Only 28% of Italy’s households managed to save in 2012, against 35% in 2011 and 36% in 2010, according new research published today by the country’s association of rural banks Acri.
The Memorandum of understanding (MOU) on bank recapitalisation for Spanish banks, which also introduces resolution legislation, represents a far-reaching reform of the Spanish banking sector, said today rating agency Fitch.
A positive outcome at this week’s European Union summit will help Portugal’s asset management industry, though it will still face many problems, said Paulo Gonçalves, asset coordinator at Banco Popular in Lisbon.
The financial crisis has caused a strong decline in investment from households in Spain and a significant restructuring of portfolio assets, according to Julio Segura, president of the Comisión Nacional del Mercado de Valores (CNMV), Spain’s market regulator.
Investors and banks are anxiously waiting for Mariano Rajoy, Spain’s next prime minister, to clarify how he intends to resolve the country’s enduring banking crisis.
The Spanish Fund for Orderly Bank Restructuring’s (FROB) decision to take as much as 90% to 100% of the equity of three savings banks, known as cajas, in return for capital injections highlights the size of potential losses on these banks’ loan portfolios, Fitch Ratings said on Friday.