Articles tagged as: ecb

September 11th, 2013

In July, the cost of loans to small- and medium-sized enterprises (SMEs) in Spain and Italy stood at their lowest levels of the past two years, but are still well above the interest rates enjoyed by their German counterparts, the Financial Times newspaper highlighted last week. Specifically, the article ...

Continue reading Cost of Loans to Spanish SMEs Lowest in Two Years

February 21st, 2013

The President of the European Central Bank, Mario Draghi, said on Monday, before the European Parliament, that economic weakness will prevail in the eurozone in early 2013, but that he foresees a gradual recovery throughout the year. During his speech, Draghi warned that any relaxation of fiscal adjustments would jeopardise economic ...

Continue reading Draghi Insists Eurozone will see Gradual Recovery During 2013

February 18th, 2013

BBVA Research has improved its forecasts for the Spanish economy and has predicted its fall in 2013 will be 1.1% of the GDP, which is three points less than its previous forecast. However, they have worsened their estimates for unemployment by seven tenths, to 26.8% of the working population. This is ...

Continue reading BBVA Revises its Forecasts for Spain for 2013

December 24th, 2012

In his speech last week in the Spanish Parliament to report on the results of the last two European summits, the Prime Minister, Mariano Rajoy, said that the ECB bank supervision is a "guarantee" for the financial system and that he considered that the new banking supervisory authority will make ...

Continue reading Rajoy Believes ECB Banking Supervisor Will Facilitate Loans to SMEs

November 2nd, 2012

According to recent data published by the Spanish Mortgage Association (AHE), mortgages are now 40% cheaper than four years ago when the Euribor reached the highest level in its history (above 5%), with an average mortgage now costing 3,420 euros less. In October 2008, the monthly payment for an average ...

Continue reading Average Mortgage is 40% Cheaper than Four Years Ago

August 16th, 2012

After his audience with King Juan Carlos of Spain, the Spanish Prime Minister, Mariano Rajoy, announced that on 24th August the Council of Ministers will extend, with retroactive effects to 16th August, the 400 euro benefit for the long-term unemployed with no other income, but who have registered on training ...

Continue reading Rajoy Announces Extension of 400 Euro Unemployment Benefit

August 9th, 2011

The leaders of the euro zone central banks agreed on Sunday to intervene decisively in the markets in response to the escalating crisis, sparked off by debt problems in the USA. The European Central Bank (ECB) has already moved into action and is planning to buy Italian and Spanish debt, ...

Continue reading ECB Purchases Debt from Spain and Italy

June 24th, 2011

Borrowed capital decreased by 42% and the average cost of loans fell back 6% to 106,889 euros after a sudden halt in sales. Mortgages doubled their rate of decline in April before the suspension in transactions benefitting from tax deductions offered by financial institutions for home purchases. According to figures published ...

Continue reading Mortgages Drop Most in Two Years with Cut of 38% in April

June 22nd, 2011

Echoes of the Spanish protesters reached the euro zone summit of finance ministers. In the midst of negotiations over how to avoid the bankruptcy of Greece, both the branch commissioner, Olli Rehn, and chairman of the Euro group, Jean-Claude Juncker, vowed not to give in to protests and to speed ...

Continue reading Euro Zone Ministers Under Fire Over Social Cuts

April 20th, 2011

It seems that the number of local bank managers who have authority to underwrite mortgages in their branches is declining rapidly (especially for non-residents). This means the majority of mortgages are now rubber- stamped by central credit committees, who can be very strict about having the correct documents. Getting a mortgage approved ...

Continue reading Spanish Mortgage Update

January 17th, 2011

Spanish banks boosted their European Central Bank borrowings in December to 67 billion euros ($93.7 billion, the first monthly increase since July, as financing conditions tightened for lenders. The amount compares with 61.1 billion euros in November, the Bank of Spain said on its website today. Borrowings from the ECB rose ...

Continue reading Spain's ECB Borrowings Rose in December

November 17th, 2010

Borrowing by Spanish banks from the European Central Bank dropped in October to its lowest level in over a year, suggesting the peripheral euro zone nation's banking system is in relatively good health. Spanish banks borrowed 71 billion euros ($97 billion) from the ECB in October, Bank of Spain data showed ...

Continue reading Low ECB Borrowing Good Sign for Spanish Banks

October 18th, 2010

Spanish banks borrowing from the European Central Bank eased for the second month in a row in September, reflecting improving funding conditions even if still holding at high levels. Data from the Bank of Spain showed borrowing from the ECB fell to 112 billion euros in the past month, down from ...

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August 16th, 2010

Spain will need to make extra budget cuts in 2011 and must not be over-optimistic about economic growth, European Central Bank Executive Board member Jose Manuel Gonzalez-Paramo was quoted on Thursday as saying. "It is accepted by everyone, even the government, that in 2011 and in later years additional budgetary measures ...

Continue reading ECB Urges More Budget Cuts for Spain

July 22nd, 2010

In an effort to reassure financial markets about the health of the European Union's banking system, the bloc's countries are stress-testing a large number of their banks and will publish the results on July 23. WHICH BANKS WILL BE TESTED? Ninety-one banks comprising 65 percent of the European banking sector by assets. ...

Continue reading EU Bank Stress Test Results Due