FROB

new caixabank

The Merger Of Bankia And Caixabank Already Legal; It Revalues The State’s Stake In Bankia By €1.6 Bn

On Monday 29 March, the newly issued shares of Bankia will be integrated into the CaixaBank stock in the Ibex 35 and Ibex 35 Banks index. At the press conference held to mark the registration of the new bank in the Business Registry, Goirigolzarri stated that the state’s stake in Bankia through the Fund for Orderly Bank Restructuring (FROB) has increased by around €1.6 billion since the merger with CaixaBank was announced last September. 


ibercaja

The Uncertain Future Of Spain’s Bailed Out Savings Banks

The savings banks which were bailed out by the FROB continue to present problems for that institution and the government. The idea was that after they were restructured and their value had increased, they would find a buyer or incorporate a partner with a controlling stake or seek a stock market listing. So then they would give back at least a good part of the state aid received from the FROB. But these plans are turning out to be difficult to implement.



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Spain regains €136 million with first steps of Bankia’s privatisation

MADRID | The Corner Team | Bankia’ listing in Madrid Stock Exchange was cancelled up to 10 A.M on Friday. One hour later it was known that Spain sold 7.5% of the entity’s capital announced on Thursday at a value of 1.51 euros per share, which amounts a total of €1.3bn and also a discount of 4.4% against yesterday’s closing prices. Furthermore, the sale allows Spain to earn €136 million. With figures aligning with analysts’ estimations, the start of Bankia’s privatisation proves external confidence in Spanish financial sector recovery. 


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Public cost of the Spanish financial crisis amounts to 5.9% of GDP

MADRID | By Carlos Díaz Güell | According to the Bank of Spain, the public aid for the recapitalisation of the Spanish financial system between 2009 and 2013 amounts to €61.366 billion (£51.739bn), 5.9% of the GDP. This is below the average cost of other banking crisis since 1970. In the late 1970s and early 1980s the public cost of the financial crisis was of 3.9% of the GDP.


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Debt difficults Spanish banks mergers and auctions

José Luis Marco, CAPITAL MADRID | Spanish government’ two first RDL condemned more than one financial institution to the red throughout this exercise. The sentence has not been limited to the four entities under the FROB umbrella but has also reached some entities that are in the process of integration with other groups, such as CEISS Bank, Caja Duero Spain, in full merger with Unicaja, to take losses of 125…


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Morgan Stanley: Spanish bank restructuring legislation will improve competition

The draft RDL for bank restructuring and resolution is expected to be passed next Friday in Spain. Aimed at preventing new banking catastrophes, the new legislation gives the Bank of Spain and the state-backed Fund for Orderly Bank Restructuring (FROB) new powers to intervene before crises erupt. Morgan Stanley believes the new decree law will drive further consolidation in the sector, which together with extensive liability management at weaker entities,…


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Spain’s savings bank branches and staff numbers reduced in 17%”

This is a note from Banco Santander analysts about the current state of what used to be their competitors, the savings banks. It is a good way to summarise where they are now and what they look like [emphasis is ours]: “The Bank of Spain (BoS) last Friday considered the process of re-capitalisation of the country’s financial system as completed. Thus, it has met the stringent capital requirements imposed by…


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Spain's savings bank branches and staff numbers reduced in 17%"

This is a note from Banco Santander analysts about the current state of what used to be their competitors, the savings banks. It is a good way to summarise where they are now and what they look like [emphasis is ours]: “The Bank of Spain (BoS) last Friday considered the process of re-capitalisation of the country’s financial system as completed. Thus, it has met the stringent capital requirements imposed by…


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Your picture of cajas is not: message to The Daily Telegraph

LONDON | We know what The Daily Telegraph did last weekend. On Saturday 22, its daintly designed Business pages brought a report that fitted in two short columns some risk agency quotations and Spanish politicians’ chit-chat about ongoing disagreements as far as the future of the cajas is concerned. “Spain to merge cajas in attempt to calm fears” the headline read, and rightly so. Yet, apparently, this piece of news had had to be tamed on its way into the paper.