home loan with bad credit rating By www.valenciaplaza.com | Citigroup strategist José Luis Martínez believes the importance of the delay in the Spanish request for capital to bailout the country's banking sector has been overblown by commentators. Martínez, though, worries about the cost of the short-term credit for Spain. To what extent the results of the latest audits on the banking sector have improved confidence in the Spanish banks? Confidence…
By Luis Arroyo, in Madrid | The results of those independent audits over the Spanish banking sector have come to be summarised in one line, that banks would need up to €62 billion if the economy took a turn for the worst. Now, the published opinion in the country is terribly divided, as it was expected between the optimists and pessimists. To some extent, we cannot exactly be hopeful. There…
MADRID | Estimates from consultants Oliver Wyman and Roland Berger show Spanish banks would need capital up to a maximum figure of €62 billion to offset a stressed scenario. The results of the €2-million independent evaluation of the sector were reported in a joint press conference by the deputy governor of the Bank of Spain Fernando Restoy, and secretary of State for more the Economy Fernando Jiménez Latorre. These sums derived…
MADRID | Any train traveller knows by heart the stern warning on the danger that lies in leaning out. Italians seem to pay due attention to this caution, living permanently in a risky environment. Downplaying their own problems has led them to slip to second line positions leaving Spaniards as forerunners of the raging euro battle. Spain has behaved in a most divergent way. Confronted with a looming banking crisis,…
MADRID | “It is time to resort to the International Monetary Fund or the European rescue fund,” wrote in the January edition of Revista Consejeros Aristóbulo de Juan, former Bank of Spain's director general of inspection. Even Banco Santander's chairman Emilio Botín, who's always shown his antipathy to salvage competitors with his money or the taxpayers', acknowledged that the Spanish banking sector needed some €40 billion in European aid to…
By Tania Suárez, in Madrid | The Italian banking system is, too, in the spotlight. Experts at Morgan Stanley consider that the problems of the Italian banking sector are not comparable to the Spanish banking, although there are important risks to take into account. These analysts recommend taking a cautious stand if there isn’t a coordinated solution at European level. In that sense, they reduce to neutral their recommendation for…
Analysts at JP Morgan released Wednesday an 11-point note with the main questions triggered by the ongoing partial rescue plan to support capital needs of the Spanish banking sector. We are passing them on to you, but we think 8 is particularly interesting as it means Spanish taxpayers are pushed to the front line, and 11 is ironic, as we suspect the Spanish conservative government was unaware it was lending a…
MADRID | Just a few days before the partial rescue of the Spanish banking sector was announced, Amado Franco talked to journalist Carles Francino during an interview broadcast by SER. Franco is president at one of the largest and healthiest cajas or Spanish savings banks. He is 66 years old and has spent 42 working at Ibercaja. He has been auditor, branch manager, executive, CEO and President since 2004. Franco is a…
By Luis Arroyo, in Madrid | It's been a good match, and the Spanish government has played quite well. From the very beginning, the minister of Economy Luis de Guindos dispelled any fears about a Greek bailout for Spain. Here's what I say: those wanting a seizing over the Spanish cabinet are welcome to join the club of the frustrated fans of coups d'état. Indeed, Spain's government faced a difficult…
NEW YORK | IMF managing director Christine Lagarde has denied it. So have U.S. Treasury Secretary Timothy Geithner and Spanish government: there is no plan or request for a Spanish bailout. However, stocks pared losses Thursday after the Dow Jones agency published a report that the IMF had started contingency plans on a possible rescue loan for Spain. The reporter quoted “people involved in the handling of the Spanish crisis”….