By Carlos Díaz Guell, in Madrid | Following the steps taken by the Spanish government to increase the requirements of capital provisions to the banking system from 7% to 30%, that is some €30 more billion, the Eurogroup, seen the distrust generated by the Bank of Spain’s actions, asked the Rajoy government to commission an independent valuation of property assets on the balance sheets of financial institutions. The international financial authorities and…
MADRID | A few weeks ago, the Spanish government adamantly denied any hint on disbursing a single penny in banking sector support. A few days ago, it acknowledged the necessity to do just the opposite for anchoring ailing entities. In a desperate face saving attempt it discarded such a funding might lead to open aid, support being provided at a punitive 10% interest rate. But BANKIA discomfiture has led to a…
By Luis Arroyo, in Madrid | At FTAlphaville there recently was talk about the Spanish banking system. Sí, that particular banking system that, according to the Bank of Spain governor Fernández Ordóñez, has fixed itself without the nation’s Treasury putting any euro at all. The answers to questions like who ordered him to say this, and what for, when everybody knows and complains about public capital injections in our banks are…
By Julia Pastor, in Madrid | The Spanish financial system reform is already under way, so it generates a non-stop stream of news and comments. The news on Thursday precisely come from the minister of Economy Luis de Guindos’ statements, who said during an interview to radio broadcaster Onda Cero that after the second round of mergers and acquisitions, there will be around twelve entities left in Spain. “They will…
By Tania Suárez, in Madrid | Thanks to the current environment of improved trust and confidence levels, Spanish companies and banks have reopened the primary market. Santander was the first one, followed by Sabadell, BBVA, Banesto and Telefónica. Repsol and Ferrovial joined to this debt issuing, and it is expected that Pescanova will be the next one. Some experts see the European Central Bank’s open bar of liquidity, together with…
By Julia Pastor, in Madrid | The president of the bank Santander Emilio Botín knows very well what he is talking about, and from where he is talking. He has a privileged position. He leads the most powerful and respected bank, not only in Spain but also in Europe. That is why on Tuesday, during the conference press to render and explain the banks’ last year results, he could afford…
