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Spanish Finance News

The following articles relate to news in the finance sector of Spain. The news articles related directly to Spanish mortgages and foreign currency matters.

9 Reasons Why Spain Is A Dead Economy Walking
News Article Date: Tuesday 15th of June 2010
Barring an economic bailout of mammoth proportions, the economy of Spain is completely and totally doomed.
A Vicious Circle for European Governments
News Article Date: Tuesday 15th of June 2010
As financial markets demand higher interest rates on its debt, Spain, like a number of economies in Europe, is battling to persuade skeptical investors that it can continue to service its mounting financial obligations.
Spain plays high-stakes poker game with Germany as borrowing costs surge
News Article Date: Tuesday 15th of June 2010
Solving Spain’s other debt problem
News Article Date: Tuesday 15th of June 2010
Rumours of Spain’s financial demise may be exaggerated. A newspaper story this week that the country would need to tap the European bail-out facility has been firmly denied. But investors remain wary of Spanish debt, and the yields the government needs to pay continue to creep up.
Greek debt slashed to junk status
News Article Date: Tuesday 15th of June 2010
Not everyone is convinced Greece can meet its debt obligations. Greek debt downgraded to junk... again Sovereign debt fears in Europe are spreading, with the international ratings agency Moody's downgrading Greek government debt to junk status.
Spanish unemployment rate rises above 20%
News Article Date: Friday 30th of April 2010
Spain: In a statement, the INE (National Statistics Institute) said first-quarter unemployment rose to 20.05% from 18.83% in the fourth quarter of last year.
Mortgage Rates Fall as European Debt Crisis Grows
News Article Date: Friday 30th of April 2010
The average U.S. mortgage rate on 30-year fixed rate mortgages was 5.06 percent for the week ending April 29th. This is a slight decrease from the previous week, but is still well above the record low of 4.71 percent in early December. Thirty-year fixed rate mortgages have averaged around 5 percent in the first quarter of 2010.
Mortgage Rates to Remain Low For Now
News Article Date: Friday 30th of April 2010
Yesterday the Federal Reserve renewed its pledge to keep interest rates low for an “extended period” saying that inflation is “likely to be subdued for some time”.
Santander boosts mortgage share
News Article Date: Friday 30th of April 2010
Spanish banking giant Santander said UK profits increased by more 15% after it lifted its share of the mortgage market to 20% in the first three months of the year.
Spanish bank Santander provided 20pc of all UK mortgages
News Article Date: Friday 30th of April 2010
The figures emerged as Santander published its results for the first quarter of 2010, which showed a 15pc increase in the bank's profits from its UK operations, which made a total of £426m in the first three months of the year, with deposits growing by 4pc.
Santander increases mortgage market share
News Article Date: Friday 30th of April 2010
Spanish banking giant, Santander, saw its mortgage market share increase in the first quarter to 20%.
Santander sails on despite concerns over Spanish debt
News Article Date: Friday 30th of April 2010
Banco Santander yesterday shrugged off concerns about Spain's economy to post an expectations-beating 6 per cent rise in first-quarter profits, driven by Latin America and Britain.

News Article Date: Tuesday 30th of November 1999
Spain's Troubled Economy: Why Europe Is Worried
News Article Date: Wednesday 10th of February 2010
You know your country's economy is in trouble when the Finance Minister travels to a foreign country to seek out that dying breed known as the daily-newspaper editorial staff. That's exactly what Spanish Finance Minister Elena Salgado did on Monday: she flew to London to speak with the editors of the Financial Times.
Spain’s Real Estate Sector Jeopardized By Massive Debt
News Article Date: Wednesday 10th of February 2010
Spain’s real estate sector is burdened by a massive amount of debt, causing some in the industry to proclaim the sector bankrupt. Relieving banks of the burdensome toxic property loans may be the only way to keep the mortgage industry afloat. Property values are liable to take a beating as a new wave of foreclosures forces banks to unload repossessions in 2010
Spanish Real Estate and the No Good, Horrible, Very Bad Bank
News Article Date: Wednesday 10th of February 2010
Spain occupies the far southwestern corner of Europe, rolling out along the Iberian peninsula bordered by Portugal and the Atlantic Ocean to the west, the Mediterranean Sea to the east.
