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The Ordered Banking Restructure Fund has recently given the ailing Banco de Valencia a cash injection of 4,500 million euros, and its nationalisation means it will be one of four financial entities to get a slice of the 37,000-million-euro bailout from the EU.
Banco de Valencia registered losses of 389.4 million euros in the first nine months of 2012, after having cut its deficit by 55.5 per cent – from 876.44 million – thanks to the grant from the FROB.
The FROB has resurrected the auctioning off of Banco de Valencia – a former affiliate of Bancaja – along with Catalunya Banc, but the former was given priority due to its smaller size.
Resistance tests – devised by the management consultancy Oliver Wyman – found that in the event of adverse economic conditions, the entity would need up to 3,462 million euros in capital.
CaixaBank has worked out that it will be forced to carry out a restructure of the Banco de Valencia in the gross sum of 233 million euros, although it believes that from 2014 onwards, this will generate savings of 85 million a year in costs.
The sale is expected to be completed by the first quarter of 2013.
NEW legislation aiming to protect the public from telephone scams and cold-calling is under construction, and will attempt to attack it at source by tightening up on commercial use of customers' personal data.
INTEREST rates in the Eurozone could fall to 2.5% next year, having closed August 2024 on 3.75%, according to latest research.
GRANTS of up to €250 are available this year for replacing older air-conditioning units in a bid to encourage greater energy efficiency.
TWO of Spain's largest high-street banks are reported to be in merger talks, potentially resulting in the joint entity being the second-biggest in the country in terms of share capital.
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