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- Daily brief -Tuesday 24 January 2017
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- QROPS 2014
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Spain Has Specific ‘Problems' With Banks
Spain has specific problems with its banking industry and should recapitalize lenders through the European stabilization fund, known as EFSF, German Finance Minister Wolfgang Schaeuble told El Pais in an interview.
Europe won't be able to set up a banking supervisor this year that could oversee aid sent directly to Spanish banks with the help of the European Central Bank, Schaeuble told the newspaper.
Funds that are channeled through the EFSF will be loans and not donations and will count towards Spanish debt even though they come with soft terms, Schaeuble told the newspaper.
To talk about what happens when the European banking supervisor is up and running would be "building castles in the sky" and officials need to work within the existing regulatory framework, he told El Pais. Spain is doing what it needs to and speculation about whether the country will require a full bailout is irresponsible, Schaeuble said.
Latest News & Stories
- Rising oil prices threaten Spain’s economic growth model
- Spanish bank count 3 billion euro cost of mortgage refunds
- Almost 500 people arrested in Spain for animal abuse in 2016: new report
- Spain's Sabadell sees up to 490-mln-euro hit from mortgage floor contacts
- Spanish hotel boss warns sector is feeling first effects of Brexit
- Two weeks into 2017, Mediterranean migrant deaths rise on last year
- Spanish court jails 4 ex-bankers for misappropriation
- Brussels sees Spain's 2017 budget broadly in line with EU rules
- Government, opposition reach deal on “floor clause” refunds for mortgage holders
- EU tells Spain to brace for cuts due to likely 2017 deficit target miss