Archives for January 2011

January 31st, 2011

In the space of a few days, two of Spain's saving banks have announced plans to list themselves on the stock market. La Caixa’s plan was approved on Thursday and is designed not only to meet Spain’s requirements but also to prepare the new bank for  stringent capital adequacy requirements.

Continue reading Zapatero: Caja Reform Will Bring Economic Stability and Jobs

January 31st, 2011

Spain's socialist government has struck a deal with the country's trade unions to raise the age of retirement. All parties have agreed that the compulsory retirement age will increase from 65 to 67, one of the highest in Europe. A final, marathon discussion ran into the early hours of Friday morning. The deal ...

Continue reading Spain Strikes Deal Over Raising of Retirement Age

January 28th, 2011

In what could be the beginning of a change in Spanish law, a judge in Navarra has ruled that the proceeds gained from the sale of a property repossessed by a bank should be sufficient to clear the former owner's debt. Under current Spanish law, mortgage lenders have the right to ...

Continue reading Court Rules “Repossessed Property Covers Excess Mortgage Debt”

January 28th, 2011

Fernando Alonso and Felipe Massa unvieled Ferrari's new car for the F1 2011 season, the "F150" was launched at the Italian team's headquarters in Maranello ahead of next week's pre-season testing in Spain. Alonso narrowly missed out on becoming world champion in 2010 and will hoping the the new car,

Continue reading Fernando Alonso Launches Ferrari’s New F1 Car

January 28th, 2011

CAM Bank (Caja Mediterraneo), Spain’s fifth-largest financial institution, is selling large numbers of repossessed properties to UK and Russian buyers and seeing success with its rent-to-buy programme. Speaking exclusively to OPP this week, CAM’s international commercial director Alfredo Milla said “the rent-to-buy product is fairly new and innovative from our point ...

Continue reading Rent-to-Buy Scheme Proving Popular, Says CAM Bank

January 27th, 2011

Around 500 bar, restaurant and hotel owners in northern Spain closed their premises yesterday to protest against Spain's new anti-smoking law, which they argure is ruining businesses. In the first protest to take placer since the ban was introduced on January 2, owners took to the streets in the town of ...

Continue reading Bar and Hotel Owners Close Doors in Smoking Law Protest

January 27th, 2011

Spain's government and unions have said they are close to an agreement on pension reform, a move that will avert a second general strike in less than six months. In separate statements, the government said a preliminary agreement had been reached, while Comisiones Obreras, Spain's biggest union, said an

Continue reading Pension Age in Spain Will Rise to 67

January 27th, 2011

Spain's tourist industry rebounded last year from the economic crisis that has battered the key sector, with the number of foreign visitors edging up by one per cent, the government has said. Although down by 6.5 per cent to 12.5 million, Britons represented the largest tourist group making up 23.6 per ...

Continue reading Foreign Visitors to Spain on the Increase

January 26th, 2011

Film director Alex de la Iglesia said that he will resign as the president of the Spanish Film Academy in protest over a proposed new law against illegal Internet downloads he feels is inadequate. The 45-year-old, who is behind the 2008 English-language whodunit "The Oxford Murders", said he will step down ...

Continue reading Spanish Film Academy President Will Quit Over Download Law

January 26th, 2011

CatalunyaCaixa, one of the weakest of Spain's savings banks, has revealed that it holds 12.8 billion euros in outstanding loans with real estate developers, as well as foreclosed properties worth 3.73 billion. CatalunyaCaixa announcements is part of a complete disclosure by the "Cajas," who have been

Continue reading Cajas Begin to Announce Outstanding Debt

January 26th, 2011

A recent court ruling in Spain has offered a lifeline to overseas property buyers fighting to get back “lost” deposits from the country’s banks. As investors continue to battle to get back deposits paid on non-existent overseas homes, a Cantabrian judge has ruled that a bank (Caja Cantabria) responsible for protecting ...

Continue reading Spanish Court Backs Investors Over Lost Deposits

January 25th, 2011

A hotel in Madrid, called “Save the Beach hotel” and designed by a German artist, has been made out of 12 tons of rubbish found littering Europe's beaches to raise awareness of the destruction of coastlines and seas around the world. "The world is a hotel and so as a parable, ...

Continue reading “Rubbish Hotel” in Madrid Highlights Coastline Destruction

January 25th, 2011

Spain is beating its own deficit-reduction targets in the clearest sign to date that its reform efforts are paying off, the government said today. According to advance data from the finance ministry, the central government's 2010 budget deficit was equal to 5.1% of gross domestic product, ahead of its 5.9% target, ...

Continue reading Spanish Reform Measures Beating Targets

January 25th, 2011

The big Spanish news stories in the last week have centred around the restructuring of Spain’s smaller savings banks – the Cajas. The exact amount of funding required to recapitalise these banks is not yet known, but even the most pessimistic estimate of €100bn (the general view is a more realistic ...

Continue reading Recapitalisation of Spanish Building Societies ‘Affordable’

January 25th, 2011

While major Spanish banks like Santander or BBVA can comfortably cope with their bad real estate loans, there are fears that some cajas may not be able to. Spain is to partially nationalise its weakest savings banks, or cajas, amid concern about the impact bad loans to building developers may have ...

Continue reading Spain Plans Partial Nationalisation of Savings Banks