Banks face highest levels of default since 1994

Spain’s banks had 155.84bn euros (£122bn) of loans on their books in May that are at risk of not being repaid, the highest since 1994, according to the Banco de España, meaning that levels of debt are now running at around 9% of all loans. On top of that, the total amount of loans issued by banks is now at historic lows: Spanish banks authorised just 1,74 billion euros of loans in May, a 3.33% Continue reading Banks face highest levels of default since 1994

Goodbye Unicaja, hello UniCajaSur (and a bit for the blighters in Cordoba Church too)

Amazing bit of poker playing, this one. Despite the fact that the greedy, grasping bishops of Cordoba ran their bank into the ground speculating on dodgy real estate deals (Cajasur was bankrupt and kept alive only by a wallet transfusion by the Bank of Spain to save ZP having a red face), they’ve managed to merge the damn thing with a properly run bank (Unicaja), get their losses covered (1.024 million euro cheque from the Continue reading Goodbye Unicaja, hello UniCajaSur (and a bit for the blighters in Cordoba Church too)

Caja Castilla La Mancha taken over by the Bank of Spain in emergency bailout

Caja Castilla La Mancha, which has been tottering for a while, quietly fell over today and was quickly taken over by the national bank Banco de Espana. The politicians have been trying to quietly merge it with Andalucian giant Unicaja for a while now – No doubt Banco de Espana will keep the smelly bits while Unicaja, who are sharp cookies, keep the sweet pieces.

Unemployed to have their mortgage payments reduced by 50% for 2 years

“El Presidente”, D. José Luis Rodríguez Zapatero, has just announced a moratorium on up to 50% on the monthly mortgage repayments for unemployed or self- employed (autonomos) but with no income people who have paid off more than 4 years of their mortgage. As I understand it, it means unemployed heads of families who have paid off more than 4 years of their mortgage can apply to have their monthly repayments cut by up to Continue reading Unemployed to have their mortgage payments reduced by 50% for 2 years