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スペインのカタルーニャ地方の信用金庫のCaixa Sabadel, Caixa Terrassa,Caixa Manlleu が合併して出来たUnnim 信用金庫は、無謀な住宅投資をして破綻して、9億5300万0000ユーロの公的援助を受け国有化されて、BBVAに買収された
El precio de salir de la comarca
Las cajas de Sabadell, Terrassa y Manlleu atacaron Valencia y Madrid dando hipotecas
Lluís Pellicer Barcelona28 JUN 2012 - 20:42 CET
The price of leaving the region
Boxes of Sabadell, Terrassa and Manlleu attacked Valencia and Madrid giving mortgages
Barcelona Lluís Pellicer 28 JUN 2012 - 20:42 CET
Boxes of Sabadell, Terrassa and Manlleu attacked Valencia and Madrid giving mortgages
Barcelona Lluís Pellicer 28 JUN 2012 - 20:42 CET
Until mid-2009, three small boxes holding out in the Catalan regions of Valles and Osona. With a history of over a hundred years, boxes of Sabadell, Terrassa and Manlleu had seen them in every color. They survived two dictatorships, civil war and the difficult years after the war. The Great Recession, however, has been able to them. After its merger in 2009, Unnim, as it was called the merger of the three entities had to receive 953 million euros of public funds through loans and equity and was nationalized by the state. In March, the entity was acquired by the symbolic price of one euro to BBVA.
The original sin of the three cases arises precisely from the ambition of breaking the district boundaries that had kept for over a century
The original sin of the three cases arises precisely from the ambition of breaking the district boundaries that had kept for over a century. Although 1989 was the year that the ban opened the boxes that could go out of their communities, county agencies waited for the boom. The problem was not so much in the expansion as used in the formula and the moment they chose. Again, clung to the brick boxes, and they did in 2006 when real estate is going to take up and prepared for an emergency landing. The overhead of houses and land in small boxes was lethal, as their recurrent activity, also hit by the financial crisis, was too small to cover the hole they left the housing crisis.
more informationI. Caja Castilla-La Mancha, notice that no one wanted to hearII. Cajasur, the case of the Church, also joined the party of the brickIII. "The worst of the worst" was the CAMIV. Managers out of control and docile political dynamite NovacaixagaliciaV. Caixa Catalunya, the box was mounted on the brick
The year 2004 was the first in which the boxes of Sabadell and Terrassa broke an unwritten rule that lasted more than a century, which none of them open in the city of the other. But that same year was outlined and expansion. In 2004, Caixa Sabadell, with assets of 12.438 million, had 284 offices, all in Catalonia. Four years later he had opened 95 more, of which 16 were in Madrid, 9 1 Valencia and Andalusia. Caixa Terrassa, with assets of 11.755 million, increased from 232 to 268 branches in Catalonia, with 11 in Madrid and 2 in Aragon. The smallest, Manlleu (20,400 inhabitants), grew more measured: from 92 offices in Catalonia and 1 in Madrid, to 101 in the community and 2 more in the capital.
The basis for this growth were the sponsor credits and the purchase of houses. Promotions were funded which occupied a place in that said the word the word caixa and took advantage of cheap credit boom to attract new customers in those areas. The grants then grew 35% annually, in the case of Caixa Terrassa, and 25% in the case of Sabadell. "We lost sight of the industrial fabric of the region during that time, which is the reason why we were born, and we turn in the housing sector," laments a former counselor. The legacy of that era is a portfolio of land and housing of 1,757 million and a volume of loans amounting to promoter 3.598 million euros when he had to bare his balance at the Bank of Spain. In late 2011, Unnim still carried with 55 real estate companies.
Caixa Girona soon picked up in a theatrical show episode of the merger. Eventually absorbed by La Caixa
From 2009, when Caixa Sabadell met 150 years, the three boxes outlined their merger, which added to the Caixa Girona. This will soon be picked up in a theatrical show episode. When the merger was already approved, the new box had a name and a green light from Brussels was about to arrive, counselors and ERC related to the operation CiU rejected the view that their presence was diluted. And that its weight would be 23%, when its assets were only 7.815 million. It was a local key political decision. The decision angered addresses CiU and ERC in Barcelona, and angered the Government and the Bank of Spain. In contrast, garnered applause from Girona businessmen who wanted the box to continue alone. The euphoria was short lived. Just three months later, the board of the entity surrendered and accepted that this was absorbed by La Caixa.
