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Written by Per Svensson
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Ibex under 8,000
Since last week’s Report, when we told our readers the index for the Spanish stock exchanges had fallen to 8,995.30 points, the Ibex has continued falling. On Thursday morning, the 30th the quotation was 8.650,10, after dropping below the 8,000 mark on Tuesday. However on Wednesday the Ibex rallied 9,42%, the strongest increase in the history of the exchange. This means Spanish stock values have fallen by 43.03% this year. |
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Written by Per Svensson
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The guarantees of saving deposits
As promised, this is the list, at mid October, of government guarantees for saving deposited in the various EU countries:-
Unlimited: Denmark, Ireland and Germany.
150,000 euros: Sweden.
100,000 euros: Belgium, Holland, Greece, Italy (103,000), Spain, Portugal, France.
50,000 pounds: UK
50,000 euros: Finland.
20,000 euros: Malta and Luxembourg.
Norway has also a strong guarantee, expressed in Norwgian Crowns.
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Written by Per Svensson
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Rally on stock exchanges after massive government intervention
The Spanish stock exchanges indexes rallied 10.65% on Monday, after the huge losses on “Black Friday” of last week. On Tuesday the upward movement continued with an increase of 2.70%, that was followed by another great fall of 5,06% on Wednesday. At the moment of sending out this report, in the morning of the 16th, the Ibex stands at 9.706 points, 36% down from the beginning of this year.
The European Central Bank has also made an effort to support the markets by reducing their interest rate for loans to the banks from 4.25% to 3.75. However, the banks have not passed on this reduction to their mortgage clients, who on Monday 13th were still paying 5.512%.
(Read our comment at the end of this Report)
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Written by Per Svensson
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Restrictions on credits
In an interview with the newspaper “El Mundo” Minister of Finance Pedro Solbes said the following about the repayment of mortgages:
“The non-repayment of mortgages has increased in a spectacular manner and is worrying…..”
On the situation of the Spanish banks he said:
“At this moment, I do not see any Spanish entity in danger, but it would be daring on my part to think that nothing will happen…..”
Based on instructions from the Ministry of Finance, the Banco de España has told the banks to stop giving credits to improve their financial situation and diminish the risks.
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Written by Per Svensson
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EC asks for water guarantees
The European Commission has asked Spain for information on 250 housing developments, including some of which are only projected or are being constructed, which have insufficient water resources. The projects, situated in Andalucia, Murcia, the Valencia Region and Castilla – La Mancha, have obtained construction permits, or are about to get them, in spite of them not having received approval from their respective water authorities. |
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News from Spain