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Spain economy: Measures needed 'the sooner the better'
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We have the idea that
there are certain problems within the banking system in Spain, especially focused
on the savings and loans and the savings and loans institutions and we know,
that sooner or later some action has to be taken, because this is a great
problem for the liquidity for the whole economic situation especially in
Spain. So, something has to be done it
must be done soon and quick. We don’t know
when, the news out there, the Financial
Times said this morning that it will be a
bailout on Saturday, we don’t know exactly when but measure have to be taken
for sure.
And working in banking
how aware are you of the problems?
Well as a matter of fact,
I think we have a very good feeling of
how things are going because we have the feeling of the confidence level in
Spain and the customers and we have an idea of the different problems they are
suffering when they try to carry on with the business and carry on with their
lives and if we do not have the financial block running through our systems to
continue with our economy to grow and come out of this situation right now.
And when you heard that
Bankia was being nationalized where you surprised, were you shocked or did you
expect it?
Well, Bankia is a merger
of two savings and loans institutions and we know that some of them are really in a tough spot, they are having a lot of
problems. In Spain it is most important
to distinguish between the savings and loans institutions and the banks,
OK. The banks are completely different
and when they got together we thought that there could be some problems. As a matter of fact we know Bankia, there was
problems in some small savings and loans institution before and there might be
some others, we might see what will happen maybe they will also need further
help.
I know that if you are
in Private Banking you are dealing with some high net worth individuals, now
they may need to borrow money to expand their business, now are loans being
made at the moment?
Yes they are, as a
matter of fact there is money going through the economy. We are making loans, we are making loans
based on seven programmes, set up by the government such as the: ICO credit
system, so credit is going to the companies but it is not running or flowing as
a, normally as it should be.
I wasn’t to talk very briefly
about the psychology of this, because presumable people wake up in the morning,
they turn on the radio, they read the newspaper, they turn on the television,
they go on the internet and see all these terrible things about the state of Spanish
banks, aren’t you that if nothing is done quickly that people will start taking
their money out and they would rather have it under their mattress than in the
bank?
That is very Spanish to
have the money under the mattress but no that is not the case. We are not seeing money flowing out of the
banks, but it is true that that the Spanish people, in general are really
worried about the situation because there is a lot of psychological pressure in
Spain. Every time you open a newspaper,
or look in the internet or TV all the focus is on Spain these days and its
going to be a great disaster in the economy.
We think the it’s a little bit overdue, its more of a psychological
thing, very intense.
But the sooner the
rescue comes the better?
The sooner things get
run, the better, if we have to make any more measure in Spain it has to be done
right now and if we have to make any sort of loans to the banks, which, I think
we will be the best idea, it should be that.
Of course the sooner the better.
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