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Three Spanish Cajas May be Forced To Become Banks

Source: El Pais - Sun 23rd Jan 2011

Miguel Angel Fernandez Ordonez, Governor of the Bank of Spain, may demand that three of the weakest regional savings banks bcome regular banks, in order to allow easier access to capital markets, the El Pais newspaper reported earlier today.

Nova Caixa Galicia, CatalunyaCaixa and Caja Duero-Caja Espana are struggling to borrow from world markets in the face of solvency problems and may need to change their structure as a condition of receiving more financial support from Spain's bank rescue fund, it said citing unnamed sources at the Bank.

An International Monetary Fund mission to Spain reported how the cajas' problems were deterring investors from lending to the rest of the country's savings banks and adding to the interest rate premium Spanish borrowers are paying on servicing debt, it added, citing unidentified people close to the lenders.

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