That was precisely one of the problems of three boxes: the Board of Directors. Not because they were politicized, because they were private foundation, but because most of its members had no financial training. "If a manager said that the case should be dedicated to real estate, no doubt," say sources close to the entity. In the councils had business, but especially a large representation of the cultural institutions of the regions and local authorities.
Unnim completed their merger in 2010 and went to the FROB to take over a loan of 380 million
Unnim completed their merger in 2010 and went to the FROB to take a loan of 380 million. While the agency believed that the operation would enable them to hold on, soon saw that they needed more capital to go plugging the holes that were appearing by exposure to brick and meet the required solvency levels of the government after the suspension of the test box resistance. The agency planned to open to private capital between 30% and 35% of its capital. Moreover, after the good reception that took the bonds of the Generalitat, the box he thought he could put stakes among its own customers to not ask institutional investors.
Unnim closed 2011 with losses of 469 million
As the crisis progressed, however, that option was complicated to be impossible, so Unnim tried to integrate in another group. He knocked Civic Banking, Ibercaja and Basque cases, but ultimately ended up nationalizing state to 100% after injecting 568 million euros. The symbolic one euro appreciated after finding that three independent reports agreed that the entity had a negative value of tens of millions of euros.
FROB intervention meant that surfaced in the Catalan losses caused by the brick. Unnim closed 2011 with losses of 469 million for 518 million after write-downs and to have spent 92 million to carry out the integration of the three entities. After nationalization, Unnim continued its trade policy. So much so that in late 2011 decided to reward the loyalty of its clients with payroll giving away trips to the coast of Turkey in upscale hotels. That did not last. In the end, the Gauls gave way to Rome. Unnim history ended in early March, when BBVA took the body for one euro and a support of 953 million paid by the Guarantee Fund of banking.
Back to basics
After the banking of Unnim and the assumption of 100% of its shares by the State, the Welfare of the entity, which became foundation, bereft of resources to feed their actions. BBVA has expressed its commitment to maintaining the social work, although the formula is still unknown. So far, foundations have decided to return to the origins, that is, separated into three to pursue only their cities and their surrounding area.
Social Work Unnim not like CatalunyaCaixa. The latter has properties, such as the flagship building of La Pedrera, by Antoni Gaudí, which provides income to continue feeding her. In fact, now Unnim have to dip into the pool to advance its social work and seek funding from public and private entities.
The mayors of Sabadell, Terrassa and Manlleu after the operation showed BBVA concern about the future of social work in their cities and workers of the entity. Unnim come and perform a redundancy of 530 workers, leaving its workforce by 3,076 employees. BBVA has now raised another reduction of 1,265 staff persons resulting from the merger of two banks and the closure of 314 offices. Following the General Assembly on Monday Unnim Caixa, the CCOO union claimed that the adjustment of staff and office maintenance pursue maximum employment and reducing branch that requires the operation is carried out in a "negotiated and progressive".
The original sin of the three cases arises precisely from the ambition of breaking the district boundaries that had kept for over a century
The original sin of the three cases arises precisely from the ambition of breaking the district boundaries that had kept for over a century. Although 1989 was the year that the ban opened the boxes that could go out of their communities, county agencies waited for the boom. The problem was not so much in the expansion as used in the formula and the moment they chose. Again, clung to the brick boxes, and they did in 2006 when real estate is going to take up and prepared for an emergency landing. The overhead of houses and land in small boxes was lethal, as their recurrent activity, also hit by the financial crisis, was too small to cover the hole they left the housing crisis.
more informationI. Caja Castilla-La Mancha, notice that no one wanted to hearII. Cajasur, the case of the Church, also joined the party of the brickIII. "The worst of the worst" was the CAMIV. Managers out of control and docile political dynamite NovacaixagaliciaV. Caixa Catalunya, the box was mounted on the brick
The year 2004 was the first in which the boxes of Sabadell and Terrassa broke an unwritten rule that lasted more than a century, which none of them open in the city of the other. But that same year was outlined and expansion. In 2004, Caixa Sabadell, with assets of 12.438 million, had 284 offices, all in Catalonia. Four years later he had opened 95 more, of which 16 were in Madrid, 9 1 Valencia and Andalusia. Caixa Terrassa, with assets of 11.755 million, increased from 232 to 268 branches in Catalonia, with 11 in Madrid and 2 in Aragon. The smallest, Manlleu (20,400 inhabitants), grew more measured: from 92 offices in Catalonia and 1 in Madrid, to 101 in the community and 2 more in the capital.