Spanish mortgage leader declares real estate industry is bankrupt
News Article Date: Wednesday 10th of February 2010
In a somewhat shocking and worrying statement a leading Spanish lender has declared the country’s real estate sector is ‘bankrupt’. According to Santos Gonzalez Sanchez, president of the Spanish Mortgage Association who speaks on behalf of the country’s mortgage lenders, there is so much debt in the industry that finance for property development has effectively dried up.
Currency Market Report
News Article Date: Tuesday 10th of November 2009
The latest foreighn exchange report from our friends at Foremost Currency Group. There remains much uncertainty over the outlook for the pound, to the extent that it is not easy to predict how economic indicators will impact the markets. An end to quantitative easing in the UK would seem to say that the markets will be able to stand on their own 2 feet. Those with euro mortgages in Spain, Portugal and elsewhere will want the pound to strengthen, although that is tempered by a wish for our european friends to recover too. The prospect of holidaying in Spain with 20% unemployement and the country depressed is not a good one.
Scottish repossessions set to soar
News Article Date: Wednesday 04th of November 2009
Shelter Scotland is warning that mortgage repossessions will rise sharply in the months ahead, unless radical action is taken.
New precedent for mortgage lenders treating customers unfairly
News Article Date: Wednesday 04th of November 2009
One of the UK’s leading sub-prime mortgage lenders has been fined £2.8 million by the Financial Services Authority (FSA) for not treating its customers fairly
Mortgage price war still in its infancy
News Article Date: Wednesday 04th of November 2009
High-profile rate cuts by leading lenders have given a welcome boost to mortgage customers, but average best buy fixed-rate deals are still more expensive than in March this year, according to Evaluate Technologies.
Can You Still Get Mortgages to Buy Spanish Property?
News Article Date: Wednesday 04th of November 2009
The property market in Spain has many parallels and similarities to that in the UK in that if a property is competitively priced it will sell, where there are still pockets of demand there is buoyancy in the market, agents have talked the market up to an unsustainable level, prices have fallen below what the media and government are promoting and people still hanker after owning a home in Spain, just as there is a desire for homeownership in the UK.
Northern Rock split-up approved
News Article Date: Wednesday 04th of November 2009
The European Commission (EC) has approved plans to split Northern into two parts: a ‘good' bank with profitable assets and a ‘bad' bank containing its toxic debt.
Only one lender left offering self-cert
News Article Date: Wednesday 04th of November 2009
Platform, the intermediary lender of the Co-operative Bank, has announced that it is quitting the self-certification (self-cert) mortgage market, leaving Beacon Homeloans as the only active provider in the sector.
Weekly Exchange Market Report
News Article Date: Wednesday 04th of November 2009
The Euro stabilised towards the end of last week after early losses against Sterling.
Re-Mortgage Tips & Traps
News Article Date: Thursday 29th of October 2009
With interest rates at record lows, it could be a good time to refinance existing borrowing. However, the cynics among you will take the view that banks never do anything for nothing, especially as they are trying to recover losses suffered following a large number of defaults in recent years and this should put any prospective borrower on their guard when studying an offer of a new mortgage.
Three and six-month Euribor rates sink to record low
News Article Date: Thursday 29th of October 2009
The three-month Euribor bank-to-bank lending rate dipped to a new record low on Wednesday, as excess liquidity from the European Central Bank continued to put downward pressure on longer-term rates.
Norway Is First in Europe to Raise Rates
News Article Date: Thursday 29th of October 2009
Norway on Wednesday became the first European country to raise interest rates after the financial crisis
EU's Almunia warns cenbanks against hasty exit
News Article Date: Thursday 29th of October 2009
The European economy would suffer if monetary stimulus measures are withdrawn by central banks before fiscal stimulus programmes has had time to take sufficient effect
Banks still tightening criteria on lending
News Article Date: Thursday 29th of October 2009
IRISH BANKS tightened their criteria for lending to mortgage customers and businesses in the third quarter of 2009, while demand for loans also fell, according to the results of the latest European Central Bank (ECB) survey.
