The Spanish government’s rescue plans are being rolled out. First, it was the housing market’s guarantee scheme which would enable the property market to concentrate on the government subsidized housing programme (VPO); then the bank aid scheme, with a maximum of €150 million in guarantees and the purchase of assets, and now it’s the turn [...]
The Bank of Spain has cautiously acknowledged praise of its supervisory model in the banking system, but is preferring to keep out of the limelight whilst the global financial system undergoes reform. The caution which characterizes the Spanish supervisory banking model has made it one of the big winners in the financial crisis. Authoritative institutions [...]
1. We are better prepared than ever to tackle the problem.
2. Spain’s exposure to the financial shock is minimal thanks to the solvency of banking and savings institutions
3. The strength of the Spanish economy and the measures that we are going to continue taking will contribute to recovering economic growth ratios close to their full potential from 2010 [...]
The government wants to convey a message of assurance to Spanish savers to combat the “quasi recession” repeating the same messages over and over again to quell fears of a financial storm and keep it at a safe distance.
It is fair to say that public speaking is not one of the Spanish Finance Minister Pedro [...]
Banks have crumpled throughout Europe but the real economy is more or less alright. In Spain, it is the other way round. The economy is in recession, unemployment is soaring, and the property market - one of the world’s most elevated - has crashed. Oddly, however, Spanish banks seem to be fine.
This is largely thanks [...]
Not many banks have emerged from recent events with their reputations intact. Santander might be the exception that proves the rule.
A decade ago the bank was barely known outside Spain’s business community or Latin America. Now it is emerging as one of the more savvy survivors of Europe’s banking storm.
EDITOR’S CHOICE
Maverecon: Those whom the gods [...]
The tangle of measures drawn up by the government, led by José Luis Rodriguez Zapatero, to combat the current financial crisis contrasts heavily with the rest of Europe’s leaders: faced with humble initiatives with no budget to back them and following months of inactivity the rest of Europe’s superpowers have instead decided on a grass [...]
Investment firms admit to the Spanish Securities and Exchange Commission (CNMV) that they hold short positions worth more than 700 million.cnmv
MADRID: The market players are starting to put their cards on the table. Following the call from the Spanish Securities and Exchange Commission (CNMV) to investors to publicly inform of any short positions (a [...]
Too vulnerable to be on their own
New York and Wall Street are suffering the worst financial storms of the last century. This time though, these phenomenons have been created by man (and by the greed of many) and have had an incalculably devastating effect on the world economy. The latest victims to fall prey to [...]
The six leading Spanish banks, which showed record profits of 30,000 million euros between 2006 and 2007, have fallen by 56,914 million on the stock market over the thirteen months of the current credit crunch crisis. Banco Santander has faired the best of them.
The virus attacking the financial sector since July of 2007 has wiped [...]
