The Ineffable Mr. Bde

At first we were told not only that the problem was the housing bubble, but to insult to injury, after the Lehman bankruptcy in September 2008, we wanted to reassure the basis of statements such as banks and building our were something like a management model to be followed by the international financial community. Stance, as you recall, just as firmly defended both the government and mendacity, with Mr. Rodriguez Zapatero at the helm, as the Governor of the Bank of Spain, Mr. Fernandez Ordonez.

From these statements are outrageous and shameful claims came as pilgrims to the crisis that had tainted our banks and real estate but was, nevertheless, the situation of our banks was good. However, in reality the situation was not only not good (especially in the boxes), but it was very bad, to the point of having to go in the odd case, the Bank of Spain to his assistance to avoid the worse.

Still, she insisted that the crisis was the result of the number of families could not afford to pay the monthly installments on their mortgages, which was not true, since family mortgage credit is the lower rate of default Records (barely 2.5%, well below 6% on average).

The problem is credit to the developer, which, incidentally, has nothing to do with the mortgage of access to housing. Sector, the latter, which was granted more than 300,000 million euros (half for the purchase of land, much of which was unqualified town planning) and, to date, recorded a default rate that exceeds the 20%.

But even worse is the problem faced by the Spanish financial sector, since much of the credit granted was very long-term (mortgage loans will exceed 35 years), with foreign money and based on medium-term loans granted by international financial community, which continues to be a strategy, and dangerous, contrary to the most basic banking orthodoxy.

Today, our banks and building societies are not only able to provide credit to the productive economy demands it, but see them and want them to meet their maturing claims on foreign banks.

Financial Fiasco, in addition to the managers of each particular entity, it should be responsible to the Bank of Spain for allowing and, to some extent encouraged (when it was reported if any) is dangerous ways.

The Bank of Spain should not have allowed our banks exceeded their credit beyond their deposits should not have allowed mortgage finance terms are clearly impossible (and less to do in a volume over its possibilities based Foreign bank loans granted to medium term) and should not be allowed to grant more than 300,000 million euros for real estate speculation, a factor that has been the "air pump" that inflated the housing bubble.

It is still an exercise in hypocrisy to denounce the housing bubble and, secondly, to encourage their creation.

For all these reasons, the (by all accounts) nefarious actions of Mr. Fernandez Ordonez at the Bank of Spain for which we ask for your resignation, the first step towards the restructuring of the sector. Without which this process can not speak or economic recovery, or "green shoots", or job creation.

Hence our demand.

Mr. Fernandez Ordonez Go!