Deflation fears as Eurozone and US credit contracts
News Article Date: Thursday 29th of October 2009
Bank lending to firms and households in the eurozone has fallen for the first time, raising fears of an economic relapse and a slide into deflation next year
Turkish delights ... and dangers
News Article Date: Thursday 29th of October 2009
“Buyer beware” is the mantra every one hears when embarking upon a property search in Istanbul.
Santander profits as it adds UK mortgage market share
News Article Date: Thursday 29th of October 2009
Abbey, which is owned by Santander, the Spanish banking group, said that profits had risen by 37 per cent in the first nine months of the year as it increased its share of the British mortgage market.
Foreihn exchange report
News Article Date: Tuesday 27th of October 2009
Last week saw a very turbulent week, with Sterling starting at a low 1.0880 against the Euro
Portugal - Banco Espirito Santo
News Article Date: Tuesday 27th of October 2009
Portugal's second-largest listed bank Banco Espirito Santo (BES) is expected to report a 30 percent rise in third-quarter net profit on stronger margins and trading results despite higher bad loan provisions.
International property searches 'on the rise'
News Article Date: Tuesday 27th of October 2009
The number of people searching for homes abroad was ten per cent higher in September than in August, it has been revealed.
Recession-hit Spain goes back to black economy
News Article Date: Tuesday 27th of October 2009
Spain doesn't feel like a country with an unemployment rate of 19pc. Bars, shops and restaurants are full and only 3pc of mortgages have gone sour. What gives?
Spain’s unemployment remains at 17.9%
News Article Date: Tuesday 27th of October 2009
Spain, Europe’s fifth largest economy, has been deeply affected by the global economic crisis.
The Setting of the Spanish Sun
News Article Date: Tuesday 27th of October 2009
Spain's economic crisis takes down construction and shakes up working professionals and immigrants
Spain unconcerned by rising debt levels in markets
News Article Date: Tuesday 27th of October 2009
The Spanish government is unconcerned that rising levels of public debt in global bond markets could crowd out the country's own issuance plans, Minister of Economy Elena Salgado said on Monday.
Recession: how Britain compares with the rest of the world
News Article Date: Tuesday 27th of October 2009
Britain is still in recession, official figures have indicated. Economists are shocked but how does Britain's financial state compare with the rest of the world?
Spanish Mortgage Tax Relief
News Article Date: Tuesday 27th of October 2009
Investors buying holiday homes to rent out in Spain will not be affected tax wise by the Spanish government’s plans to abolish mortgage tax relief from the beginning of 2011 as it will only affects primary residences.
Turk Cenbank sees soft monetary policy for long time
News Article Date: Thursday 22nd of October 2009
Turkey's Central Bank Governor Durmus Yilmaz said on Tuesday he expected monetary policy to retain a downward flexibility for a long time. The central bank slashed rates to 6.75 percent last week, bringing total easing since November 2008 to 10 percentage points as it attempts to stimulate an economy in deep recession.
Turkey 'a good place to invest in now'
News Article Date: Thursday 22nd of October 2009
The present time offers a good opportunity to invest in Turkish property, it has been stated.
For Dubai, Is the Worst of the Recession Over?
News Article Date: Thursday 22nd of October 2009
People in Dubai are no slouches when it comes to making lemonade out of lemons. Even with the recent declines, the gleaming city they've created on what was once a patch of windblown sand is quite an achievement. One now hears that Dubai will benefit from this enforced breather because its infrastructure had fallen badly behind its ambitions.
UAE’s Mortgage Market Gradually Picks Up
News Article Date: Thursday 22nd of October 2009
DUBAI — The UAE’s mortgage market, stalled for months in the aftermath of the global financial slump, is gradually picking up. However, a complete recovery is unlikely before 2011, once real estate prices stabilise and economic conditions improve, mortgage experts said on Wednesday at the Cityscape property conference.
Dubai property recovery vulnerable to credit squeeze
News Article Date: Thursday 22nd of October 2009
DUBAI // The Dubai property market will be under increasing pressure in the year ahead as an estimated 32,000 homes come on to the market but financing for buyers and developers remains scant, leading analysts say.
