Real Madrid president Florentino Perez insists he called in no favours from local banks to help fund the deal for Gareth Bale.
Real paid a world record €100 million to Tottenham for Bale.
Barcelona defender Gerard Pique took a swipe at Real this week, claiming they were financed by "the Bankia".
"It is not true what Pique has said," insisted Perez.
"He is a good guy and there is no truth in his comments."