Tag Archives: bank of spain

65,000 companies could close by mid year, warns Bank of Spain

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The Banco de España has warned that 15,000 large companies, and a further 50,000 small companies, look likely to run out of cash by the middle of the year, forcing them to declare bankruptcy, after looking at the amounts of cash on loan from the banks for this year. The simple problem is that Spanish banks aren’t prepared to keep loaning out the money that the Spanish economy needs to keep ticking over. No extension Continue reading 65,000 companies could close by mid year, warns Bank of Spain→

35.098 homes were seized by the banks in first 6 months of 2013

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According to the Bank of Spain, a total of 35.098 homes were foreclosed on by the banks in the first 6 months of 2013. 28.170 of these were “primary residencies”, which usually are foreclosed on after the family stops paying the mortgage. It’s a shocking picture of the reality of la crisis in Spain – 35.098 families out on the street, or kipping with family. 19.567 were foreclosed forcibly by court order, 12.719 were “returned” to Continue reading 35.098 homes were seized by the banks in first 6 months of 2013→

Bankia goes bust (quick, get your cash out) and another 4,5 billion of public cash is counted out

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Bankia, the new Spanish bank made out of a shotgun wedding of no fewer than seven failed Spanish caja de ahorros, and the bank with the largest exposure to real estate debt in the country (37,500 million euros), has seen its share price sink through the floor after it was leaked that Bankia is bankrupt. Expansion, the financial paper, tells us this morning that emergency talks between Madrid and the Bank of Spain are culminating Continue reading Bankia goes bust (quick, get your cash out) and another 4,5 billion of public cash is counted out→