Dubai property prices rise 30%
News Article Date: Thursday 22nd of October 2009
Property owners in Dubai have been increasing the asking price for their properties in the past two months and some areas have witnessed appreciation of 20 to 30 per cent in the past few weeks.
The new face of Dubai will be empty offices and apartments with no one in them, says shock report
News Article Date: Thursday 22nd of October 2009
Imagine Dubai 2011, shiny new towers dominate the skyline, the sun glinting off the newly cleaned windows, but there will literally be no one at home, a new report predicts.
ING real estate shuns speculative middle east
News Article Date: Thursday 22nd of October 2009
ING Groep NV’s $150 billion real estate fund has no interest in the Middle East because of overdevelopment, the head of the Dutch bank’s Asian property unit said.
Eurozone values strong dollar talk
News Article Date: Wednesday 21st of October 2009
Officials in the euro area took seriously US commitments to prevent the dollar from depreciating too much, European Central Bank (ECB) president Jean-Claude Trichet said yesterday.
Fundamentals Still Weak For Spain Real Estate Market
News Article Date: Wednesday 21st of October 2009
Recent reports of deceleration in price declines in Spanish real estate, especially in resales, are being met with guarded optimism by industry insiders who fear the actual situation is much worse.
Bankinter results
News Article Date: Wednesday 21st of October 2009
Bankinter SA (BKT.MC) said Friday that third-quarter net profit fell 4.6%, as higher costs and loan-loss obligations offset growth in lending income.
Portugal will perform well in the international property market in the next year, it has been predicted.
News Article Date: Wednesday 21st of October 2009
FRANKFURT -- Underlying euro-zone inflation should edge down in coming months even if overall prices rise slightly, the European Central Bank said Thursday, signaling that it likely will hold interest rates at very low levels for some time.
Portugal predicted to be international property success
News Article Date: Wednesday 21st of October 2009
Portugal will perform well in the international property market in the next year, it has been predicted.
Cheer at last for expats as M&S returns to Spain
News Article Date: Wednesday 21st of October 2009
For homesick British expatriates in Spain, the news will provide a welcome reminder of the old country: Marks & Spencer is coming back.
French and Germans targeting distressed property
News Article Date: Wednesday 21st of October 2009
PropertyEarth.Net, the UK chain free property portal, today publishes statistics which show that investors from all over the world are searching for bargains among the UK’s chain free and repossessed properties.
Spanish Interational Property Market Stabilising
News Article Date: Wednesday 21st of October 2009
A new survey has suggested the property market in Spain may be starting to stabilise.
Spain rental market in need of reform
News Article Date: Wednesday 21st of October 2009
Spain’s housing market is broken and urgently needs fixing, argue a group of top-flight economists from Fedea, one of Spain’s leading economic policy think tanks.
Are lower interets rates good for buyers?
News Article Date: Monday 12th of October 2009
There’s no doubt that lower interest rates are good for existing borrowers with variable rate mortgages (more than 98% of mortgages in Spain are variable rate). With Eurozone base rates at 1% and Euribor – the interest rate normally used to calculate mortgage payments in Spain – down almost 80% in a year to a record low of 1.261%, their monthly mortgage repayments are falling significantly, leaving them better off.
Three-month Euribor interbank rate treads water
News Article Date: Monday 12th of October 2009
The key three-month Euribor bank-to-bank lending rate continued to tread water on Monday, adding weight to the argument that the year-long fall in money market rates may be over.
Could the EUR Strengthen Further?
News Article Date: Monday 12th of October 2009
Following a week in which most of the major currencies remained at relatively steady rates, the Euro stood out in its appreciation against the Dollar, the Yen and the Pound
INTEREST RATES TO STAY LOW FOR YEARS
News Article Date: Monday 12th of October 2009
INTEREST rates are set to remain at record lows for at least five years, sparking a mortgage price war, experts claimed yesterday.
Spanish Economy Showing Signs of Recovery
News Article Date: Monday 12th of October 2009
In Spanish Economy Showing Signs of Recovery, the Bank of Spain attempts to make soothing noises about various negative indicators slowing down.
