spanish banks
February 27th, 2013
According to data from the National Statistics Institute published yesterday, only 274,715 mortgage loans in total, were signed for home purchases during the past year, which is 32.7% fewer than in 2011. This represents the largest drop in mortgage transactions since the bursting of the housing 'bubble' and stands far ...
Continue reading Mortgage Transactions Fell 32.7% in 2012
January 9th, 2013
According to real estate consultant Eduardo Molet, 84% of Spanish real estate agencies have closed since 2006 due to the economic crisis, which has resulted in the destruction of more than 105,000 jobs. Molet predicts that the situation will worsen even more during 2013 due to the end of the ...
Continue reading Housing Demand Will Fall “As Never Before”, Warns Expert
December 31st, 2012
According to the latest figures released by the National Statistics Institute, the number of new mortgages on homes in October this year totalled 19,105, which is down 14.4% compared to the same month of 2011. With October’s year-on-year decline, home mortgages accumulated 30 consecutive months of declines. However, the decline ...
Continue reading Home Mortgages Fell 14.4% in October
December 28th, 2012
The twelve months Euribor, the indicator used to calculate mortgages, is expected to close 2012 at a record low, with an average rate of around 0.550%, the lowest in its ten year history. Although a couple of trading days remain, if the data is confirmed at the end of December, the ...
Continue reading Euribor Set to End Year Three Times Lower Than 2011
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
December 17th, 2012
The rating agency Moody's warned this week that arrears in the Spanish banks will continue to increase in 2013, and some housing prices could continue to fall, years after the bursting of the housing bubble. In their opinion, the excess supply of unsold homes along with the weak demand and, to ...
Continue reading Moody’s Forecasts Housing Prices in 2013
November 27th, 2012
The European Investment Bank (EIB) has issued a loan for 500 million euros to the Official Credit Institute of Spain (ICO) aimed at financing investment projects undertaken by SMEs (small and medium-sized enterprises), mostly in the industrial and service sectors. This financing will be intended for use on investments and as ...
Continue reading Spanish SMEs Receive 1 Billion Euros Financing
November 6th, 2012
During the presentation of their quarterly results, the CEO of the BBVA bank, Ángel Cano, stated that the BBVA believes that the real estate sector in Spain still have a long way to go to make a recovery - a term that they reckon could last for the next three ...
Continue reading BBVA Expects Housing Sector to Recover in 3 Years
October 25th, 2012
In a race to reduce their real estate portfolios, containing the bulk of their toxic assets, before the 'bad bank' starts operating in December, Spanish banks are boosting incentives for home purchases, offering discounts in some cases of over 50%. The phenomenon is not new and since the beginning of the ...
Continue reading Financial Institutions Rush to Sell Homes Ahead of ‘Bad Bank’
October 23rd, 2012
The number of new mortgages granted on homes stood at 21,106 in August. This is the lowest figure since the comparable historical series began in 2003 and, according to the National Statistics Institute, represents a decrease of 28.5% year-on-year. This latest figure marks 28 consecutive months of recorded decreases. Up until ...
Continue reading New Mortgages Fell by 28.5% in August
October 9th, 2012
The CEO of Bankinter, Maria Dolores Dancausa, has warned that transferring toxic assets at "very cheap" costs to what is known as the 'bad bank' may "pull down" the price of homes offered by healthy banks and real estate companies, which could "harm" the market. Dancausa also took the opportunity ...
Continue reading Concern Over Effect ‘Bad Bank’ Will Have on House Prices
September 24th, 2012
The number of new mortgages contracted on homes in July of this year totalled 24,291, which is a drop of 17.5% compared to the same month of 2011, according to figures released on Friday by the National Statistics Institute. Including the drop in July, the number of mortgaged homes have ...
Continue reading New Mortgages Down 17.5% Year-on-Year
September 21st, 2012
The default rate of banks, savings banks, cooperatives and credit institutions (EFC) operating in Spain is continuing to rise. In July it stood at 9.86%, which set a record for the second consecutive month after reaching 9.42% in June. According to data published by the Bank of Spain, outstanding claims in ...
Continue reading Loan Default Rate Nearing 10%
August 30th, 2012
The President of the Government, Mariano Rajoy, met at Moncloa Palace with the President of the European Council, Herman Van Rompuy, to analyse the situation of the European Union and the Eurozone, as well as the measures that the Spanish Government has implemented to reduce the public deficit and meet ...
Continue reading “No going back on the Euro or European integration”, says Rajoy
August 24th, 2012
European Commission Vice President and head of Economic and Monetary Affairs, Olli Rehn, has said that the Bank of Spain will control "the future participation of Spanish banks in real estate" and that “separating the financial sector from the real estate sector is one of fundamental objectives of the ...
Continue reading “Bank of Spain will control Spanish banks’ participation in real estate”, says Rehn
