Former IMF chief blames Bank of Spain in Bankia case

Bank of Spain
Luis García

The former board at Bankia followed the instructions of the Bank of Spain in the merger and failed initial public offering (IPO) of the institution, said former bank chairman Rodrigo Rato on December 8. 

Rato, a former managing director of the International Monetary Fund, testified before Spanish courts during a trial in which he is accused of fraud, alongside three other former board members.

Rato argued his board always followed the guidance provided by the central bank, led by the then

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