British foodbank dragged into local politics

Opposition party suggests dropping official foodbank and using British Church instead The ruling council of Turre is “baffled” to have received a number of requests by the opposition PP party to start supporting the local British food bank charity instead of setting up an official banco de alimentos in town – especially since the PP had refused to help the Church when they were last in power! In the last plenary meeting, PP leader and Continue reading

Cajamar offloads 400 million euros in bad loans for 7,5 M in cash

Local cooperative bank Cajamar has rolled up some 400 million euros in bad loans into one big package and has sold them for seven and a half million euros in cash to Haya Real Estate, a mainly US backed investment vehicle. This is the second big operation with that company for the bank, after it sold Haya its real estate platform “Cimenta2” for 225 million euros last year. The loans in question were all granted Continue reading

Chap tries to rob his local bank but quickly gets recognised…. then said it was “all a joke”

A 55 year old Frenchman living in San José, Nijar decided to rob a bank. Trouble was, he chose the bank where he has an account. So when he marched in with a sawn off shotgun and shouted money in the sack, or whatever the protocol is in these situations, the cashier gave him an incredulous look before asking “is that you, P.S.?” To which P.S. admitted that yes, it was, lowered his shotgun, claimed Continue reading

Overdraft fees can’t be above 2% rules Supreme Court

The Supreme Court of Spain today ruled that non mortgage overdraft and non-payment fees from banks can be more than 2% above the base rate. The ruling came after a test case by Santander bank (which it has now lost) and is based on EU rules. The sentence rules that in personal loans, which are not mortgages, taken out by private individuals, defaulting fees that are more than 2% above the base rate are abusive Continue reading

Banks to start charging you DOUBLE to use hole in the wall machines

Not content with whacking a charge on ATM machines everytime you withdraw cash, Caixabank has now announced a second €2 which will be applied at their end. And other Spanish banks admit they are mulling the charge over. So if you use a Caixabank card to withdraw cash from any hole in the wall, you get charged €2. And if the hole in the wall machine doesn’t belong to Caixabank, you get another charge from Continue reading

The Yanks are coming! Cajamar to offload bad real estate debt to USA fund

Three US funds have put a joint offer of 200 million euros for the bad real estate debt of Cajamar, our local bank. TPG, Apollo & JC Flowers have joined forces to table the offer, which looks likely to be accepted, according to Expansion newspaper. Cajamar setup a real estate asset management company called Cimenta2, which attempts to sell all their embargoed property. It also manages a vast amount of outstanding credits, or bad debt. Continue reading

Catalonia will tax banks for having empty repossessed homes

Catalonia has announced a new law which will tax banks between 800€ and 1.650€ a year for each empty home they possess. The idea isn’t to generate cash, but instead to stimulate banks to start leasing these empty homes back to the region for social use. The Generalitat says that many people are looking to rent homes, or regional authorities are looking for social use homes, but that the banks prefer to sit on these Continue reading