Popular’s cocos and tier two bonds were wiped out on the basis of a valuation report from Deloitte carried out in just 12 days. Many bondholders expressed incredulity that its base case valued the bank at negative €2bn, exactly the amount of subordinate debt the bank had outstanding.

While the SRB publicly released this report in February, after pressure from aggrieved investors, several key sections were heavily redacted.

EU authorities have commissioned a second “no creditor worse off” report to assess whether bondholders would have fared any better if Popular had not been rescued, but it is still yet to be released a year later.

Deloitte is also carrying out this second report, leading people close to the wiped-out bondholders to accuse the SRB of “marking its own homework”. The SRB said it ‘’takes transparency in its decision making very seriously’’.