Banco Santander meeting
News Article Date: Monday 26th of January 2009
Emilio Botín, the Chairman of Banco Santander, has told an extraordinary meeting of shareholders today that he is to study the possibility of taking legal action to defend the bank and its clients in the face of the Bernard Madoff scandal. Clients of the bank lost 2.3 billion and the bank lost 17 million € of its own funds in the fraud.
The Chairman said that the bank has 84 billion € liquidity and said it had not closed the credit tap to borrowers.
Botín said that the annual results of Santander were ‘magnificent’.
The Euribor rate, used to set mortgages in Spain, is now down to levels last seen in September 2005. The monthly average rate is now 2.69% while the daily rate is down now to 2.347%.
December prices for industrial items fell for the fifth consecutive month and the first time annually since 2002. Prices fell by 2.2% with respect to November according to INE National Statistics Institute.
Leading the fall in prices was in the refining of petrol, down 21%.
The ING bank has announced 7,000 jobs are to be lost this year, but they say that the Spanish branch of the bank will not be affected by the cut-backs.
Repsol has announced three new gas finds in Algeria. The first tests think that more than 1 billion cubic metres of gas a day, 1% of the national consumption in Spain, could come from the new find in the Sahara Desert.
It comes after General Gadaffi again mentioned the nationalising of petrol companies, including Repsol in Libya, during an official dinner in the presence of King Juan Carlos and the Chairman of Repsol.
The white labelled products in supermarkets are seeing record sales in Spain as people look for bargains. They now amount to 32% of sales, the highest percentage seen anywhere in Europe according to the latest data.
British Airways has announced that it does not want to merge with Iberia given the current situation on the stock market. Willie Walsh told the Financial Times that the airline was not prepared to meet the merger now, and said part of the problem was the loss of value of sterling against the Euro.
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