The Minister of Economy points out that it has total peace of mind in the process, because it is being very respectful of the involvement of each institution and with what is collected in Spanish regulations
The encounter between the European Commission and the Government of Spain rises in tone. The Minister of Economy, Carlos Body, has defended today during his visit to Türkiye to raise the Council of BBVA on Sabadell to Turkey on the Council of Ministers It is collected in national regulations and is another part of “a complex process.”
In that sense, Body has asked “respect for our domestic legislation, which is what we are following at the moment.” The minister has thus answered a question about whether the recent comments from sources from the European Commission exerted pressure on the government’s action, which is evaluating possible additional conditions to the operation to protect general interests.
Brussels affects Sabadell BBVA
Brussels indicated Tuesday that “It does not see reasons for the government to block or reject the operation.” In that sense, community sources assured that “The Commission is looking at the compatibility of the actions of the Spanish government with European legislation and will not hesitate to make use of its powers as a treaty watchman”.
“It is important that we all protect the regulatory framework, we respect the involvement of the different institutions that have to participate in the different phases of the process“Body added, which stressed that now it is the government’s turn, a phase contemplated in Spanish legislation and that opens when the National Commission of Markets and Competition, CNMC, leads to phase two transaction and approves it with conditions.
The Spanish minister considers that phase three is relevant to obtain a complete OPA analysis, as it analyzes it from the point of view of the general interest, that does not enter the competitions of the European Central Bank, ECB, and the CNMC. With it, and highlighting that this is what the Spanish legislation is contemplated, the minister points out that “it will be guaranteed that there is no reason for general interest that is affected by the operation and, if there is, correct it”.
Body highlights that “we stay, as always, very respectful of the regulatory framework, with the deadlines and very respectful also with, of course, the contribution and involvement of all institutions.” For this reason, he assures that this action is “Fully compatible and goes in line “with European regulations and that” in this case, therefore, total tranquility (with respect to the possible action of the commission), “he concluded.
