case of counter-privatization, this law does not require further development, for example, until the remaining solvency of banks with more than 50% ownership is established (the case of the BBK, which holds 57% in Kutxabank).
A comprehensive and in-depth DEBATE is needed on the future of Kutxabank. To this day, it is already a private project, dependent on its shareholders, but to this day, its shareholder is still under public control. What has happened to CAN is there, and even if it were different cases, its extension was also essential... to lose everything. In Germany, savings banks are small, linked to their territories and have no intention of becoming banks and increasing them. You don't need to grow to survive in the financial world. In France there is a large presence of small loan cooperatives and in the Basque Country other financial cooperatives are not about to disappear. It is essential that the debate be extended to the four winds. Now, moreover, the elections have already passed, and that is more possible. Adult society should firmly demand the debate, the responsible political class should ensure that.
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