Pain in Spain May Linger as Banks Seek to Avoid Property Losses
News Article Date: Monday 12th of October 2009
Maria Jose Lozano, a civil servant from Madrid, left a recent property fair empty-handed after discovering that home prices were still out of reach in a market where sales have dropped 50 percent from their 2006 peak.
French Property Beating Spain For Buyers
News Article Date: Monday 12th of October 2009
The latest report from overseas mortgage specialist Conti indicates that more UK residents are looking for homes in France than any other foreign country. France was in second place in 2008, behind Spain, which has fallen to second so far for 2009. The report is based on the number of enquiries received from UK residents for mortgages abroad.
Spain July mortgage lending falls 33.9 pct y/y
News Article Date: Monday 12th of October 2009
Spanish mortgage lending dropped 33.9 percent year-on-year in July, compared to a 25.9 percent annual decline in June, the National Statistics Institute said on Monday
Can you really profit from a weak pound?
News Article Date: Monday 12th of October 2009
Sterling has had a wild ride this summer, hitting people with second homes on the Continent as well as holidaymakers.
British sunseekers flock back to Spain and France in search of bargain holiday homes
News Article Date: Monday 12th of October 2009
As property prices fall across Europe, the chance of owning a holiday home abroad may never be better. And with sterling struggling against foreign currencies – touching a six-month low against the euro on Thursday – it may be wise to get moving sooner rather than later. But where are the bargains?
Spain mortgage costs fall
News Article Date: Monday 12th of October 2009
The cost of a mortgage in Spain fell 14.4% in July from the year-ago period,
Rental car shortage plagues Spain
News Article Date: Monday 03rd of August 2009
To the dismay of tourist and travelers alike, hiring a car in Spain is not as easy as it used to be.
Hire Car Shortages Accelerating Rental Prices at Faro Airport in the Algarve
News Article Date: Monday 03rd of August 2009
Many holiday makers will be heading to southern Europe this summer in a bid to escape the traditional UK weather. For most hiring a car is an integral part of the holiday. But the hire car is often one of the last things people arrange in their holiday itenary.
Car rental problems in Spain
News Article Date: Monday 03rd of August 2009
British holidaymakers visiting the Costa del Sol this summer have been warned of a shortage of rental cars as hire firms are refused credit by banks to restock their fleets.
ECB to hold rates
News Article Date: Monday 03rd of August 2009
The European Central Bank appears certain to keep its key interest rate at a record-low 1 percent at its policy meeting this Thursday, but it may sound more optimistic about an economic recovery.
Tricks and mortar
News Article Date: Monday 03rd of August 2009
SPANISH banks have been doing their best to shield themselves from the bursting of the country’s property bubble. By buying properties before the loans on them go bad, lenders can mask their worst bets. Restructuring loans has the same effect. Help is now at hand from an unlikely source: the normally sober Bank of Spain. In July the central bank circulated guidance that relaxed provisioning rules on risky mortgages.
Deflation accelerates in eurozone
News Article Date: Monday 03rd of August 2009
The much-anticipated round of global deflation – generally falling prices – moved a few steps closer yesterday with the release of record low inflation figures for the eurozone and Japan, while European unemployment rose to a 10-year high.
Spain lending falls 33%
News Article Date: Monday 03rd of August 2009
MADRID, July 28 . - Spanish mortgage lending dropped 33.4 percent year-on-year in May, as the pace of decline slowed from the previous month's record contraction, the government's National Statistics Institute said on Tuesday. May mortage lending dropped to 6.98 billion euros ($9.97 billion) amid soaring unemployment and sliding house prices. The average value of mortgages conceded during the month was 14.4 percent lower than a year earlier at 135,749 euros. The data followed a record decline in mortage applications of 52.6 percent in April and a 32.2 percent fall in home sales in the same month. Spains housing market, which provided the motor for a decade of vigorous growth, has gone into a deepfreeze as banks restrict lending.
Santander holds 16% of mortgage market
News Article Date: Monday 03rd of August 2009
Santander, which owns Abbey, said that it is responsible for one in seven new mortgage applications in the UK as it reported first-half year profit rises of 30 per cent in the UK to £790m.
