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European Salon de News, Discussion et Klatsch - 15 June | 104 comments (104 topical, editorial, 0 hidden)
A run on the Spanish banking system? (4.00 / 2)
La banca española pide fondos récord al BCE ante el cierre de los mercados · ELPAÍS.com 15/06/2010 The Spanish banking sector borrows record amounts from the BCE because of the market shutout - ElPais.com 15/06/2010
Francisco González subraya que el capital internacional está cortado para la mayoría de empresas y bancosBBVA Chairman Francisco González underlines that [access to] international capital is cut for most [Spanish] firms and banks
Los bancos y cajas de ahorros españoles tienen que devolver los préstamos al llegar su vencimiento -o refinanciarlos- y, con el mercado interbancario cerrado, solo les queda el Banco Central Europeo (BCE) como último recurso. Ayer se conoció un dato que refleja esta angustiosa situación: la deuda contraída por los bancos que operan en España con el BCE mediante las subastas semanales de crédito superó en mayo por primera vez los 85.000 millones, con lo que acapara ya el 16,5% del dinero prestado al conjunto de la zona del euro.Spanish banks and cajas have to repay their loans as they mature - or refinance them - and, with the interbank market closed, they have but the ECB as a last resort. Yesterday a datum was known reflecting this worrisome situation: in May, debt with the ECB taken on by banks operating in Spain through the weekly credit auctions exceeded for the first time €85bn, already 1/6 of the money lent to the whole Euro area.

Francisco González actually said that the Spanish private sector has greater difficulties funding itself than the government.

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan

by Carrie (migeru at eurotrib dot com) on Tue Jun 15th, 2010 at 04:12:08 AM EST
[ Parent ]
Re: A run on the Spanish banking system? (4.00 / 2)
España quiere que se publiquen los resultados del examen a sus bancos · ELPAÍS.comSpain wants the results of stress tests of its banks to be published - ElPais.com
"Si se conocieran los resultados de los test, habría más de una sorpresa", alegan las fuentes consultadas, que subrayan la buena nota obtenida por las entidades españolas. No todos quieren que se conozcan. Josef Ackermann, máximo ejecutivo del Deutsche Bank, declaró el viernes que sería "muy, muy peligroso" difundir los resultados de las pruebas."If the results of the tests were known, there would be more than one surprise", claim the sources consulted, who underscore the good grade obtained by Spanish entities. Not everyone wants them to be known. Josef Ackermann, chief executive of Deutsche Bank, said last Friday that it would be "very, very dangerous" to release the results of the tests.


By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Carrie (migeru at eurotrib dot com) on Tue Jun 15th, 2010 at 11:06:30 AM EST
[ Parent ]
Re: A run on the Spanish banking system? (none / 0)
Wouldn't suppose that Josef Ackermann would prefer that folks keep their focus on the PIIGS, lest they look at the condition of German banks, would we?

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Jun 15th, 2010 at 11:41:29 AM EST
[ Parent ]
Re: A run on the Spanish banking system? (none / 1)
Aided and abetted by the latest latest BIS quarterly review in which
we get information about exposure to the PIGS (Italy not included) and nobody else


By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Carrie (migeru at eurotrib dot com) on Tue Jun 15th, 2010 at 11:47:02 AM EST
[ Parent ]
Re: A run on the Spanish banking system? (none / 0)
Over here! This is what is important! Over here!

The Spanish government should just release the results of the audit.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Jun 15th, 2010 at 01:24:26 PM EST
[ Parent ]

European Salon de News, Discussion et Klatsch - 15 June | 104 comments (104 topical, 0 editorial, 0 hidden)
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