Villar and Padrón declare today before the judge for diverting funds from the Federation

Villar and Padrón declare today before the judge for diverting funds from the Federation

Both were arrested in the operation Soule with the vice president of the RFEF and president of the Tenerife federation, Juan Padrón, and the secretary of that provincial federation, Ramón Hernández Baussou.

The four will testify today before judge Santiago Pedraz, who will decide whether to release them or send them to provisional detention.

In the operation carried out by the Civil Guard, the domicile of Villar, the RFEF’s headquarters, as well as the federations of Andalucía, Comunidad Valenciana, Baleares, Las Palmas, Tenerife, Extremadura, Ceuta and Melilla were registered.

The investigators point out that Villar, who has been in the position for 28 years, charged commissions for holding the national team matches and used his position to hire services and other business relationships for the benefit of his son, a lawyer who is an expert in law. sports and in front of several companies where amounts of money were diverted.

After dodging several corruption scandals in recent years, such as the FIFA case, Ángel María Villar, 67, was arrested in an investigation that was initiated following a complaint by the Superior Council of Sports (CSD) presented in 2016.

The suspicions about the management of the federative leaders started from an audit of the CSD that revealed that a debt of 24 million euros had not been collected by the Samper company for the audiovisual rights of the national team matches.

But, in addition to not collecting that debt, when the Federation decided to break with Santa Mónica in 2013 the entity of Villar would have compensated the company with more than 20 million euros.

These irregularities would have been appreciated by

These irregularities would have been appreciated by

the audit of the CSD and, given the refusal of the Federation to give explanations, the then head of the Council, Miguel Cardenal, decided to denounce the facts.

It was the trigger for an investigation of the UCO and the Anticorruption Prosecutor’s Office that resulted in the four arrests, including that of Juan Padrón, to which the investigators grant a decisive role in the corrupt practices of the Federation.

Among them, some would affect the federations of Andalusia, Valencia, Balearic Islands, Las Palmas, Tenerife, Extremadura, Ceuta and Melilla, some of whose presidents have already testified before the UCO although they have not been arrested.

'Fintech'

 
The revolution that digital technology has brought is already impactingthe world of financial intermediation. The term fintech denotes this innovative use of technology in financial services that has already made its mark on lending platforms, payment systems and even financial advice. Naturally, financial intermediaries are also adopting new technologies and some, such as the ATM, have a long history. In fact, Paul Volcker, the president of the Federal Reserve that ended the dragon of inflation, said long ago that he considered the ATM as the most important innovation in the financial sector. The current revolution goes much further and is based on the treatment of large databases with algorithms based on artificial intelligence and advances in computing and mobile storage in the cloud. This revolution encourages new business models in which three types of players compete: established traditional intermediaries, new entrants in the market and the great internet technological giants.

For now, the impact of fintech companies is limited but their growth is rapid. P2P (peer-to-peer) platforms provide credit to small businesses by small investors without bank intermediation. Some use algorithms to select the projects to finance. They are growing in the United States and in Europe, especially in the United Kingdom. The robotic financial advisors use the information they have from clients, processed with artificial intelligence algorithms, to compete with low costs with traditional advisers. Digital currencies are growing, even some observers warn of a possible expansive bubble. They are based on the blockchain technology that allows to verify transactions without external intermediation. This method has a great disruptive potential and a reduction in transaction costs. It is precisely in payment systems where new technologies are having a considerable impact. Internet giants such as Apple or Google have innovated and proposed fast and convenient electronic payment mechanisms, which have reached almost 150 million users in the first half of 2017.

New technologies can accelerate the provision of financial services in countries where traditional financial intermediation is still limited. It is not by chance that it is in China where the Fintech market is more developed, nor that the opportunities of mobile banking in Africa, where only one in four people have a bank account, are very high. Even so, the transformative impact in developed countries will be very important.

Established intermediaries can react in three ways to the new situation.

The first is to try to prevent the entry of new competitors; the second is to accommodate them in the market; and the third is to ally with them. The answer will be a mixture of the three strategies. The challenge for entrants is whether or not to assume the high regulatory costs of establishing a bank. The challenge for traditional companies is to adopt new technologies when they still have a legacy of technological capital that is becoming obsolete. The big threat for these is not the small entrants, but the technological giants that can try to monopolize the digital relationship with customers and take advantage of the massive database they have of users. Traditional banks have two advantages. The first is access to a relatively cheap deposit base and with crisis insurance mechanisms. The second is your access to a stable customer base, at least for the time being.

The future development of fintech will depend largely on regulation.

The challenge for the regulator is to maintain a balanced playing field between traditional intermediaries and entrants in a way that promotes innovation, and that financial stability is preserved. Fintech entrants can not be the new parallel bank that contributed significantly to the financial crisis.

The European authorities intend that the same rules and supervision apply to the same services, regardless of which entity provides them. The proposal is correct, but it must be borne in mind that it is currently the entities that are supervised, since they are the ones that can break down and generate problems in the financial system. The current trend is to deal with new entrants offering what has been called the sandbox so that they can experiment without being subject to strict regulation of financial institutions, and regulators can learn how to maintain new activities safe. We hope that both regulators and financial companies put the customer-consumer at the center of their concerns so that new technologies provide a higher level of well-being.

 

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