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La sequía crediticia se agrava
El crédito se encarece y seguirá bajando los próximos años, según los expertos
The credit drought worsens
Credit is more expensive and keep going down the next few years, experts say
Amanda Madrid Mars 17 JUN 2012 - 02:24 CET
Credit is more expensive and keep going down the next few years, experts say
Amanda Madrid Mars 17 JUN 2012 - 02:24 CET
"The credit problems leave you caught between two fronts: they ask you to charge your suppliers before, but your customers will demand more time to pay. Not much joy for new investments, true, but when the loans call for interest so high, the profit margin stays there, so that for the project. " Laquidain Alexander, president of the Spanish Intertextile, summarizes the direct effect of this banking crisis in Spanish companies in your guild, much like those of any medium Spanish company. Joan Tristany, CEO of AMEC, an association of companies exporting goods, hears the same complaints at every meeting: "We lose sales over other competitors in Germany and France because they can sell the product and to offer a credit the buyer and we do not. "
He said the prime minister, Mariano Rajoy, the headaches of Laquidain and Tristany be alleviated a bit thanks to the rescue of Spanish banks, the loan billionaire who has had to ask Spain to its European partners. Rajoy, as the economy minister, Luis de Guindos, explained that this plan will help the credit flowing again, and with it, as companies invest more and create jobs. Then the Spanish consume more than they produce business and will reactivate the activity. Here's how the virtuous circle of economy.
The bad prognosis and Guindos Rajoy is not much banker and financial expert who seconder. "The loan [European] can be definitive as to who falls and who is not, but it will not be in macroeconomic terms for growth," stated the CEO of Banco Sabadell, Jaume Guardiola, in a panel discussion last Friday IESE . "We can not expect anything of credit, on the contrary, the credit will fall," he said.
The bank will loan to consolidate their balance sheets empachados brick: offset the falling value of all this mass of toxic real estate assets or Doubtful. "The priority now is to achieve the necessary capital and adjust these balances, we entered a cyclical phase of little more expensive credit," said Alfonso Garcia Mora, International Financial Analyst (AFI).
It leaves less money and more expensive. The latest survey of bank loans, issued by the Bank of Spain in May, includes a tightening of lending conditions for families and businesses so far this year. The interest rates demanded by private sector have experienced "further increases" this 2012, after a 2011 in which already increased from 0.4% to 0.6%.
Exporting companies lose sales to rivals French or German by the lack of credit
Spain comes out badly in comparison with its surroundings. The interest rate on new loans of less than one million euros to companies stood at 5.32%, a level above the eurozone average (4.19%), Italy (4.70%) or Germany (3.34%), although passed by the rescued Portugal (7.31%) and Greece (6.89%), according to April the European Central Bank (ECB). That hurts exports.
"For banks can provide needed capital or financing, ie the money we provide to us. In Spain, the savings are those that are, and funding for institutions is closed: if you try to issue bonds, do not buy them, "explained from a bank. The sector has the best international image. For risk-rating agency Standard & Poor's, for example, six Spanish banks in junk bond. The bank now runs away from any danger, but lives on lending money, that is the foundation of your business, so when a solvent company credit requests, fight for it and, paradoxically, its financing is becoming more expensive than the Treasury .
"The credit can not grow in a few years, the economy must reduce its debt, but the problem is that solvent projects left out," write from another entity. Spain must reduce the volume of 1.8 billion euros in loans and to do so, amortization should exceed the new credit granted. AFI estimates that the credit will fall 5.6% this year and another 4.5% in 2013. La Caixa, meanwhile, estimates that the deleveraging in a banking crisis takes about seven years (in Spain end in 2017). The general director of La Caixa and CEO of Caixabank, Juan María Nin, estimated [before the rescue] that the credit would drop to 1.4 billion, almost 30% to that year.
AFI estimates that loans will fall by 5.6% this year and 4.5% in 2013
The problem is that loans encyst brick and other sectors and families pay the piper. Tornabell, professor of finance and exdecano ESADE, he cites that "before the crisis, companies were required to its EBITDA was four times its debt, but now it is up to five or six times."
Without credit, the economy is broken, though Spain must now digest the surfeit of cheap loans from the boom: "What sound is that the credit of a country to grow one or two points above the GDP, but now we are in recession," said Tornabell. The loan will have to wait to grow.
He said the prime minister, Mariano Rajoy, the headaches of Laquidain and Tristany be alleviated a bit thanks to the rescue of Spanish banks, the loan billionaire who has had to ask Spain to its European partners. Rajoy, as the economy minister, Luis de Guindos, explained that this plan will help the credit flowing again, and with it, as companies invest more and create jobs. Then the Spanish consume more than they produce business and will reactivate the activity. Here's how the virtuous circle of economy.
The bad prognosis and Guindos Rajoy is not much banker and financial expert who seconder. "The loan [European] can be definitive as to who falls and who is not, but it will not be in macroeconomic terms for growth," stated the CEO of Banco Sabadell, Jaume Guardiola, in a panel discussion last Friday IESE . "We can not expect anything of credit, on the contrary, the credit will fall," he said.
The bank will loan to consolidate their balance sheets empachados brick: offset the falling value of all this mass of toxic real estate assets or Doubtful. "The priority now is to achieve the necessary capital and adjust these balances, we entered a cyclical phase of little more expensive credit," said Alfonso Garcia Mora, International Financial Analyst (AFI).
It leaves less money and more expensive. The latest survey of bank loans, issued by the Bank of Spain in May, includes a tightening of lending conditions for families and businesses so far this year. The interest rates demanded by private sector have experienced "further increases" this 2012, after a 2011 in which already increased from 0.4% to 0.6%.
Exporting companies lose sales to rivals French or German by the lack of credit
Spain comes out badly in comparison with its surroundings. The interest rate on new loans of less than one million euros to companies stood at 5.32%, a level above the eurozone average (4.19%), Italy (4.70%) or Germany (3.34%), although passed by the rescued Portugal (7.31%) and Greece (6.89%), according to April the European Central Bank (ECB). That hurts exports.
"For banks can provide needed capital or financing, ie the money we provide to us. In Spain, the savings are those that are, and funding for institutions is closed: if you try to issue bonds, do not buy them, "explained from a bank. The sector has the best international image. For risk-rating agency Standard & Poor's, for example, six Spanish banks in junk bond. The bank now runs away from any danger, but lives on lending money, that is the foundation of your business, so when a solvent company credit requests, fight for it and, paradoxically, its financing is becoming more expensive than the Treasury .
"The credit can not grow in a few years, the economy must reduce its debt, but the problem is that solvent projects left out," write from another entity. Spain must reduce the volume of 1.8 billion euros in loans and to do so, amortization should exceed the new credit granted. AFI estimates that the credit will fall 5.6% this year and another 4.5% in 2013. La Caixa, meanwhile, estimates that the deleveraging in a banking crisis takes about seven years (in Spain end in 2017). The general director of La Caixa and CEO of Caixabank, Juan María Nin, estimated [before the rescue] that the credit would drop to 1.4 billion, almost 30% to that year.
AFI estimates that loans will fall by 5.6% this year and 4.5% in 2013
The problem is that loans encyst brick and other sectors and families pay the piper. Tornabell, professor of finance and exdecano ESADE, he cites that "before the crisis, companies were required to its EBITDA was four times its debt, but now it is up to five or six times."
Without credit, the economy is broken, though Spain must now digest the surfeit of cheap loans from the boom: "What sound is that the credit of a country to grow one or two points above the GDP, but now we are in recession," said Tornabell. The loan will have to wait to grow.
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