Banking Supervision

Fine imposed on TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to three hundred thousand euro (€300,000), provided for in Article 97(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Fine imposed on JOSÉ ANTONIO HERNÁNDEZ CALVÍN, general director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to twenty-seven thousand euro (€27,000), provided for in Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Fine imposed on IGNACIO MARTOS NAVARRO, director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to twenty-five thousand five hundred euro (€25,500), provided for in Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Fine imposed on BENJAMIN JACOBUS OSNABRUG, director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to twenty-one thousand two hundred and fifty euro (€21,250), provided for in Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Fine imposed on IGNACIO GARCÍA-ALTOZANO FESSER, director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to eighteen thousand seven hundred euro (€18,700), provided for in Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Fine imposed on JORGE QUEMADA SÁENZ BADILLOS, director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to fifteen thousand seven hundred and twenty-five euro (€15,725), provided for in Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.