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Bank of Spain urges cajas to improve communication

Source: Reuters - Fri 17th Dec 2010

Spain's heavily indebted savings banks must do more to communicate to markets their ongoing restructuring process and convince them that changes have been profound, the Bank of Spain's deputy governor said on Friday.

Part of the restructuring process of Spain's savings banks, that has seen their numbers cut to 17 from 45, will give them access to private capital for the first time, so convincing markets of their solvency will be key. Many of them will have large financing needs early next year.

Financial markets still hold doubts over the strength of Spain's savings banks given many are heavily exposed to the country's collapsed property sector.

"It's necessary to make important communication efforts, detailing all the agreements reached, the shares and assets of the financial entities, and explaining what left of the programme is to be carried out," said Javier Ariztegui in a speech delivered in Granada.

"This radical transformation and the most important milestones in the integration process...have not been adequately communicated," he added. He said that work to promote the restructuring of the sector had to be done in the next three weeks before capital markets opened fully again.

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