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...Banco de Valencia, the smallest of Spain’s four nationalised lenders, was this week auctioned off to Caixabank, with Catalunya Caixa and NovaGalicia, expected to be sold by the end of next year....
..., Catalunya Caixa, and Banco de Valencia....
...BNM, Ibercaja and the nationalised Banco de Valencia, NCG and Catalunya Caixa failed. “Finally we have an independent assessment of the health of Spain’s banks,” said one senior European official....
...According to Caixa Catalunya, a local bank, there are some 818,000 new, unsold homes in the country, which does not include unfinished units....
...Banks such as Unnim and Caixa Catalunya, which were nationalised, meanwhile saw a cap of €300,000 a year placed on the salaries of their executives....
...Other savings banks that have received state funds, such as Caixa Catalunya and Banco de Valencia, are expected to be merged with larger lenders in Spain by July....
...The issuer ratings of La Caixa and BFA are positioned two and three notches, respectively, below the long-term ratings of their operating companies....
...Spanish officials and bank regulators are confident that the IMF will conclude that the recapitalisation needs of the country’s banks – principally the former cajas that make up Bankia, Catalunya Caixa and...
...Other possible deals discussed by bankers in Spain include a takeover by BBVA of the nationalised Catalunya Caixa, and the sale of Banco de Valencia by the state to Banco Mare Nostrum....
...NovaCaixaGalicia (NCG), Caixa Catalunya and Unnim are expected to be recapitalised by Frob after failing to present adequate plans to secure new investors by a September 10 deadline....
...In the case of banks such as Catalunya Caixa, whose chairman Adolf Todó was paid €1.55m last year, pay for top executives is capped at €300,000 and for non-executives at €50,000....
...While Caixabank, the new banking arm of La Caixa, floated at 0.8 times book value, Bankia managed only 0.4 times and Caixa Catalunya is expected to be valued at around 0.2....
...The names of the fallen (we’ll add capital shortfalls as we get them): Austria Volksbanken (€160m) Greece Atebank (€713m) Eurobank EFG (€58m) Spain CAM (€947m) Catalunya Caixa (€75m) Unnim (€86m) Banco...
...The other five are Spanish and don’t: UNNIM, CAM, Catalunya Caixa, Banco Pastor and Caja 3. Germany’s Helaba withheld its result in a row with the EBA....
...Some of the unlisted savings banks offering the best deals, such as Catalunya Caixa and Novacaixagalicia, offering 3.76 per cent a year, are those that have received bail-out money, a fact particularly irksome...
...NCG was valued at 0.12 times book value, giving the Frob 93 per cent, while Catalunya Caixa was valued at 0.09 times book value and is now 90 per cent in the hands of the state....
...Other groups, including Catalunya Caixa and Novacaixagalicia, have accepted the need for partial nationalisation through injections of public money....
...By setting the 8 per cent core capital target, the authorities seem intent on forcing poorly capitalised cajas, such as Catalunya-Caixa, to turn their businesses into banks and to seek help from private...
...Bankia – formed from the merger of Caja Madrid and six other savings banks – has the biggest shortfall, of €5.8bn, followed by Novacaixagalicia (€2.6bn), Catalunya Caixa (€1.7bn) and Banco Base (€1.5bn)....
...Adolf Todó, chief executive of Catalunya Caixa – one of the banks that failed the stress tests but is ahead in terms of restructuring and cost-cutting – is confident the group will have enough liquidity...
...The largest and most advanced brings together Caixa Catalunya, Caixa Tarragona and Caixa Manresa in a new group to be called Caixa Catalunya that will begin operating in July....
...Pol Clota, a spokesman for Catalan lender Caixa Catalunya, agrees. He says low interest rates and hopes of a bargain are drawing young couples back into the first-home market....
...Also lurking is the giant savings bank La Caixa, which owns 9 per cent of Repsol directly and another 5 per cent in a joint venture with Caixa de Catalunya, a struggling property-exposed mutual....
...Penedes, and Caixa Catalunya may be the next to go) where it is hard to see how we won’t get to that horrible place if no one does anything....
...Catalunya BFSR downgraded to D- from C, outlook changed to negative; Long-term debt and deposit rating downgraded to A3 from A2, outlook changed to negative; Senior subordinated debt downgraded to Baa1...
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