Cajamar Bank formed today

Cajamar, our homegrown rural caja done good, has today signed into being a brand new Bank which will act on a national level. Cajamar is the main backer of the new bank, but has been joined by 32 other rural saving banks from across Spain. The Banco de Crédito Social Cooperativo will start operating as from the 1st of Feb, and will as from the 1st of May start running as the head and front Continue reading Cajamar Bank formed today

The state of the Andalucian banking sector

The recent waves of bank closures in Andalucia got me thinking about the state of the banking sector in the region. Under Manuel Chaves during the boom years, the Junta did all it could to allow the rapid growth of credit institutions in the region. In 2006 the region could boast of being the home of : 5 savings banks (cajas de ahorros) (Unicaja, Cajasol, Cajasur, CajaGranada & Caja de Jaén) 1 bank (Banco de Continue reading The state of the Andalucian banking sector

Catalunya Banc to close all Andalucian offices at the end of the month

The newly formed Catalunya Banc (CatalunyaCaixa) will close all offices in Andalucia at the end of the month, leaving its Andalucian clients with the offer of internet only banking. It only has three offices remaining in Almeria province after having closed several others last year. Catalunya Banc was formed at the end of 2011 by the forced merger of several bankrupt Catalan caixas, and is currently majority owned by the state run FROB. It has Continue reading Catalunya Banc to close all Andalucian offices at the end of the month

Bankia closes almost all its offices in province, without bothering to tell you

Bankia, those little banking monkeys who were partly (yet heavily) responsible for bankrupting the nation, have quietly decided to close all offices in Almeria, with the exception of two in the capital. Everyone but a lucky few gets fired at the end of the month. Oh, and they weren’t planning to tell you, their loyal customers, either – so far, nobody I know has actually received a letter from them, telling them about their plans. Continue reading Bankia closes almost all its offices in province, without bothering to tell you

ATM charges double in the last years

According to a study published today, the average Spanish charge to use your credit card at a hole in the wall that doesn’t belong to your bank is now 3,5€, double what it was before the crisis. Adicae, the people behind the study, reminds holidaymakers to plan ahead about where best to withdraw cash when on holiday – after all, 10 withdrawals in a fortnights holiday is equal to 35€ in commission. Check your conditions Continue reading ATM charges double in the last years

Mortgage “floors” abolished by Supreme Court

The Supreme Court has ruled that mortgage”floors” are illegal and must be removed from all mortgages, unless they are an integral part of a complex financial package. Millions of people with a mortgage in Spain taken out in the last couple of decades look to see their monthly payments drop substantially! The idea with mortgage floors is that the amount of interest on your mortgage can never drop below a certain amount. Lets say you Continue reading Mortgage “floors” abolished by Supreme Court

Unicaja gets Banco CEISS for free, taypayer pays the 525 million euro debt

The State has approved a deal in which Unicaja, Andalucia’s biggest savings bank, takes on Banco CEISS without paying a eurocent. Banco CEISS was formed out of the ruins of Caja España and Caja Duero. It too, promptly went bankrupt. The taxpayer has so far injected 525 million euros into this trainwreck. However, Unicaja has, very sensibly, refused to accept ANY of the liabilities of CEISS. Instead, all assets of CEISS will be turned over Continue reading Unicaja gets Banco CEISS for free, taypayer pays the 525 million euro debt

Spain threatened by resurgent credit crunch

More than a century ago, Manuel Rodriguez left his fishing village on Spain’s southern coast and moved to Madrid to build guitars for local flamenco musicians. Three generations on, the family is still in the trade. Based in the small town of Esquivias south of the capital, Guitarras Manuel Rodriguez and Sons turns out more than 5,000 handcrafted flamenco and classical guitars every year, along with a small range of other wooden instruments. Despite the Continue reading Spain threatened by resurgent credit crunch

Spain get 100 billions euros in rescue package

Spain is to get up to 100bn euros ($125bn; £80bn) in loans from eurozone funds to try to help shore up its struggling banks. The move was agreed at an emergency meeting of eurozone finance ministers after a conference call on Saturday. Make no mistake – this is a rescue of the Spanish state, but in a roundabout way to reassure the common investor. The State can’t afford to bail out its banks, and so Continue reading Spain get 100 billions euros in rescue package

Spain will ask for bailout this weekend suggests reports

Spain is poised to make a request over the weekend for a financial package to prop up its troubled banks, it was reported today. The request would follow a conference call of eurozone finance ministers tomorrow, Reuters reported, citing two senior EU officials and one German source. A Eurogroup statement would also be released. “The announcement is expected for Saturday afternoon,” one of the EU officials said. A Spanish government official said: “We are not Continue reading Spain will ask for bailout this weekend suggests reports