Arab Today, arab today eu hails strengthening of spain\s banks
Last Updated : GMT 16:56:06
Arab Today, arab today
Arab Today, arab today

EU hails strengthening of Spain\'s banks

Arab Today, arab today

Arab Today, arab today EU hails strengthening of Spain\'s banks

Madrid - AFP

European Union officials hailed the strengthening of Spain\'s banking sector on Wednesday after they swooped to rescue it last year saying Spanish lenders need no more bailout funds for the time being. The European Commission, the EU\'s executive branch, said in a report on Spain\'s emergency financial reforms that the recapitalisation of the banks was paying off after they received 41 billion euros ($53 billion) in eurozone credits in 2012. \"There is at present no reason to foresee further programme disbursements,\" said the report, the third in a series of updates on the rescue. The rescue plan agreed in July 2012 offered up to 100 billion euros to save Spain\'s financial sector from collapsing under the bad loans left over from a housing bubble that burst in 2008. Of that amount, the Spanish banks have taken 41.3 billion euros to recapitalise, with some shifting risky assets to a state-run \"bad bank\" known as Sareb. The report said this was stabilising the sector, despite Spain\'s deep recession and volatility on financial markets over recent weeks that briefly drove up Spain\'s borrowing costs. \"The solvency position of Spanish banks has been bolstered after the recapitalisation of parts of the banking sector and the transfer of assets to Sareb,\" it said. Credit rater Moody\'s this month downgraded three nationalised Spanish banking groups, however axing ratings of Bankia, Catalunya Banc and NovaCaixaGalicia, citing their \"very weak\" asset quality. Having imposed tough spending cuts and other unpopular austerity measures, Spain\'s government has said that this year could see a turning point towards recovery. It nevertheless forecasts an overall 1.3-percent decline in output this year. The IMF forecasts a sharper contraction of 1.6 percent for Spain and the commission forecasts a 1.5 percent fall. Analysts warn that Spain\'s current recession, which has lasted nearly two years and driven the unemployment rate above 27 percent, threatens to complicate its efforts to restore stability to the public and private finances. \"Risks remain amid high unemployment, contracting activity, still large private domestic and external debt and fast rising public debt,\" the commission warned in its report. With banks sitting on vast stocks of homes and unpaid mortgages left from the building boom, authorities in the hard-hit southern region of Andalusia have intervened to penalise banks for keeping empty properties needed by poor families. The commission said in its report that this move \"may have potential negative implications for the stability of the financial system\" by weakening the value of banks\' property holdings.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu hails strengthening of spain\s banks Arab Today, arab today eu hails strengthening of spain\s banks

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday