Spain – NPLs Explode to New Record High
by Pater Tenebrarum
Acting Man
A Reminder that the Crisis is Still Going Strong
Those analysts worth listening to are watching the ‘clean-up’ of Spain’s banking system via the new ‘bad bank’ Sareb with increasing bewilderment – the very strong suspicion is that the prices for the toxic crap that is being shifted into the bad bank are still not quite what the market would pay for such assets. This is in spite of the heroic announcements by the Bank of Spain about ‘realistic valuations’ a while back, and the reason for the suspicion is the lack of foreign participation, and indeed also the curious reluctance on the part of BBVA to jump into the fray. Among the analysts worth listening to in this context is Exane’s inimitable Santiago López Díaz, a.k.a. ‘Santi’, who has so far been depressingly correct about Spain’s banks and whom we have to thank for the above deliberations.
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2012-12-21 18:04:39
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