Spain
Legal action against Bank of Spain already seeing results, claims lawyer
Lawyer representing shareholders in failed Spanish bank Bankia claims he has a 'very strong' case against the regulators, though the courts are expected to take a ‘cautious line'
Bank of Spain financial stability report finds ratio of bad loans still growing
Contraction in new lending to households and businesses, combined with a poor macroeconomic environment, means Spanish bank loan books are on average not improving
Bank of Spain reshapes supervisor to meet new demands
Banking supervision directorate restructured to meet the requirements of Spain’s memorandum of understanding and the move to European banking union
Spanish governor unimpressed by banks’ capital requirement shortcut
Luis Linde unhappy that European banks have increased the CET1 ratios by deleveraging; concerned about impact of regulatory overhaul on credit and growth
Draghi tells Spanish parliament to keep struggling on
ECB chief meets with members of the Spanish parliament and says painful reform efforts are beginning to bear fruit
Bank of Spain charts economy’s downward acceleration
Data for fourth quarter show economy continuing to spiral downward, with contractions in growth and demand gaining pace
Robert Pringle’s Viewpoint: Cameron’s high-risk European gamble
British Prime Minister David Cameron's high-stakes bid to renegotiate the UK’s role within the EU has rankled some officials in Europe. But both sides would lose from a UK withdrawal
Bank of Spain executives hit back at negligence claims
Executive commission rebuts claims made in a leaked internal report that the central bank’s supervisory department tended to ‘look the other way’ when there were signs of criminal activity
Eurozone periphery begins latest bank repairs
Spain injects a total of €37 billion into four weakest banks; Greece estimates backstop facility requirements at €50 billion of public funds
Paper finds flimsy productivity base for banks in Spain
A Bank of Spain working paper says two-thirds of pre-crisis banking productivity growth was attributable to the expansion of mortgage lending, a reliance on short-term finance and leverage
EC gives go-ahead for Spanish recapitalisation plans
European Commission says recapitalisation and resolution plans for four Spanish banks under Frob control do not violate state aid rules; paves way for capital injection in early December
Spain’s Linde hits out at countries delaying euro reform
Bank of Spain governor says sovereign debt problems are being dragged out by the slow acceptance of a 'new reality' in the monetary union
Latin American fiscal rules 'have helped some countries'
A study by the Bank of Spain finds the adoption of fiscal rules has helped some Latin American countries to reduce procyclical fiscal policy. But the rules are no panacea
Spain’s ‘bad bank’ structure revealed
Bank of Spain releases the details of new ‘bad bank’ Asset Management Company; hopes to clear up banks’ balance sheets while producing a 14–15% return on equity for stakeholders
Banking supervision gets leadership overhaul in Spain
Bank of Spain names new director-general and associate director-general at the top of its banking supervision department as initial IMF review of financial assistance programme is released
Third-quarter figures show Spain still grappling with economic woes
Bank of Spain economic bulletin for the third quarter shows continued weakening of growth and range of other economic indicators; raises possibility government will not meet deficit target this year
Eurozone firewall inaugurated as bailouts loom
First meeting of board of governors of the European Stability Mechanism held in Luxembourg with Jean-Claude Juncker describing new institution as a ‘permanent and effective firewall’
Spain releases banking stress test results
Stress tests show Spanish bank recapitalisation needs close to level identified in tests earlier this year; paves way for restructuring and resolution of failed banks
Spanish paper finds companies swap bankruptcy for foreclosure
Research by Bank of Spain analyses the country’s low bankruptcy rates; finds mortgage debt is used as an avoidance measure
IMF loans impact sovereign bonds, says Bank of Spain paper
Spanish study finds countries that receive IMF funding issue less sovereign debt, and with shorter maturities; effect is stronger under particular conditions
Spain’s Restoy highlights ‘demanding’ timetable for single-supervision mechanism
Deputy governor of the Bank of Spain applauds 'well founded' eurozone-wide banking oversight plan; but says schedule for implementing the changes will be tough
Spain’s Frob gets extra funding ahead of further bailouts
Spanish Treasury increases endowment to the Fund for Orderly Bank Restructuring; BFA-Bankia confirms receipt of initial tranche of bailout funding
Spain’s Frob reveals first tranche of funding for Bankia
Fund for Orderly Bank Restructuring agrees on initial bailout funds for BFA-Bankia; concerns raised over whether speed of recapitalisation will be sufficient to restore confidence
IMF calls for further action to repair Spanish economy
Article IV report praises ‘major policy actions’ by Spanish government, but says further efforts must be made; Fund also encourages progression of European measures