5/02/2014 – Expansion
The Bank of Spain and the Big Four (Deloitte, PwC, KPMG and Ernst & Young) work counterclockwise to decide who will bring to an end the revision of the Spanish banking assets (AQR). The grand auditors will have to present their offers tomorrow, and the regulatory institution will have a week to choose the companies is charge.
ECB called a meeting on the 17th of February in Frankfurt, where methodology and terms and conditions will be explained in detail. (…).
There are two requirements for the finalist to meet: company have not audited the entity within the last two years and that one firm cannot revise more than 50% of entities´ group.
Thus, the institution chaired by Luis María Linde, divided the entites under inspection into three segments. In the first one, there are the two biggest: Santander and BBVA. In the second, the medium-size banks: Sabadell, Popular, Bankinter and Cajamar. In the last one there are the old banks: CaixaBank, Bankia, BMN, Ibercaja, Catalunya Banc, NCG Banco, Kutxabank, Unicaja, Liberbank and España-Duero.
At the 2012 revision, the assets have been split in great majority between EY and KPMG (10 out of 14 entities to examine) (…) and Deloitte and PwC (the remaining 4).
Original article: Expansión (J. Zuloaga)
Translation: AURA REE