La Responsabilidad Contractual del Sistema Financiero: Especial Estudio al Caso del Banco Popular Español SA

Contractual Liability of the Financial System: Special Study of the Case of Banco Popular Español SA

Autor:

Héctor Buenosvinos González

Resumen:

During our history, access to certain goods and services required the "economic help" of a third party, be it a friend, a relative, or a moneylender. It was not until the end of the Middle Ages that we can begin to speak of a true mercantilist system, especially for precious metals and gold that came to the old continent from America, the New World. Between the 17th and 18th centuries, the first banks were created in Europe and later in America. This financial system became a central axis of all the states of the world with different economic currents according to social events, so the states of that time created control measures and public entities. The enactment of national and, later, European regulations within the framework of the European Union to protect both the consumer and the financial system and, ultimately, the state itself, also encouraged by globalization, proliferated. We can say that the financial system has become a fourth power of states: financial and economic power. In this context, we must ask ourselves what kind of contractual liability a credit institution may have. The importance of the financial system of the states has become an essential point of the states, so that, as we will see, sometimes the contractual liability of credit institutions with their clients is diluted by political decisions. We must reflect on the dichotomy of contractual or political liability, analyzing the recent case of the bankruptcy and subsequent resolution of the Spanish financial institution Banco Popular Español SA and its liability towards its clients.

Abstract:

Throughout our history, access to certain goods and services required the "economic help" of a third party, be it a friend, a relative, or a moneylender. It was not until the end of the Middle Ages that we can begin to speak of a true mercantilist system, especially for precious metals and gold that came to the old continent from America, the New World. Between the 17th and 18th centuries, the first banks were created in Europe and later in America. This financial system became a central axis of all the states of the world with different economic currents according to social events, so the states of that time created control measures and public entities. The enactment of national and, later, European regulations within the framework of the European Union to protect both the consumer and the financial system and, ultimately, the state itself, also encouraged by globalization, proliferated. We can say that the financial system has become a fourth power of states: financial and economic power. In this context, we must ask ourselves what kind of contractual liability a credit institution may have. The importance of the financial system of the states has become an essential point of the states, so that, as we will see, sometimes the contractual liability of credit institutions with their clients is diluted by political decisions. We must reflect on the dichotomy of contractual or political liability, analyzing the recent case of the bankruptcy and subsequent resolution of the Spanish financial institution Banco Popular Español SA and its liability towards its clients.

Palabras clave:

Responsabilidad contractual; sistema financiero; entidades bancarias; pérdida de capital; directiva europea.

Key words:

Contractual liability; financial system; banking institutions; capital loss; European directive.

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