They have drawn up contingency plans that contemplate converting the business carried out in the region into a mere subsidiary. 25,000 million euros of foreign investment paralyzed until the general elections Meetings of police and Catalan businessmen in two hotels in Barcelona to document the 3% ERC now regrets having formed a coalition with Artur Mas Artur Mas, Oriol Junqueras and other candidates from the "Junts pel Sí" list. Artur Mas, Oriol Junqueras and other candidates from the "Junts pel Sí" list. The big banks are ready to limit their exposure to Catalonia in the face of an independence scenario. One of the contingency plans they manage considers converting the business generated in the region into a subsidiary to mitigate the damage caused by a possible bankruptcy in the event of secession. The reason is that the European Commission and the Bank of Spain have warned that Catalonia will be left out of the umbrella of the European Central Bank. No entity with registered office in Catalonia would have access to cheap financing from the ECB. Clients would not have the Spanish Deposit Guarantee Fund, nor the future European mechanism, to recover at least 100,000 euros of their savings , as is the case in the rest of Spain.
Convert the business into a mere subsidiary As El Confidencial Digital has learned , through financial sources familiar with these movements, the contingency plans of the country's main entities, such as Santander, BBVA, Popular and Bankia, contemplate reducing their exposure in the territory, in the event of independence. The eventual bankruptcy of the business would contaminate the entire entity, as long as it was the same legal entity. To prevent this risk, the large banks would impose the “ subsidiaryization of the business in Catalonia ”. This is contemplated, at least, in the contingency plans that are being drawn up in the offices of the main financial groups in the country. That is, they would convert the business developed in the region into a subsidiary , which would also entail a transfer of Middle East Mobile Number List strategic assets outside of Catalonia. Thus, its possible bankruptcy would be limited to the capital employed there , without recourse and without prejudice to the rest of the entity. Doubts about establishing a branch system Another option that is also contemplated in the banking contingency plans is to establish a system of ING Direct-style branches , and not subsidiaries, in Catalonia. This approach, however, entails greater uncertainties. It is considered that the risks of one area will contaminate the other because many unknowns will open up in the region with its expulsion from the euro.
A scenario that will not only affect its economy, but also all the banks that operate in the community. The transfer of the headquarters of CaixaBank and Sabadell But the biggest problem is in the Catalan entities that must first move their headquarters outside of Catalonia, if they do not want to be left without access to ECB liquidity . Financial sources consulted by ECD recall that Microbank opened its headquarters in Madrid on April 10, 2013. It is a small subsidiary of La Caixa that has a banking record and headquarters in the capital of Spain. A transfer of assets from CaixaBank of Barcelona to Microbank , or its future new name, would be enough to enter the umbrella of the Eurozone. exp-player-logo The Pombo sisters open the channel with Pablo Motos The La Caixa assembly also approved in May of last year, in a historic meeting in Barcelona, its transformation into a banking foundation and the elimination of the statutes that required Catalonia to be “the guiding criterion” of all its actions. The new statutes no longer guarantee that La Caixa's headquarters will be in Barcelona “in any case . ” In the case of Sabadell, companies that wanted to change their headquarters had until now called a shareholders' meeting to approve the measure, except if they moved to an address in the same municipality. Now, specifically for two months, the board of directors can unilaterally decide to change the registered office . This is not a “threat to customers” In the big banks, the declaration against secession last Friday is not understood as a threat to clients , as the Catalan pro-independence sectors have interpreted it. They defend that it is “ a forced survival movement .