The basis for this growth were the sponsor credits and the purchase of houses. Promotions were funded which occupied a place in that said the word the word caixa and took advantage of cheap credit boom to attract new customers in those areas. The grants then grew 35% annually, in the case of Caixa Terrassa, and 25% in the case of Sabadell. "We lost sight of the industrial fabric of the region during that time, which is the reason why we were born, and we turn in the housing sector," laments a former counselor. The legacy of that era is a portfolio of land and housing of 1,757 million and a volume of loans amounting to promoter 3.598 million euros when he had to bare his balance at the Bank of Spain. In late 2011, Unnim still carried with 55 real estate companies.
Caixa Girona soon picked up in a theatrical show episode of the merger. Eventually absorbed by La Caixa
From 2009, when Caixa Sabadell met 150 years, the three boxes outlined their merger, which added to the Caixa Girona. This will soon be picked up in a theatrical show episode. When the merger was already approved, the new box had a name and a green light from Brussels was about to arrive, counselors and ERC related to the operation CiU rejected the view that their presence was diluted. And that its weight would be 23%, when its assets were only 7.815 million. It was a local key political decision. The decision angered addresses CiU and ERC in Barcelona, and angered the Government and the Bank of Spain. In contrast, garnered applause from Girona businessmen who wanted the box to continue alone. The euphoria was short lived. Just three months later, the board of the entity surrendered and accepted that this was absorbed by La Caixa.
That was precisely one of the problems of three boxes: the Board of Directors. Not because they were politicized, because they were private foundation, but because most of its members had no financial training. "If a manager said that the case should be dedicated to real estate, no doubt," say sources close to the entity. In the councils had business, but especially a large representation of the cultural institutions of the regions and local authorities.
Unnim completed their merger in 2010 and went to the FROB to take over a loan of 380 million
Unnim completed their merger in 2010 and went to the FROB to take a loan of 380 million. While the agency believed that the operation would enable them to hold on, soon saw that they needed more capital to go plugging the holes that were appearing by exposure to brick and meet the required solvency levels of the government after the suspension of the test box resistance. The agency planned to open to private capital between 30% and 35% of its capital. Moreover, after the good reception that took the bonds of the Generalitat, the box he thought he could put stakes among its own customers to not ask institutional investors.
Unnim closed 2011 with losses of 469 million
As the crisis progressed, however, that option was complicated to be impossible, so Unnim tried to integrate in another group. He knocked Civic Banking, Ibercaja and Basque cases, but ultimately ended up nationalizing state to 100% after injecting 568 million euros. The symbolic one euro appreciated after finding that three independent reports agreed that the entity had a negative value of tens of millions of euros.
FROB intervention meant that surfaced in the Catalan losses caused by the brick. Unnim closed 2011 with losses of 469 million for 518 million after write-downs and to have spent 92 million to carry out the integration of the three entities. After nationalization, Unnim continued its trade policy. So much so that in late 2011 decided to reward the loyalty of its clients with payroll giving away trips to the coast of Turkey in upscale hotels. That did not last. In the end, the Gauls gave way to Rome. Unnim history ended in early March, when BBVA took the body for one euro and a support of 953 million paid by the Guarantee Fund of banking.
Back to basics
After the banking of Unnim and the assumption of 100% of its shares by the State, the Welfare of the entity, which became foundation, bereft of resources to feed their actions. BBVA has expressed its commitment to maintaining the social work, although the formula is still unknown. So far, foundations have decided to return to the origins, that is, separated into three to pursue only their cities and their surrounding area.
Social Work Unnim not like CatalunyaCaixa. The latter has properties, such as the flagship building of La Pedrera, by Antoni Gaudí, which provides income to continue feeding her. In fact, now Unnim have to dip into the pool to advance its social work and seek funding from public and private entities.
The mayors of Sabadell, Terrassa and Manlleu after the operation showed BBVA concern about the future of social work in their cities and workers of the entity. Unnim come and perform a redundancy of 530 workers, leaving its workforce by 3,076 employees. BBVA has now raised another reduction of 1,265 staff persons resulting from the merger of two banks and the closure of 314 offices. Following the General Assembly on Monday Unnim Caixa, the CCOO union claimed that the adjustment of staff and office maintenance pursue maximum employment and reducing branch that requires the operation is carried out in a "negotiated and progressive".
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