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Spain Plans For Bank Failures
I have heard of reports appearing in the Spanish press that the government is planning for future bank failures in the current crisis. The report says that the plan is to divide the banks into three categories: those that will survive without government help, those that will need help, and those that will be allowed to fail.
For those with savings in Spanish Banks, like myself, I would like to know if anyone else has heard anything further in this regard.
Savings of up to 100000€ per person per institution are guaranteed under Spain’s bank deposit protection regime.
Let us hope that the guarantees don’t turn out like the property ones 🙂
I am expecting a number of Spanish banks to fail in the coming months. In fact it is rather surprising so many are still in business. However the ECB have been instrumental in propping many of them up in a slightly clandestine manner over the last year..
There was a very good article in the Telegraph which exposed this some weeks ago. I will send anyone a copy if you PM me.
The Spanish government are desperate to retain international confidence in Spain’s ability to deal with the severe effects of the downturn. Money on deposit in Spain is probably as safe as anywhere else right now.
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