The six general directorates that exist within the Bank of Spain could experience changes with the arrival of José Luis Escriva within the organization, according to different sources reported to Servimedia.
Internal sources at the Bank of Spain point out to Servimedia, on the one hand, the need for changes in these positions since those who currently occupy them are from the previous financial crisis that they did not know how to see and manage properly and it was not an election based on merit. They conclude that the previous governor, Pablo Hernández de Cos, did not make the appropriate changes.
On the other hand, they highlight the appointment of people linked to the PSOE in four general directorates with the arrival of Escrivá.
The Bank of Spain has a Directorate-General for Financial Conduct and Banknotes, headed by Alberto Ríos since 2022; Ángel Gavilán has headed the Directorate-General for Economy and Statistics since 2022; Financial Stability, Regulation and Resolution has been headed by Ángel Estrada since 2020; Operations, Markets and Payment Systems has been headed by Juan Ayuso since 2017; Mercedes Olano has headed Supervision since 2018 and Alejandro Álvarez has been Head of Services since 2019.
Government sources consulted by this agency maintain that Escrivá must make changes to have a team he trusts and do not anticipate whether or not these would be people close to the PSOE.
From Sumar, deputy Carlos Martín spoke last Wednesday at the Congress of Deputies on the occasion of the appearance of the Minister of Economy, Commerce and Business, Carlos Body, to confirm that Escrivá was the candidate and also stressed the need for a “deep renovation of the bank. In conversation with Servimedia, Martín justifies that the Bank of Spain has lost its reputation due to the financial crisis for having “denied until the end that there was a price bubble” and demands a reappointment. “There is now a whole generation in management positions that were there when there were systematic failures” in the financial crisis, Martín tells this agency, and he details the situation of the research service, which published reports on the labor market, but “nothing from the financial system” during the rescue of the savings banks.
He considers that Escrivá can undertake these changes because he is “brave without daring” and emphasizes that within the government he has played the role of “independent thinker”, with disagreements with the Unidas Podemos party, first, and Sumar, later.
Considering the new strategic plan that Escrivá could promote, given that the current one ends this year, internal sources of the Bank of Spain consulted by this agency minimize the importance of this document in the change of the institution.
This year’s strategic plan includes the objectives of improving the ability to identify and respond quickly to risks to financial and economic stability, modernizing the Bank of Spain, excellence in talent management, increasing its capacity for influence and generating greater trust in the institution and more value for society. Internal sources recall that there are four lawsuits before the union courts against the institution for lack of transparency in the selection processes.