Multi-Currency Fundamental Analysis for 27 July 2009
News Article Date: Monday 27th of July 2009
A summary of forecast expectations for major currencies
Euro zone economy heads towards stabilization
News Article Date: Monday 27th of July 2009
The euro zone's services and manufacturing sectors contracted much less sharply than expected in July but firms continued to slash jobs in a bid to reduce costs, key surveys showed on Friday.
France filled with bargains
News Article Date: Monday 27th of July 2009
When it comes to buying property overseas, every market is different. Countries like the US, Spain and Ireland saw major booms in recent years that have turned into very deep busts.
Italt real estate to grow in 2010
News Article Date: Monday 27th of July 2009
The Italian real estate market has stabilised but growth will have to wait until the end of 2010 at the earliest, the chief executive of Italy's Beni Stabili
Cyprus market at risk from unsold houses
News Article Date: Monday 27th of July 2009
The ever increasing number of unsold apartments and houses in Cyprus is placing a heavy financial burden on the developers.
Turkey Property Market: Marinas
News Article Date: Monday 27th of July 2009
If the weather and current negativity is making you fed up, then get on a flight to Turkey and take a look at some of the beautiful properties by the sea and in the marinas.
Tax change to impact on European property market
News Article Date: Monday 27th of July 2009
The dynamic of the European property market is set to change considerably in the New Year, with the UK potentially the biggest loser, according to Pierre & Vacances (P&V) Group.
A warning from Spain about the property market
News Article Date: Monday 27th of July 2009
Almost every day, it seems, someone else wants to tell us the housing market's picking up.
ASBOMs
News Article Date: Monday 27th of July 2009
ASBOM is not another acronym for dealing with delinquent youths. Instead it stands for ‘Almost Sold Back On Market’ property which is now littering estate agents books.
Be realistic when buying a holiday home
News Article Date: Monday 27th of July 2009
With the news that the British pound is still holding strong in countries like Egypt, Tunisia and Turkey where interestingly property is still highly affordable too, many Britons are still actively contemplating buying a holiday home abroad as an alternative investment.
Portuguese property market 'weathering economic downturn'
News Article Date: Monday 27th of July 2009
The Portuguese property market has performed better than many others in Europe during the global financial downturn, it has been claimed. was looking at land in the country.
Head to Portugal for your holiday home in the sun
News Article Date: Monday 27th of July 2009
Prices in Portugal are down less than in neighbouring Spain, but pick your spot carefully.
Spanish unemployment
News Article Date: Wednesday 22nd of July 2009
Spanish unemployment expected to reach 18.5 percent in the second quarter though the government's multi-billion-euro public works plan will help slow the pace of lay offs from the first quarter.
Overseas break for investors
News Article Date: Wednesday 22nd of July 2009
When it comes to buying property in Europe, be it in France, Germany, Cyprus or anywhere else, investors may be able to draw on a long tradition of British purchasing, well established tourism sectors and the benefits of investing in a part of the world with stable government.
Is the fiesta over for Spain's tourism industry?
News Article Date: Wednesday 22nd of July 2009
In the 1960s Spain pioneered the concept of mass tourism – the idea of attracting tens of thousands of foreigners to enjoy the country’s sun, beaches and the cheaper food and wine. But the good old days could be over.
Spain tourism slowdown eases in June, helped by UK
News Article Date: Wednesday 22nd of July 2009
The number of foreign visitors to Spain fell 10 percent in June versus a year ago, a slight improvement on the January-May period, figures showed on Tuesday.
Europe Banking and Financial System on the Brink of Collapse
News Article Date: Wednesday 22nd of July 2009
We have avoided Armageddon, at least for now. The cost to the US taxpayer has been a few trillion. Some in the media are loudly announcing the end of the recession. But we are not out of the woods yet. There are a few more bumps in the road. Actually, some of them are quite steep hills. As big as the subprime problem? Maybe.
Banks at root of declining housing market in Spain.
News Article Date: Wednesday 22nd of July 2009
Banks may withdraw their mortgage offer at the last minute, the purchaser perhaps suddenly loses their job or simply gets cold feet at the enormity of the financial commitment.
Details of Title Deed proposals to be announced
News Article Date: Wednesday 22nd of July 2009
The Cyprus Interior Minister will announce details of the proposals to resolve the problems with issuing Title Deeds within the next two months, according to a report in the local press.
