Friday, 15 July 2011

Five Spanish banks fail EU stress tests

Update 30th September 2011

Spain has now nationalised three of the failing banks to achieve stability!
  • CatalunyaCaixa
  • Unnim
  • Novacaixagalicia
A staggering €7.5 billion, which Spain doesn’t have, has been used to gain majority control.

July 2011

The five banks who failed the 'stress' tests were;

  • Caja Mediterraneo (CAM)
  • CatalunyaCaixa
  • Unnim  
  • CajaTres
  • Banco Pastor

In addition, more banks were said to have 'barely matched the minimum requirements' These are; 
  • Bankinter
  • Banco Sabadell
  • Banco Popular
  • Novacaixagalicia
  • Caja Ontinyent
Regular readers of 'Financial Pages in Spain' will know that I'm no friend of the banks or the lack of effective regulation, but not even I welcomed this news.

My response is twofold;

1. Don't panic
2. Get personal advice on the options you may want to look at.

Please email me if you feel I might help you 

You may also want to read previous posts of mine;