bank of spain
July 13th, 2011
Caja Mediterráneo (CAM) is continuing with its cost reduction plans, to be implemented this year, which will result in the closure of a total of 122 branches, 27% of their total network. The bank are confident the implementation of its recapitalisation strategy will yield "rather positive results". These cost reduction measures ...
Continue reading CAM Bank to Close 122 Branches
June 21st, 2011
The Government's financial vice president, Elena Salgado, has responded to the suggestion of the Bank of Spain to raise VAT in order to generate more revenue, by saying that the Government "will not increase VAT, since it would have a negative effect on consumption”, as was argued at the European ...
Continue reading Salgado Says Spanish Government Will Not Raise VAT
June 7th, 2011
The President of the Spanish Property Developers Association (APCE), José Manuel Galindo, has warned that the forecasts made by the General Director of the Department of Research for the Bank of Spain, José Luis Malo de Molina, who predicted a further 10% drop in house prices over the next two ...
Continue reading Developers Challenge Bank of Spain Over Property Predictions
May 19th, 2011
According to a recent newspaper article, Spain’s main banks are once again offering mortgage loans on the same terms as they did before the crisis in an effort to shift their backlog of properties, many of which were seized during that period. The report said that some banks, such as Banco ...
Continue reading Spanish Banks Offer Pre-Crisis Terms on Mortgages
May 16th, 2011
The Spanish economy grew 0.3% between January and March, according to the latest report published by the National Statistics Institute. This is one-tenth more than announced by the Bank of Spain last week and another notch higher than the growth registered for the last quarter of 2010. The annual rate increase ...
Continue reading Spain’s GDP First Quarter Growth Beats Forecast
April 18th, 2011
China is interested in investing in Spain's savings banks, a Spanish source said on Thursday, brushing off a denial from Beijing as markets braced for news of how the ailing lenders plan to plug funding gaps. China Investment Corp, the country's sovereign wealth fund, said earlier it was not considering a ...
Continue reading China Still Eyeing Spanish Investments
April 8th, 2011
Three years into Spain's economic crisis, the worst could still be to come for the country's ailing banks as they grapple with falling profits and rising bad debt, the central bank chief warned Tuesday. "2011 will be another year of adjustment, and for the banking sector, it will be one of ...
Continue reading Spanish Banks Face Difficult Year, Warns Bank Chief
March 29th, 2011
Norway's $544-billion sovereign wealth fund is planning to invest in Spanish companies, including smaller banks, a Norwegian central bank spokesman said on Saturday, but she declined to say how much it would invest. "We are planning to invest in Spanish companies including smaller Spanish banks," the spokesman told Reuters on Saturday. She ...
Continue reading World's Second Biggest Sovereign Fund Eyes Spain
March 25th, 2011
Moody’s, the credit rating agency, has downgraded the senior debt and deposit ratings of 30 Spanish banks following its downgrade of the Spanish credit rating two weeks ago. The multiple downgrades announced on Thursday also reflect the declining systemic importance of smaller lenders and regional institutions, which has led Moody’s to ...
Continue reading Spanish Banks Resilient Despite Moody's Downgrade
March 18th, 2011
Spanish house prices fell for the twelfth straight quarter in the final three months of 2010, but came close to break-even as the property market struggles to emerge from an extended slump. In the October to December period prices fell 0.1 percent quarter on quarter, national statistics institute INE said on ...
Continue reading Spanish Property Prices Slip for 12th Straight Quarter
March 8th, 2011
It was a case of good news and bad news for Spain this week, with the economy, unemployment and energy making the headlines. First the bad news: the Spanish Labour Ministry announced that the number of registered unemployed rose again during February. While the rise in unemployment was smaller than February of ...
Continue reading Spanish Economy, Unemployment and Energy in the News
March 8th, 2011
Spain's economy pursued a "slow recovery" in early 2011, the Bank of Spain said Friday, after joining crisis-torn Greece and Ireland as the only eurozone economies to shrink in 2010. Spain is fending off fears in international financial markets that its public deficit is unsustainably high and could prompt the country ...
Continue reading Spanish Economy in 'Slow Recovery'
March 1st, 2011
The Bank of Spain didn't exactly bare all last week, but its report on Spain's cajas was the best peek we've had yet inside these troubled savings banks. The cajas account for 42% of the country's total banking assets, but so far trying to divine the scale of their losses ...
Continue reading Bank Disclosures a Good Sign for Spain
February 25th, 2011
Millions of Spaniards are trapped in debt, stuck with overpriced homes that are keeping household spending low, unemployment high and international investors nervous. The bursting of Spain's property bubble has left few winners bar those who have scooped up a bargain at forced auctions of luxury flats in deserted housing estates ...
Continue reading Spanish Property Crisis Traps Millions in Debt
February 9th, 2011
They are officially banks but they have become Spain's main real estate agents, according to data from the country's banking sector which reveals the extent of their risky property assets. The Bank of Spain had asked all 17 of the country's fragile regional savings banks, which account for about half of ...
Continue reading Spanish Banks Display Risky Appetite for Property
