El blog de Maria

Today, I wrote this email to someone who contacted  me, showing her sincere skepticism towards action 1.2 for banks liabilities and her desires to find some hope:

Dear XXXX

Thanks for your sincere email. I am pleased to answer you:

If Banks had diligently verified that all amounts paid into their accounts for off plan developments, were covered by Bank Guarantees/ Insurance Policies, according to obligations set for them in provision 1.2 of Law 57/68, many (xxxxxxxxxx developer´s name)´s  buyers had their  money back in their accounts now.

Law 57/68 is a very advanced t its time ( 1968) Law which was stablished to prevent that very similar disasters to our days´happening in our country back in 1968 will never happen again. Unfortunately it is a Law that has been poorly written and even more poorly applied ( maybe because of its own lacks). There is an important group of Proffessors and Judges who understand Law 57/68 correctly, and it is increasing.  The consequences of that lack of care by Banks when receiving money for off plan buildings are now evident both in social life and in the reality of Courts everyday.

There is also a need of a renewed understanding of the role of Banks and financial institutions within the social fabric. They have special duties of care for money deposited in their accounts and cannot be focused just on ultra-benefits regardless how. One of the most important aspects of the social risponsability of Banks is a cared balance between own benefits and people rights and guarantees. They are in a position of trust.

We rely on these good Law scientifics and appliers ( Judges), we also rely on existing Case Law for the defense of this action,  and on a great and deep effort made by our team of specialists and advisors. We are sure Justice on this field will be coming very soon.

Best wishes,

Maria

Nerja, by Roberto Pecino at Flickr.com