Fondo de Garantía de Depósitos de Entidades de Crédito

News room

Official statement

The Guarantee Fund for Deposits in Banks was notified today that the Court of First Instance 4 in Madrid had issued a writ of execution requiring Barclays Bank, S.A. to deposit a sum of “EUR 1,021,877,955.54 million of principal plus EUR 100,000,000 million of expenses and costs” at the request of Domingo López Alonso, former Chairman of Banco de Valladolid, S.A.

In December 1978 and as part of a recovery and refloatation plan for Banco de Valladolid, S.A., implemented to overcome the severe crisis it faced, Domingo López Alonso sold his majority stake in Banco de Valladolid, S.A. to Corporación Bancaria; S.A., precursor of the Guarantee Fund for Deposits in Banks. After the recovery, the bank was acquired in April 1981 by the English bank Barclays Bank International Limited, which changed the bank's name to Barclays Bank, S.A. Corporación Bancaria, S.A., and subsequently the Guarantee Fund for Deposits in Banks. A legal and financial guarantee was given for any compensation deriving from any lawsuit filed by Domingo López Alonso for events or actions prior to said sale. Consequently, this matter will not have any repercussions on the equity of Barclays Bank, S.A. or the Barclay's Group to which it belongs.

The Guarantee Fund for Deposits in Banks will take any legal action it considers appropriate to challenge and oppose the aforementioned enforcement, which it deems to be inadmissible and not consistent with the law, in fulfilment of the obligations imposed by prevailing legislation.

17 January 2005