Jaime Caruana, the general manager of the Bank for International Settlements, appeared in the Spanish parliament on July 25 before the commission investigating the bankruptcy of the country’s savings banks and the bailout of its financial system in 2012.

Caruana, who was governor of the Bank of Spain from 2000 to 2006, defended his supervisory role in the years leading up to the crisis. He argued his team warned about the increasing danger posed by expanding credit and rising housing prices.