ecb
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
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 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 ...
Continue reading Spanish Banks' ECB Borrowing Down in September
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
July 19th, 2010
Spanish banks and cajas, frozen out of the international wholesale finance markets on which they once depended, increased their borrowing from the European Central Bank by nearly half to €126.3bn ($161.2bn) in June from €85.62bn in May, according to figures released by the Bank of Spain. Spanish borrowing from the ECB ...
Continue reading Spanish Data Shows 48% Rise in Loans from ECB
July 7th, 2010
Europe’s leaders have a simple explanation for the current financial crisis on their continent: greedy Wall Street hedge funds caused it. Rapacious investors made wild bets on Greek debt, the argument goes, which drove up borrowing costs and made the crisis seem even worse than it was. That bad behavior ...
Continue reading European Banks Worse Than Wall Street
July 5th, 2010
A crucial indication of whether European banks can be taken off "life support" from central banks will come this morning as the European Central Bank (ECB) offers refinancing for a €442bn loan that has kept the system afloat for the past year. Analysts reckon that if the ECB admits that banks ...
Continue reading European Banks Await News on Refinancing Package
