Our government dresses up as a Super Mouse, and they shield the banks and the FROB to do whatever they want.
The lace to 150,000 clients trapped and deceived in the hiring of preferred shares of nationalized entities have run out of their money . Yes, you read that right: all your money!
Next Friday the government will issue a new Royal Decree of financial reform that, according to its draft, the FROB may force the sale or exchange of these securities with heavy losses and, in addition, they will not be able to claim more money from the fund, or even obtain the return of their initial investment if they denounce this swap in court.
This Royal Decree will not apply to entities that have not been nationalized or intervened , where exchanges will continue to be voluntary. Clients of Novagalicia Banco, CatalunyaCaixa, Bankia and Banco de Valencia, together with previously nationalized entities Caja Castilla La Mancha March 2009, Cajasur May 2010, CAM June 2011, CatalunyaCaixa September 30, 2011, Banco de Valencia April 2012 were the Kings have advanced in gift of coal.
No right to claim
But even more serious is the impossibility of protesting before the FROB or of recovering the entire investment if they denounce him in court. According to this draft of the future Royal Decree -which can still be modified before its approval- (depending on market movements and popular exaltation), the holders of preferred and subordinate “ may not claim any kind of claim from the entity or the FROB. of financial compensation for the damages that the execution of a management action for hybrid capital instruments and subordinated debt could have caused them ”.
Just in case they have not yet realized: " They will not be able to initiate any other amount claim procedure , or request the bankruptcy declaration of the entity, based on a breach of the terms and conditions of the issue."
Finally, the Decree limits the amount that those affected can obtain in the courts if they go to them to challenge the exchange imposed by the FROB. Thus, it establishes that “the amount of the aforementioned compensation will reach, at most, the difference between the damage actually suffered and the loss that they would have borne in the event that, at the time the corresponding decision or agreement was adopted, the liquidation of the entity within the framework of a bankruptcy procedure ”.
If we thought we had seen it all ...
do not go yet friends, there is still more.
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