There are repeated calls for more consolidation in the European banking sector. The Bank of France has it clear: strength comes from the European banks merging with their neighbours on the continent.
For a few hours on June 7, Banco Popular had three owners: the previous shareholders, the FROB and Banco Santander; a quick trip, with a stop in between for a bit of a respite, before changing its skin. The Single Resolution Mechanism (SRM), in other words the ECB, decided on Tuesday that Popular was inviable and immediately started the liquidation process which begins with a bail-in.