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Spanish economy 28th August 2012

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,…

Markets 3rd October 2011

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…

Markets 3rd October 2011

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…

Spanish economy 24th January 2011

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.