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Stress tests show Spain's banking system one of the world's healthiest

Stress tests show Spain's banking system one of the world's healthiest

Old Jul 25th 2010, 1:20 pm
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Default Stress tests show Spain's banking system one of the world's healthiest

http://www.businessweek.com/news/201...re-strong.html

All eight Spanish commercial banks tested passed the examination.
However the savings-banks (cajas) were shown to not be in such a good position, five failed the stress tests and will need capital injections.
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Old Jul 25th 2010, 2:48 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

Originally Posted by steviedeluxe
http://www.businessweek.com/news/201...re-strong.html



However the savings-banks (cajas) were shown to not be in such a good position, five failed the stress tests and will need capital injections.
yep, cajasur failed. ho hum.
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Old Jul 25th 2010, 2:49 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

Do you happen to know the names of the five?
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Old Jul 25th 2010, 2:53 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

Originally Posted by Cats-R-Us
Do you happen to know the names of the five?
The five Spanish cajas identified as having capital shortfalls are Unnim, Diada, Espiga, Banca Civica, and Cajasur.

The Bank of Spain said four of the cajas that failed the test needed a recapitalization for a total of EUR1.84 billion. The fifth one, Cajasur, was seized by Spain's central bank earlier this year and was recently auctioned off to BBK, a much stronger savings bank. The stress test showed it would have needed another EUR200 million, but the transfer included loan-loss guarantees that will make a recapitalization was already covered when it was auctioned off.
http://online.wsj.com/article/BT-CO-...23-711658.html
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Old Jul 25th 2010, 3:02 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

Originally Posted by Cats-R-Us
Do you happen to know the names of the five?

Diada, Espiga, Banca Civica, Unnim and Cajasur.
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Old Jul 25th 2010, 5:14 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

They're suggesting that the test was rubbish as only 7 failed - they expected far more.

There have been some good articles on TV about this recently (might be available on iplayer?)
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Old Jul 25th 2010, 9:04 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

Originally Posted by snikpoh
They're suggesting that the test was rubbish as only 7 failed - they expected far more.

There have been some good articles on TV about this recently (might be available on iplayer?)
Looks very much that way.
It seems that only those teetering on the brink have been named.
Apparently there are quite a few others which are far from being on a sound footing.
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Old Jul 26th 2010, 12:16 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

I would not have my savings in any Spanish bank!!! ,only enough to cover living expenses
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Old Jul 26th 2010, 12:28 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

Originally Posted by Rotor
I would not have my savings in any Spanish bank!!! ,only enough to cover living expenses
Well their main commercial banks have certainly done better lately than the likes of HBOS, RBS, Northern Rock etc. but yes I'd be very wary of leaving money in a caja. Problem is even a strong bank can have problems overnight - Lloyds TSB, my bank were meant to be a very strong bank, yet they needed billions of direct government aid. I still think the biggest danger is the government taking tax in the future - they won't let the biggest banks go under, they'll just print money/cut public services.
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Old Jul 26th 2010, 12:53 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

There are still some uncertain times ahead yet for Spain due to its lop-sided economy,black economy, need for a complete overhaul of the public services and other factors.
IMO a high risk factor still applies to most of the small cajas and even the big boys could yet be affected to a lesser extent.
Although the UK recovery could drag on a long while,the banking sector there now looks much more secure than that in Spain.
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Old Jul 26th 2010, 1:03 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

Spain has borrowed over 2 billion euro from the ECB in May and June. TV said today that it is also thought that many spanish banks have overvalued their assets. Like everything else that comes out of Brussels they are trying to play it down and give it an airbrush!

I wouldn't hold any money in a spanish bank, only enough for bills.
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Old Jul 26th 2010, 1:29 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

Originally Posted by steviedeluxe
Well their main commercial banks have certainly done better lately than the likes of HBOS, RBS, Northern Rock etc. but yes I'd be very wary of leaving money in a caja. Problem is even a strong bank can have problems overnight - Lloyds TSB, my bank were meant to be a very strong bank, yet they needed billions of direct government aid. I still think the biggest danger is the government taking tax in the future - they won't let the biggest banks go under, they'll just print money/cut public services.
I would not argue with that but have you ever thought how much red tape and how many hoops you would have to jump through to get your money if one went under? plus it take could be years ,imagine the gestors fee`s,lawers fee`s etc etc plus Spanish banking/tax law is extremley dictatorial , they can freeze /embargo your account, take funds etc all without notice. Not For Me
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Old Jul 26th 2010, 1:34 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

Originally Posted by jackytoo
Spain has borrowed over 2 billion euro from the ECB in May and June. TV said today that it is also thought that many spanish banks have overvalued their assets.
In October 2008 3 British banks alone were bailed out to the sum of £38 billion by the British govt. Totally different scale; I'm surprised people still associate the likes of Santander (which has made 8-9 billion Euros profit even in the past difficult years) with the disastrous record of the UK banks. Still, the UK taxpayers have bailed them out, so everything's ok then?

http://en.wikipedia.org/wiki/HBOS

On October 13, 2008, Gordon Brown's announcement that government must be a "rock of stability," resulted to an "unprecedented but essential" government action: the Treasury would infuse £37 billion ($64 billion, €47 billion) of new capital-bailout into Royal Bank of Scotland Group Plc, Lloyds TSB and HBOS Plc, to avert financial sector collapse or UK "banking meltdown". He stressed, however, that it was not "standard public ownership" for the banks would return to private investors "at the right time."[19][20] Alistair Darling stated UK taxpayers would benefit from the government's rescue plan, for it will have some control in RBS in exchange of about £20 billion from the taxpayer. Total ownership in RBS would be 60%, with the figure for HBOS 40%.[21] Royal Bank of Scotland stated it intended to raise 20 billion pounds ($34 billion) capital with government's aid, amid its chief executive Fred Goodwin's resignation. The government acquires $8.6 billion of preference shares and underwriting $25.7 billion of ordinary shares. Thus, it intended to raise 15 billion pounds (18.9 billion euros, 25.8 billion dollars) from investors, to be underwritten by the government. Taxpayers' money will buy 5 billion pounds of shares from RBS, amid Barclays bank raising 6.5 billion pounds only from investors, instead of government help.[22] Reuters reported Britain could inject 40 billion pounds ($69 billion) into the said 3 banks including Barclays.[
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Old Jul 26th 2010, 1:35 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

Originally Posted by Rotor
I would not argue with that but have you ever thought how much red tape and how many hoops you would have to jump through to get your money if one went under? plus it take could be years ,imagine the gestors fee`s,lawers fee`s etc etc plus Spanish banking/tax law is extremley dictatorial , they can freeze /embargo your account, take funds etc all without notice. Not For Me
Well yes, I can see how the "UNDER THE MATTRESS" bank can seem appealing!
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Old Jul 26th 2010, 2:02 pm
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Default Re: Stress tests show Spain's banking system one of the world's healthiest

Originally Posted by steviedeluxe
Well yes, I can see how the "UNDER THE MATTRESS" bank can seem appealing!

Mind you dont burn your ass on the bedroom light

Being serious Gibs the place for me, whether it be regular banking or offshore I feel much more confident
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