The PP signs an ICO loan of 3.4 million and prepares an adjustment plan

The lights, the posters, the sound of the closing meeting of the Popular Party leader, Pablo Casado, on Friday in Madrid Río are possible thanks to the decision of the Gov

  • Financing. ICO saves electoral campaigns with loans to parties

The lights, the posters, the sound of the closing meeting of the Popular Party leader, Pablo Casado , on Friday in Madrid Río are possible thanks to the decision of the Government of Pedro Sánchez , to instruct the Official Credit Institute (ICO) to fund electoral expenses of the parties in this hard year.

It is not that Sanchez has taken pity on the PP, but that the PSOE itself and other parties also needed, albeit less, that the financial agent of the State was involved against the prognosis in the financing of the electoral campaign before the serious and unexpected resistance of the bank. .

ICO assures that it only lends to those who already have some bank credit and to market rates - adding another 0.25% - and refuses to disclose how much it has lent to each party: "We can not talk about clients". The PP confirms to this newspaper that it has already closed a first loan for the campaign of the general elections and negotiates another for those of this Sunday. The treasurer of the PP, Sebastián González , abulense of the maximum confidence of Casado, asked to the bank that lent 7.7 million only for the campaign of the generals. The business for the banks is apparently secure in advancing the money that the party will receive later through a subsidy. But if it is not for the ICO, the PP would not have raised such amount, because the bank considers increasingly worse for its reputation to lend to the parties that, in addition, are in practice unattachable in case of fiasco. Official sources of the party assure that, of that figure, 4.3 million come from two financial entities, which they decline to identify, and 3.4 million from the ICO.

The treasurer maintains that he will be able to return the loans "in excess" with the subsidies that he will obtain for the electoral results of April 28, but he admits that the belt will have to be tightened. "We will adjust expenses and revenues as it can not be otherwise", they affirm in Genoa while waiting for the adjustment plan that will be designed after today's results. The PP employs about 500 workers, including provincial managers. The old treasurer, Luis Bárcenas , would solve the problem with his disgusting B-box but, fortunately, Casado maintains that that trash is past.

After the general elections the PP will receive grants of about 10.3 million, about nine million less than in 2016 only for the subsidies linked to the vote and seat achieved, without counting the effect of having more depleted and less subsidized parliamentary groups in the legislature . Casado dismisses in the adjustment plan the sale of the headquarters in Genoa street in Madrid. Among other factors, it is not really from the PP, but from Banco Santander. Its subsidiary Banesto gave a mortgage loan of 37 million in 2006 for 30 years to the party chaired then by Rajoy to buy its headquarters at euribor plus 0.8%. The latest official data is that the PP still owes 13.4 million to the entity that presides Botín . In addition, Bárcenas bought the building at the top of the bubble.

The PSOE already had to do an ERE in 2012 after its electoral slump and although the result of the 2019 generals is one of the worst in its history in democracy, it represents a big oxygen ball in its accounts. If in the elections of 2016 Sanchez barely managed eight million subsidies, has reaped in the 28-A with the PSC 17.7 million. Almost 10 million more loot.

The manager of the PSOE, Mariano Moreno , asked the bank for general elections about 7 million, which will be able to return without any difficulty. In his case there have been more banks that have signed up for the loan, a total of four, whose names they do not want to disclose in Ferraz. ICO has also signed a loan to the PSOE that has been limited in general to 363,073 euros, according to PSOE sources who, however, point out that its importance is more qualitative than quantitative. "After the fall of Banco Popular, which was the entity specialized in lending money to parties in electoral campaigns, there have been many doubts in banking and the presence of ICO has encouraged others to participate." The PSOE negotiates new loans to finance the election campaign today.

It is unimaginable that the ICOs of other leading Western countries are lending money and taking risks with the political forces, but the Government has decided to involve it in a new patch to the poorly resolved funding of the parties. A patch that is also a precedent. If any company raises doubts in banking, does the ICO also come to your rescue?


A registration bone?

On the verge of fulfilling a year outside of Moncloa, Mariano Rajoy showed up at the presentation of the book of his ex-Minister of Energy, Álvaro Nadal - What are not accounts, they are stories - and he relaxed at the cocktail listening patiently to the relief against the new PP of nostalgic like Celia Villalobos . He was happy with his current position in the Mercantile Registry of Madrid so far from politics and denied the reputation of bone that he has among the lawyers who deal with him. It has a reputation for being more strict than other registrars with companies that try to modify the registry, but the Galician considers it an exaggeration. "Yes, the one who does it well, approved, the one who does it wrong, supenso," he joked in informal conversation with this newspaper. In his public speech in presenting the book of Nadal, he did not say whether he approved or suspended Pablo Casado, which was already revealing.


Impassive with his loyal ...

It is impressive how Rodrigo Rato continues to gain time without explaining how he obtained a commission after the award of Bankia contracts to Zenith and Publicis. The judge, at the request of the prosecutor, has already completed the investigation and sends Rato to the bench for corruption between individuals after considering archiprobado that charged the representative of advertising agencies. However, Rato not only does not sing, but also does not exonerate at least his faithful who have also been prosecuted, despite the fact that the judge's letter does not reveal any evidence that they charged anything or that they were aware that his former boss I was perpetrating that hit. This is the case of loyal collaborators of his as José Manuel Fernández Norniella and Miguel Robledo , to whom the prosecutor in the shed includes as necessary cooperators.


... including his secretary

It is especially bloody how Rato is letting the burning fire to his loyal secretary for decades, Teresa Arellano . This denied flatly in his statement to the judge to have known that Rato was charging underhand commissions and had hope of de-imputation because he had not been required or seen evidence against her. But the prosecutor and the judge want their prosecution as a necessary cooperator with a heavy blow. If each of the defendants does not deposit a bond of 4.5 million! There will be an embargo and that is your destiny. If Rato recognized the facts by cooperating with the investigation and exculpating old collaborators as his secretary, Arellano would not be in that trance. But, according to sources close to his defense, the former president of Bankia has not submitted any writ in favor of her or other faithful. Cold and impassive.

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  • PP
  • PSOE
  • Pablo Casado
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  • Mariano Rajoy
  • Madrid
  • Luis Bárcenas
  • Santander Bank
  • popular Bank

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