savings banks
June 19th, 2007
A few years ago Spain was in the grip of a property boom, and foreign buyers were falling over themselves not to ‘lose out’. Much of the heat has now gone out of the market, not least because a constant stream of bad news has shaken foreign buyer confidence in ...
Continue reading Spanish Property Market 2006 – 2007
October 4th, 2007
The Valencia property developer Llanera has become the first high-profile victim of the credit crunch in Spain, declaring insolvency yesterday after failing to meet payments on €748m of debt. The fashionable builder, known for its links to Charlton Athletic Football Club, was unable to reach agreement with Lehman Brothers and other ...
Continue reading Sub-prime Claims Spanish Developer
October 24th, 2007
Lending in Spain’s financial and corporate sectors is grinding to a virtual standstill amid a climate of suspicion about which bank could be the “Spanish Northern Rock”. “Everything has basically stopped because banks are too fearful to lend to each other,” one banker said. “Everyone wants to know who has been ...
Continue reading Bank Lending Limbo
March 18th, 2008
One of Spain’s biggest private savings banks has slashed lending to property developers which are caught in a looming housing crisis and barely able to sell land or property, its head of property lending told Reuters on Tuesday. Jose Aguilar Martin, head of real estate at Seville-based Cajasol, said the bank ...
Continue reading Spain Bank Slashes Lending
May 21st, 2008
VERY few regulators emerge from this crisis looking good. The Americans did not see the poison from unregulated mortgage originators seeping into the credit system. The Germans did not spot the huge exposures to off-balance-sheet entities at various Landesbanks, and the Swiss missed the grenades strapped to UBS's investment-banking arm. Following ...
Continue reading Curbing Bank Greed
May 13th, 2008
Minister for Tax and the Economy, Pedro Solbes, told the Economy and Tax Commission in Congress that he is against intervention to halt the adjustment in the market. Solbes, has said that he is against doing anything to halt the adjustment of ‘the excesses’ of the construction industry which had ...
Continue reading Real Estate Market Must Correct Itself
May 20th, 2008
Yesterday it emerged that the sales of Spain’s largest listed developers fell by more than 70% in the first quarter of 2008. Today we read that Caixa Catalunya – one of Spain’s leading savings banks – forecasts that average Spanish property prices will fall by 2.2% in 2008. 2.2% – What ...
Continue reading Bank Predicts 2% Price Drop in 2008
October 3rd, 2008
The deadline for creditors to register their claims against Martinsa-Fadesa has been extended to 25 October, as a result of lobbying by Spain’s Association of Users of Banks, Savings Banks, and Insurers (Adicae). The extension has been confirmed by the administrators, and announced at the official website for Martinsa-Fadesa’s insolvency ...
Continue reading Martinsa-Fadesa Creditor Claims Deadline Extended to 25th October
December 4th, 2008
A few years ago, they paved over much of Spain with concrete. Now it is Spanish property companies that are piling up in the skip. Most of their struggles are concentrated in the highly geared but unlisted companies that make up 90 per cent of the sector. But even giants ...
Continue reading Spanish Bank Consolidation Foretold
December 23rd, 2008
At first glance, the recent career paths of the European bankers who masterminded last year’s audacious €72bn ($98bn, £64bn) takeover and break-up of ABN Amro could hardly be more different. With chaos sweeping through global markets, Sir Fred Goodwin resigned as chief executive of Royal Bank of Scotland and apologised to ...
Continue reading Spanish Banks Face New Challenges
