On 7 June 2017, the Single Resolution Board (SRB) transferred all shares of Banco Popular Español S.A. (Banco Popular) to Banco Santander S.A (Santander). This means that Banco Popular continued to operate under normal business conditions as a solvent and liquid member of the Santander Group with immediate effect.
Due to its stressed liquidity situation, the European Central Bank (ECB) had decided on 6 June 2017 that Banco Popular was “failing or likely to fail” and notified the SRB accordingly. The SRB and the Spanish National Resolution Authority – FROB – decided that the sale was in the public interest as it protects all depositors of Banco Popular and ensures financial stability. The resolution scheme entered into force on the same day, following the endorsement by the European Commission.
- Read full press release of 7 June 2017
- Official Journal of the European Union: SRB Decision to take resolution action in respect of Banco Popular Español S.A.
- Official Journal of the European Union: Commission Decision (EU) 2017/1246 of 7 June 2017 endorsing the resolution scheme for Banco Popular Español S.A.
- Non-confidential version of the following documents:
- 13 June 2018: Banco Popular Español Resolution: the SRB, having received the final ‘Valuation 3’ report, is preparing the next steps including a dedicated consultation process
- 11 July 2018: the SRB will launch a registration process for the ‘right to be heard’ in early August.
- 6 August 2018: SRB publishes a non-confidential version of the ‘Valuation 3’ report, as well as its own preparatory act (‘SRB Notice’) in which it takes a preliminary decision that it does not intend to compensate former shareholders and creditors of BPE based on the conclusions of the report. The SRB now opens the registration for the previously announced ‘Right to be heard’ procedure. The registration phase for the procedure will remain open until 14 September 2018 (12:00 noon, Brussels time).
- 7 August 2018: Summary of the SRB Notice published in the Official Journal of the European Union 2018/C 277 I/01
- 16 October 2018: SRB announces the next steps in the right to be heard process: Registered shareholders and creditors deemed eligible will be invited to submit their comments from 6 November 2018
- 6 November 2018: Registered shareholders and creditors deemed eligible can submit their written comments until 26 November 2018 (EN, ES)
- 2 July 2019: Update on the Banco Popular Español Right To Be Heard Process/ Actualización sobre el Proceso de Derecho de Audiencia relativo a Banco Popular Español (EN/ES)