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Spain: Banker freed as inquiry continues

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Spain: Banker freed as inquiry continues

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The former chairman of Caja Madrid, jailed on Thursday following an investigation into banking irregularities,has been freed.

Considered a flight risk, a Spanish judge had set bail at 2.5 million euros for Miguel Blesa. The inquiry over Caja Madrid’s purchase of a US bank in the midst of the economic crisis in 2008 continues.

Caja Madrid merged with several banks two years later in 2010 to form Bankia, which required a 22 billion euro rescue, forcing Spain to call on EU bailout funds.

This is the first time a top Spanish banker had been jailed in 20 years. The Deputy Prime Minister of Spain, Soraya Saenz Santamaria said:

“The law has been implemented and it proves that nobody is above the law.”

Ramón Jáuregui, of the Spanish Socialist Workers’ Party (PSOE) added:

“It’s the beginning of a process for accountability. This is logical and reasonable and it has to be like that, because there’s a huge social unrest on these issues”

The eurozone’s fourth largest economy has had to pass many unpopular austerity measures as a result of the crisis, making banks the focus of much public anger.

0:03 The former chairman of Caja Madrid who’s been jailed following a high profile investigation into banking irregularities, is likely to be bailed out shortly.

Considered a flight risk, a spanish judge set bail at 2.5 million euros for Miguel Blesa, as an inquiry is carried out over Caja Madrid’s purchase of a US bank in the midst of the economic crisis in 2008.

A Spanish judge has ordered the former chairman of Caja Madrid to be put in jail in a high profile investigation into banking irregularities.

Considered a flight risk bail was set a 2.5 million euros for Blesa, as an inquiry is carried out over Caja Madrid’s purchase of a US bank in the midst of the economic crisis in 2008.

This is the first time a top Spanish banker has been jailed in 20 years. The plaintiff ‘Manos Limpias’ (a right-wing union representing Spanish public employees) celebrated the news.

Miguel Bernard, ‘Manos Limpias’ union representative said: “The court’s decision gives an example to follow.”

“It is also a warning for everybody, because what the saving banks are doing in the finance area in this country is a big scandal,” he continued.

Caja Madrid merged with several banks in 2010 to form Bankia, which required a 22 billion euro rescue, forcing Spain to call on EU bailout funds.

The eurozone’s fourth largest economy has had to pass many unpopular austerity measures as a result of the crisis, making banks the focus of much public anger.

O Spain: Banker jailed as inquiry continues into

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02 Blesa
A Spanish judge has ordered the former chairman of Caja Madrid to be put in jail in a high profile investigation into banking irregularities.

10 Florida
Considered a flight risk bail was set a 2.5million euros for Blesa, as an inquiry is carried out over Caja Madrid’s purchase of a US bank in the midst of the economic crisis in 2008.

23 Rep Manos Limpias
It is the first time a top Spanish banker has been jailed in 20 years. The plaintiffs celebrated the news.

27 SOT Miguel Bernard, “Manos Limpias” trade union representative:
“The court’s decision gives an example to follow. It is also a warning for everybody, because what the saving banks are doing in the finance area in this country is a big scandal.”

38 Archives anti-bank protests

Caja Madrid merged with several banks in 2010 to form Bankia, which required a 22 billion euro rescue, forcing Spain to call on EU bailout funds.

The eurozone’s fourth largest economy has had to pass many unpopular austerity measures as a result of the crisis, making banks the focus of much public anger.

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