EU fining Spanish Banks

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09 Dec 2013 16:46 by ads Star rating. 3098 posts Send private message

Having seen this blog,

http://www.eyeonspain.com/blogs/spainnews/11917/Mortgage-holders-case-against-six-banks-strengthened-in-light-of-record-fine-for-Euribor-manipulation-/4.aspx

I have to ask the following question:

 

What about innocent consumers seeking to have their contracts rendered null and void by Spanish Banks who failed to adhere to an existing Spanish Law, in place to protect offplan purchasers' deposited monies via provision of legal Bank Guarantees and secure accounts?
Aren't these consumers being subjected to a similar "manipulative " scenario by the Banks?
How are the European Parliament / Commission protecting these innocent consumers or providing deterrents to this form of abuse?
All they suggest at present is that the EU Commission have no legal authority to interfere and that consumers should seek justice from the "competent" member state!
The state that has no effective or "competent" regulation in place against Banks to ensure consumers' INALIENABLE rights are fully protected from the outset.


Why aren't the EU similarly fining Banks for the theft of thousands upon thousands of depositers' monies, currently in a black hole, unaccounted for, which could subsequently be used as a means to compensate this illegal and highly unethical behaviour by the Banks?

 





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09 Dec 2013 18:49 by andyintorre Star rating in Costa Blanca. 101 posts Send private message

Maybe the question should be asked of the European central bank as to why the are not controlling the regulatory body in Spain and making this body take action against the Spanish banks?

Also the name of this thread should be changed as the EU are not fining Spanish banks, they are fining some banks that also have operations in Spain!

 

 


This message was last edited by andyintorre on 09/12/2013.



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13 Dec 2013 11:08 by ads Star rating. 3098 posts Send private message

Thanks Andyintorre.

I've done just that and have written to our MEP to query what powers the European Central Bank have in this regard, and will report back his response.

Keith Rule identified many moons ago how the Bank of Spain were failing to regulate their Banks and how they were turning their back on the Bank Guarantee abuse that has crippled so many innocent consumers.

When you look back to the Banking crisis wouldn't you think that consumers would reailise how imperative it is that effective regulation be in place to prevent similar occurences from happening again? We all need to ensure that this continuing behaviour is outlawed and that the Banks face their legal responsibilities.

What message does it send to consumers when the Bank of Spain (regulatory body) fail to stamp their authority on Banks in Spain who are failing to recognise their obligations relating to Ley 57/68, leaving in their wake innocent consumers spending years having to fight their corner for recognition of their inalienable rights ALREADY WRITTEN INTO SPANISH LAW?

But equally important what message does it send thereafter when the Spanish system of Justice fails to apply timely, CONSISTENTand rigorous rulings to make the Banks accountable according to this existing law?

No wonder there are so many disillusioned with the current system.

 

 





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