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Salgado : " Spanish Banks are solvent "

Wed 22th Jun 2011

Earlier this morning the Wall Street Journal reported how Finance Minister Elena Salgado has stated how the Spanish banking system is solvent and not going to face worsening problems.

The Minister commented how Spain's financial institutions could offer "lessons for the rest of Europe and the world," then going on to say how they look "set to emerge as more efficient and resilient to any future crisis."

She emphasised the various steps that Spanish banks have themselves taken in reducing costs, while the Spanish government has been diligent in reforming the troubled Cajas.

The Minister added that over 90% of all assets managed by Spanish saving banks are in the process of being transferred to commercial banks to help enhance "transparency and access to capital markets."

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