• “Spain is on the right track”, Says OECD

    The Secretary General of the Organization for Economic Cooperation and Development, Angel Gurria, said this week that “Spain is on the right track”, and that the reforms and adjustments already made, have caused a shift in the state of Spain’s …

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  • Spanish Banks’ Profits Up 67% to June

    Banks operating in Spain obtained a net profit of 5,310 million euros between January and June 2013, which represents an increase of 67.3% compared to the 3,174 million euros gained a year earlier. However, the bank granted 7.3% less loans …

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  • Mortgage Transactions Fell 32.7% in 2012

    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 …

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  • Housing Demand Will Fall “As Never Before”, Warns Expert

    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 …

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  • Home Mortgages Fell 14.4% in October

    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 …

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  • Nationalised Banks to Transfer 36,085 Million Euros of Assets to ‘Bad Bank’

    In a transaction set to take place on 31st December, Spain’s nationalised banks – Bankia, Novagalicia Banco, Catalunya Banc and Banco de Valencia – are to transfer to the asset management company for bank restructuring (Sareb) assets with a total …

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  • Euribor Set to End Year Three Times Lower Than 2011

    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, …

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  • Rajoy Believes ECB Banking Supervisor Will Facilitate Loans to SMEs

    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 …

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  • Spain Uncovers 28 Million Euros of Mubarak Assets

    Spanish investigators received an international letter rogatory for judicial assistance from the Egyptian authorities in which they requested the location of moveable and fixed assets, bank accounts, companies and any other assets in order to then proceed with an application …

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  • Moody’s Forecasts Housing Prices in 2013

    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 …

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  • Banks Return to Granting 100%+ Mortgages

    Banks have increased their offensive in order to reduce the volume of properties on their balance sheets, and are again giving mortgages worth more than 100% of the price or appraised value of a property. The BBVA, Popular and Sabadell …

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  • One in Four Spanish Fear For Their Jobs

    The Centre for Sociological Research (CIS) has released its November barometer, which follows in the wake of the one published in October with regards to pessimism over the economy, and reflects that unemployment remains the main problem for 80.8% of …

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  • Bankia to Cut 6,000 Jobs and Close 1,117 Branches

    In accordance with the recapitalisation plan backed by the Bank of Spain and the European Commission for next three years, Bankia will reduce its workforce by 6,000 people, representing 28% of the 20,126 employees of the entity, and also close …

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  • New Mortgages Fell 32.2% in September

    The number of new mortgages contracted for house purchases in September fell 32.2% compared to the same month of 2011, reaching 21,195 transactions. This latest figure marks 29 consecutive months of declines and a sharpened pace of decline, which in …

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  • Spanish SMEs Receive 1 Billion Euros Financing

    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. …

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