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スペインのBANKIA銀行の会長は、銀行合併を否定しないが、銀行の巨大化が問題と指摘
Rato asegura que la capacidad bancaria aún no se ha reducido “suficientemente”
El presidente de Bankia defiende que la entidad siga en solitario pero no descarta fusiones
Defiende que la solución a la crisis del euro es "un calendario" para la "unión fiscal"
Lluís Pellicer Barcelona3 MAY 2012 - 12:18 CET
Ensures that the capacity while banking has not been reduced "sufficiently"
The president argues that the entity Bankia follow but does not rule alone mergers
He argues that the solution to the crisis of the euro is "a timetable" for "fiscal union"
Barcelona Lluís Pellicer 3 MAY 2012 - 12:18 CET
The president argues that the entity Bankia follow but does not rule alone mergers
He argues that the solution to the crisis of the euro is "a timetable" for "fiscal union"
Barcelona Lluís Pellicer 3 MAY 2012 - 12:18 CET
Financial institutions should not increase its size, but reduce it. This has been expressed this morning the president of Bankia, Rodrigo Rato, who has argued that the entity continues to solo but has not ruled that you can participate in any corporate transaction. Rato pointed out that the main obstacle facing the Spanish financial sector at the beginning of the crisis was "excess capacity" which, in his view, has not been reduced "enough." "Not only is about gathering entities, but that the resulting, in short, is less than the previous situation," he assured at a breakfast organized by ESADE.
Rato defended the integration operation of the banking business of seven boxes in Bankia and pointed out that the entity that presides has closed 817 offices and reduced its workforce by 3,833 people. This adjustment, according to Rato, accounts for 25% of everyone who has made the banking sector in Spain. "We are in the process of reducing the system," he insisted, "so now we focus on efficiency, profitability and synergies."
Bankia President highlighted the efforts of provisions to cover the property risk being made by Spanish banks, of 166,000 million euros, equivalent to 15% of gross domestic product (GDP) Spanish. Although housing prices have not fallen in the same proportion as they have other countries that have suffered the bursting of the housing bubble, in Ireland have fallen 43% in the U.S. and 40%, compared 27% of Spain, Rato explained that the provisions made to protect financial institutions "falls." "The coverage is 87% in the case of soil, 82% for dwellings under construction and 56% for finished houses" has shelled.
Bankia chief executive has not decided either for or against the society that aims to create the central government to take property assets from the balance sheets of banks. Rato has argued that "it is questionable" as possible encompass the process of sector provisions, which is being addressed in the short term, with the output of the housing crisis, which will be long term. "There are many causes behind the bubble, which was not only in housing but also in the consumption and financing of infrastructure. But while the stock of 688,000 dwellings remains stuck since 2007 is not reduced, this will take to recover, "he recalled. In contrast, Rato has admitted the possible moral hazard posed to help organizations, but added that these have made significant capital allocations or current earnings.
Rato, former Minister of Economy and former managing director of the International Monetary Fund (IMF) has also assessed the adjustment process they have undertaken several European economies, especially Spain. Rato explained that the only way out of the euro crisis is fiscal union "with a timetable that we should know." "When we made the adjustments of 200,000 million pesetas had the horizon, which was the integration in the euro area," he recalled. In his view, markets interpreted that Spain would then get better funding, so the risk premium (the difference between the interest paid by Spain for its debt and paid by Germany, which is considered the safest country) . "It's different if we adjustment somewhere that if we keep quiet," he added.
Rato defended the integration operation of the banking business of seven boxes in Bankia and pointed out that the entity that presides has closed 817 offices and reduced its workforce by 3,833 people. This adjustment, according to Rato, accounts for 25% of everyone who has made the banking sector in Spain. "We are in the process of reducing the system," he insisted, "so now we focus on efficiency, profitability and synergies."
Bankia President highlighted the efforts of provisions to cover the property risk being made by Spanish banks, of 166,000 million euros, equivalent to 15% of gross domestic product (GDP) Spanish. Although housing prices have not fallen in the same proportion as they have other countries that have suffered the bursting of the housing bubble, in Ireland have fallen 43% in the U.S. and 40%, compared 27% of Spain, Rato explained that the provisions made to protect financial institutions "falls." "The coverage is 87% in the case of soil, 82% for dwellings under construction and 56% for finished houses" has shelled.
Bankia chief executive has not decided either for or against the society that aims to create the central government to take property assets from the balance sheets of banks. Rato has argued that "it is questionable" as possible encompass the process of sector provisions, which is being addressed in the short term, with the output of the housing crisis, which will be long term. "There are many causes behind the bubble, which was not only in housing but also in the consumption and financing of infrastructure. But while the stock of 688,000 dwellings remains stuck since 2007 is not reduced, this will take to recover, "he recalled. In contrast, Rato has admitted the possible moral hazard posed to help organizations, but added that these have made significant capital allocations or current earnings.
Rato, former Minister of Economy and former managing director of the International Monetary Fund (IMF) has also assessed the adjustment process they have undertaken several European economies, especially Spain. Rato explained that the only way out of the euro crisis is fiscal union "with a timetable that we should know." "When we made the adjustments of 200,000 million pesetas had the horizon, which was the integration in the euro area," he recalled. In his view, markets interpreted that Spain would then get better funding, so the risk premium (the difference between the interest paid by Spain for its debt and paid by Germany, which is considered the safest country) . "It's different if we adjustment somewhere that if we keep quiet," he added.
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