“Distinguished, unusual, questionable, a dislate …” They are some of the adjectives with which former positions of the National Commission of Markets and Competition (CNMC) consulted by The independent They qualify the Government’s script turn in the OPA of the BBVA y Sabadell With the public consultation open until May 16.
The Minister of Economy Carlos body He says to collect the opinion of the sectors affected by the acquisition offer to make an informed decision. But it is a procedure never used before for operations of this type and has caused surprise between the economic and regulatory sectors. The consultation will be made within 15 business days granted by the head of the Economy to decide whether or not to raise Council of Ministers The operation.
The latter has another month to harden the commitments agreed by the entity that presides Carlos Torres The presiding regulator Cani Fernández. But the former high competition positions consulted for the Open Open Option. “The decisions of the institutions do not undergo public consultation. Why not ask about a judicial sentence or on investment in an aluminum plant? “, A former high position of the agency complains.
Competition has been studying the details of the purchase for almost a year and how consumers could affect the companies that work with both banks. Its resolution was approved last Wednesday unanimously and with a list of temporary commitments to mitigate the risks he received for the competition. Especially, in the field of credit to SMEs, where BBVA has made several concessions.
None of the former CNMC members questions that the Government – as the law collects – has a margin to intervene after the regulator has issued their opinion. But from there to open a public consultation in which they can participate to individuals, they believe there is an abyss. “Question the work that has been done throughout this year. I do not want to imagine how they will be there, “says another of the former high positions of the institution, who has not yet made public his full report.
The Executive, reluctant from the first moment to the operation, must adhere to general interest criteria other than the defense of competition If you want to harden the commitments acquired by BBVA. It could modulate them so much that it even made all the attraction of the operation lost, which would force the Basque Bank to give up it. But there is no precedent of such an extreme.
“Body plays its personal and professional prestige. He will know how far he wants to go“adds another ‘ex’ of the agency. In his consultation, Economics asks the participants to indicate what measures they would take to mitigate the negative effects on the general interest they consider that the OPA can have. For this I try.
“It influences legal certainty”
All the former high positions consulted especially are worried about the image that moves from doors out. “It influences the Legal security and in the image of Independent system operation“, says a former counselor. It supposes,” he adds, “also distrusting the European Central Bank (ECB) “, which already gave his approval to the OPA.
Everyone agrees that the guarantees for the parties are given by an “accessible and appealing” process such as the one that the CNMC has followed during the last twelve months. “This type of actions [la consulta pública] It has the risks of everything that comes out of a appraised procedure“explains the aforementioned ex -counselor.
Both the Catalan employer Fostering work as the union UGT They brought to the National Court The decision of the CNMC not to allow them to appear in the procedure. Something he did with almost 80 entities that tried. But the regulator did make a market test in which he consulted the opinion of various actors affected by the operation. “The competition work is precisely that. Making a public consultation has never been seen anywhere and It has no technical justification“, emphasizes another of the former high positions of the CNMC. The directors are appointed at the proposal of the Ministry of Economy and validated by Congress.
Without particular vote
The Council includes different political sensibilities. Without going any further, within the room that has made the decision there is a counselor, Pere sunsappointed by Together. The former director of the Mossos d’Esquadra During the rise of the independence process, no particular vote against the operation was issued. But the formation of Carles Puigdemont It now claims to the Government a “political decision” that stops the OPA to which not only Sabadell is opposed but a good part of the Catalan business fabric.
For the former regulator members, a technical decision is being “truffled with politics.” “Political decisions have to be taken with general rules known in advance y applicable equally to all; No case by case, “concludes another former regulator member.
Political decisions have to be taken with general rules known in advance y applicable to all equally “
“It’s like in the Roman circus. The People Act and the Emperor ups or lowers their finger,” another of them criticizes with reference to Pedro Sánchez. The chief of the Executive announced on Monday the consultation at a meeting of the Cercle d’acomia attended by both the president of the BBVA and the Sabadell, Josep Oliu.
The consultation was launched on Tuesday by the Ministry of Economy through a form on its website. Body just said on Tuesday in Barcelona that it is a “good practice” that is “totally aligned with current legislation“And that would convene again if a similar scenario occurs. In addition, he said it will be “Very respectful” with competencies The other institutions that have participated in the previous phases of OPA evaluation. The responses to the consultation will be secret and non -binding.
Shareholders have a moment provided in the law to express their opinion about the OPA; The so -called acceptance period that will open once the National Securities Market Commission (CNMV) Publish the OPA brochure with all the information about the process. “If they do not see the exchange equation then, they will not go to the offer,” concludes another of the sources consulted.
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