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- Newslink Trends-The Global Strategic Perspective
- Juniper Research says digital wallet users to exceed 4.4 billion by 2025, as mobile drives digital payments’ revolution
- Criminals exploit COVID-19 pandemic with rise in scams targeting victims online
- Equifax says Open Banking proving pivotal to pandemic lending
- Consumer confidence in banks, credit card providers and investments remain stable as demand supercharges digital finance says Toluna research
- Mintos says Europeans are starting to embrace investing
- US banks see IT modernisation as a way to improve customer experience
- Risk mitigation in global trade depends on digitisation-Andrew Raymond, CEO, Bolero International comments
- Juniper Research new study says the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022, from a COVID-related low of 38 billion in 2020
- CMA issues fifth publication over 3 years of the service quality league table of personal and business current account providers
- Barclays says scammers take advantage of COVID-19, cashing in on nations’ uncertainty
- S&P Global report says financial market infrastructure sector's earnings likely to cool off In second half
- Global banking market capitalisation slumps by over 30% amid pandemic says Buyshares research
- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
- Juniper forecasts mobile money transactions will exceed 200 billion by 2024
- Banks can save the world from climate change, says former UN climate chief
- Research by NatWest reveals gender divide over attitudes to saving
- Europe’s big bank problem: too much capital is trapped in the US, says Scope
- Later-Life lending market set to almost double in the next 10 years, finds report
- Barclays/Cebr report challenges nation to think differently about wealth
- Fifth of UK investors looking to debt investment, new research reveals
- Regtech will play a more important role in PSD2, says Mitek
- Banks turn to Fintech partnerships to improve customer experience, finds Fraedom
- New industry code to tackle fraud must deliver, says Which?
- New TTF report highlights loss of trust in financial services
- Arxan highlights financial app vulnerability epidemic
- SAS asks whether banks really need to choose between operations and innovation
- Which? raises alarm as almost 1,700 free ATMs become fee-charging
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
4th October 2011
Spain nationalises three more Cajas
The Bank of Spain ordered the nationalisation of three more Cajas on Friday - NovaCaixaGalicia, CatalunyaCaixa and Unnim. The three banks failed, as had been expected, to increase their Core Tier 1 (CT1) ratio to 10% by Friday's deadline. Liberbank and Banco Mare Nostrum failed also to meet the deadline but have been given a further 25 days to raise the money. The last two require relatively small amounts of new capital and are considered likely to be able to raise the amounts required.
The move cost the government €4.75bn (£4.12bn $6.41bn ¥493bn Y40.95bn)in compensation to NovaCaixaGalicia shareholders who received 12% of book price and CatalunyaCaixa shareholders who received 9%. Unnim was valued at zero - or negative and its shareholders received nothing.
Spain has done its best to stay out of the banking media during the last few months and attract as little attention as possible. In defending its banking sector to adverse reaction to the latest moves including from the rating agency Fitch Miguel Ordóñez, governor of the Bank of Spain, argued that Spain had successfully recapitalised Caja Castilla La Mancha , CajaSur and Banco Cam formerly Caja Mediterráneo. That it had also successfully encouraged mergers reducing the number of Caja by two thirds leading to the successful listing of three of the merged Caja groupings.
Banking analysts are more sceptical suggesting that Caja accounts are still not to be trusted as reporting non performing assets correctly and suggest that the authorities are aware of this but do not want the loss of confidence that a full exposure would bring. The sceptics point to the failure of the large Spanish banks to bow to central bank pressure to acquire some of the Cajas as evidence that the Caja accounts are suspect.