Aqui la carta enviada a la embajada esta mañana:
Dear Sirs,
I am a British national, resident in Madrid for the past 6 years, and I am among the 2.000 people in Spain who have had their savings trapped (not to say lost) by the recent collapse of Eurobank del Mediterraneo. Up to now I have been trying to manage this situation myself with other affected savers, but we are not experts in this and the truth is we are somewhat in the dark about how to proceed in order to recuperate oursavings. The main problem is that the Bank of Spain has closed the door to enquiries and limits itself only to issuing standard letters about how the legal process must be allowed to take its course. I believe that it is necessary for a higher authority to enter into the fray and to try to find a way to bring this situation to a close.
If I may, I would like to briefly summarize the situation in the hope that you might be able to help us.
- In 1999 the Bank of Spain received a report from external auditors about the financial inviability of Eurobank
- The Bank of Spain instigated a series of inspections resulting in the issuing of 3 disciplinary files against eurobank
- This year the bank of Spain allowed Eurobank to operate for 8 months with a level of capital which was below the legal requirement
- In May this year (2003) the Bank of Spain informed potential clients of Eurobank who enquired about the stability of the entity that it was unaware of any potential risks for savers.
- The Bank of Spain authorizes Eurobank to market and advertise an extra-deposito product which offered interest of 7% for a fixed term of 3 months.
- In June I contracted this deposit with my life's savings of 88,000€ for the 3 month term
- The President of Eurobank asks the Bank of Spain to intervene and proceed to liquidate the business
- The bank of Spain emits a Press release stating that Eurobank 'maintains operational capacity and is in a situation of high liquidity'
- The bank of Spain sends inspectors to Eurobank but does not intervene, it tells the savers that there is no risk to their savings.
- The bank of Spain announces in August that Eurobank is in 'suspensión de pagos' and savers may have to wait up to 3 years to receive their savings 'providing that no irregularities are found that affect the bank's final balance'.
- The guarantee fund begins to emit a maximum of 20,000€ per saver.
- Today, we are still waiting for a formal communique from the bank of Spain about the situation, but they do not attend enquiries from the affected savers other than to say that we must wait for the final inspectors report (due I think in February) and then we will know whether or not the savers can recuperate their money and in what timeframe.
- Meanwhile Euobank has over 70 Million € in the Bank of Spain (which is more than enough to cover the 2,000 savers deposits), and the guarantee fund has not even scratched the surface of its capital by returing 2,000€ per saver.
- Ausbanc Consumo (Association for Banking Consumers) has proposed that the guarantee fund advances the money to savers, thereby becoming sole creditor to Eurobank, this would enable us to recuperate our money immediately, and only the Guarantee fund would have to wait the three years for the liquidation of the assets that the bank of Spain assures us exist.
This whole drama could have been averted had the Bank of Spain acted in time to control Eurobank's activities, and it is inconceivable that ordinary savers should have to pay such a high price for its inadequacy.
Is there anything that the British authorities can do, either to influence or lobby for a resolution, or to at least help me to get a response from the Bank of Spain about the situation and the likelihood of positive action being taken. These are my life's savings that I could only tie up for 3 months, it has now been 6 months. 'Investors' can expect to lose their investments sometimes, but 'SA