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The judge of the 'Popular case' listens tomorrow to the experts who indicated that the bank should have declared losses in 2015

MADRID, 14 Nov.

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The judge of the 'Popular case' listens tomorrow to the experts who indicated that the bank should have declared losses in 2015


The judge of the National Court in charge of the investigation of the 'Popular case' will listen this Tuesday from 09:00 a.m. to the experts from the Bank of Spain Teodoro Fernández and Álvaro López, responsible for a report in which they warned that the extinct entity it had to reflect losses amounting to 1,019.897 million euros in the 2015 financial year instead of the profit of 105.394 million that it declared.

It was last September when the head of the Central Court of Instruction Number 4, José Luis Calama, summoned the two experts to ratify the reports they have contributed to the case. The magistrate also enabled Wednesday in case it was necessary.

In the aforementioned report, dated September 9, the experts warned the magistrate that the quality of the data on which this expert was based is "poor, with a large number of inconsistencies, defects and inconsistencies."

The instructor requested this report from the experts of the Bank of Spain on March 16, a few days after taking a statement from the inspector of the European Central Bank, Jesús Fernando Martínez Usano, who explained to the judge that the Popular carried out a coverage release " contrary to the norm", estimating the deficit of provisions between 1,153 and 1,355 million euros.

Of course, the experts Teodoro Fernández and Álvaro López expressed their doubts about this new expertise in a letter signed by both and which was sent to the instructor on March 31, just a few days after Judge Calama urged them to making of it.

This expert report is, as the experts recalled, an extension of the one they already prepared on December 14 and in which they focused on the foreclosed assets --the real estate-- that Banco Popular had.

In it, the experts focused on analyzing the correction of the valuations of the assets awarded to Banco Popular and those given as collateral for asset operations, due to their impact on provisions and, therefore, on the annual accounts of the entity. Specifically, it was about determining whether the appraisal value used as the basis for determining the book value of the foreclosed asset was admissible or not.

The magistrate already heard on September 14 the experts from the Bank of Spain Santiago Ruiz-Clavijo and Pablo Hernández, who ratified two of the reports commissioned by Calama. Specifically, they dealt with Thesan Capital and the one related to a possible deficit of provisions in the 2015 accounts.

The first of the documents was an exhaustive report that focused on Popular's operations that were mediated by Thesan Capital, a venture capital company specializing in the purchase of companies in crisis that operated with the bank between 2011 and 2014.

The second, on the other hand, was the expansion of a report that they themselves prepared in 2019 in order to determine whether, at the end of 2015, there was a deficit of provisions by Banco Popular and its "significance" for the accounts annual of the entity.

These proceedings are predictably the last before the judge puts an end to a case that is close to five years old, and in which the magistrate investigates two phases of the resolution process of Popular: the alleged accounting irregularities of the entity in 2016, with the capital increase, and the leaks to the press a year later that would have caused its resolution in mid-2017.

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