NOW THIS: The Governor Of The Bank Of Spain Will Leave His Post Early After Charges Of 'Grave Misconduct' Over Bankia

spain strike march 29 2012

Photo: AP/Emilio Morenatti

Miguel Angel Fernandez Ordoñez, the Governor of the Bank of Spain, will leave his post on June 10 instead of the planned June 12, according to Bloomberg.This comes after a he met with prime minister Mariano Rajoy today.

In a phone interview, Miguel Bernad, the Secretary General of Manos Limpias, told Business Insider that recent claims filed against Ordonez by his organisation were ultimately responsible for the early resignation.

Those suits were admitted today by a judge in Madrid.

Other reporters and analysts point out that this is not the first charge against Ordonez, implying that the judge’s decision might have been the final straw (Spanish) after a string of questionable behaviour.

Officially, the Bank said in a statement that Ordonez’s early departure is based on timing. June 10 will mark the end of a series of momentous decisions for the government, after which the Bank will face a variety of new challenges. “The governor considers that he would only have one month to face a new phase in the crisis, and so thinks that it best that a new governor presides over and participates in all these important decisions from the first moment,” it said in a statement.

Suits filed by Manos Limpias allege that Ordonez mismanaged the banking sector, particularly during the Bankia bailout. 

The organisation also filed suit against former Bankia CEO Rodrigo Rato for falsifying financial statements. He will also face charges.

Bernad called their actions in relation to the management of failing bank Bankia a “tremendous social scandal.”

Everything You Need To Know About The Failing Spanish Bank Bankia >

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