Alleged fraud in the sale of financial instruments to clients of Spanish savings banks:
EPRef93755 // European Parliament , Brussels EP room ASP 3G2 15:00-17:00 //
Lieu: European Parliament, Brussels
End production: 24/04/2013 First transmission: 24/04/2013
A number of petitions regarding an alleged fraud in the sale of financial instruments to clients of Spanish savings banks were discussed by the European Parliament. According to a note issued by the Committee on Petitions, the pleaders, who contracted the services of a number of banks, explain that they were advised to invest in 'fixed-term deposits' with high returns and low risks. It seems that they were also told they would be able to withdraw their assets at any time. However, after contracting the deposits, the petitioners apparently found out that they had in fact been sold 'preferred shares', or 'subordinated debt' which carry higher risk and which cannot be accessed unless they are sold. The petitioner asks the European Parliament to urge a number of Spanish authorities to investigate the issue and to provide redress for the clients affected.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Cuatways on Spanish petioners (2 shots)
||SOUNDBITE (Spanish) by Sara CAMPUZANO, petitioner bearing 6 signatures on abuses in the sale of financial instruments to clients of a savings bank," I came to inform you at the European level about banking malpractice , particularly in the selling of preferred shares to small savers. We are talking here about people who are not financial investors, and people who speculate on the stock markets or anything like that, and they have seen their money stripped from them. This is money which they like my father have earned during their lives, they've saved up, very often thanks to living frugally , that's how they have managed to amount some savings , and now , I' am taking the specific example of a saving bank in Barcelona, all across Cataluña, it used to be a saving bank, it has been absorbed into Bankia , they are people all over Cataluña that are affected"
||SOUNDBITE (Spanish) Xesus DOMINGUEZ, petitioner on behalf of Coordenadora de Plataformas de Afectados pelas Participaçoes Preferentes e Obtigaçoes Subordinada, " What happened is that when the bank found itself without cash, products of high risks were put on the market which were aimed at major investors, and then proposed to small savers, most of the times by lying to them or not providing adequate information on those products. these amounts do represent a 1.8 billion euros of savings from small savers who have saved all their live and these people were tricked by bank employees and bank representatives."
||SOUNDBITE (Spanish) Xesus DOMINGUEZ, petitioner on behalf of Coordenadora de Plataformas de Afectados pelas Participaçoes Preferentes e Obtigaçoes Subordinada, "We ask for a report from the European Parliament Petition Committee to turn to the Spanish government to first save and protect those small savers and not the banks . The government received 40 billion euros to save the banks and make us , citizens pay to save them."
||cutaways in Peti Committee (5shots)