French building industry bounces back
News Article Date: Wednesday 22nd of July 2009
New data for 2008 and 2009 shows that, despite the difficult current climate, the French property market is continuing to strengthen under Sarkozy’s investor-friendly governance.
Report: UK mortgage lending up 17 pct in June
News Article Date: Wednesday 22nd of July 2009
Gross mortgage lending in the United Kingdom rose by 17 percent in June compared to the previous month but still lagged at about half of year-ago levels, the Council of Mortgage Lenders said Monday.
U.K. House-Price Slump Will Persist Until 2012
News Article Date: Wednesday 22nd of July 2009
The U.K.’s house-price slump will persist until 2012 and hurt consumer spending, the National Institute of Economic and Social Research said.
Spain property price falls
News Article Date: Monday 06th of July 2009
Spain has close to 1 million newly built properties languishing on the market in search of a buyer, and almost 50% of them are holiday homes on the coast, claims a recent article in the Spanish financial daily Expansion.
Turkey economy under pressure
News Article Date: Monday 06th of July 2009
The Oxford Business Group, a leading publisher of economic and political intelligence in Britain, said Turkey's economy was under pressure due to the global crisis.
Euro banks need to co-ordinate policy
News Article Date: Monday 06th of July 2009
European Central Bank President Jean- Claude Trichet said he’s concerned that a lack of coordination of economic policy around the world will allow the imbalances that led to the financial crisis to persist.
Unemployment in Spain falls
News Article Date: Monday 06th of July 2009
Spanish unemployment fell 1.5% in June, the second consecutive monthly fall, and the biggest June fall in 8 years.
Spanish property valuations
News Article Date: Monday 06th of July 2009
This week, the Spanish government approved almost €100B in funding to prop up their banking system - should it be necessary.
Spanish Housing Starts Down 68% Q1 2009
News Article Date: Monday 06th of July 2009
The way things are going it will soon be rare to see a crane in Spain. The figures for new housing starts say it all.
Andalucia to legalise 40,000 properties
News Article Date: Monday 06th of July 2009
An estimated 40,000 Spanish properties in Andalucia in the south of Spain will be made legal by authorities, it has been reported.
Spain fears for tourism future
News Article Date: Monday 06th of July 2009
This year’s symbol of Spain’s tourism industry is the empty beach chair. Such pictures appear in the media as tourism professionals brace for what is already being described as their worst year in memory.
Summer 2009: The Summer of Returning Love for Spanish Property?
News Article Date: Monday 29th of June 2009
The volume of properties in Spain being constructed in April rose by 3.2% compared to March, the second largest month-on-month rise of any European natioin apart from the Czech Republic, according to data compiled by the EU’s statistics office, Eurostat.
International property buyers ’still choosing Spain’
News Article Date: Monday 29th of June 2009
Spain remains a popular destination for Britons buying property overseas, one expert has observed.
top end homes to appeal to brits buying property in spain
News Article Date: Monday 29th of June 2009
Britons looking to buy property in Spain could increasingly be drawn to top-end homes, an expert has claimed.
Spanish property affordability tipped to grow
News Article Date: Monday 29th of June 2009
Spanish property will continue to become more affordable in the next few months before the market bottoms out, it has been predicted.
Spain's €99 billion bank bail-out
News Article Date: Monday 29th of June 2009
The government announces a rescue fund for a bloated banking system
Spain's eternal lure
News Article Date: Monday 29th of June 2009
Over a million Brits now call Spain home. Many of us were sold the dream of endless sunshine, blue skies, relaxing days on the beach, cocktails on the garden patio and happiness.
How the ECB’s fig leaf has completely withered away
News Article Date: Monday 29th of June 2009
Now that the global recession appears to have passed its low point, panicmongers in the media and financial markets are shifting their attention from deflation to inflation — and especially to the debasement of the dollar by the money-printing operations of the US Federal Reserve.
European economic confidence climbs
News Article Date: Monday 29th of June 2009
European business and consumer confidence climbed for the third month in a row in June but still languished near its lowest point in two decades, the European Commission said Monday.
Insee Sees French Economic Contraction Ending in Fourth Qua
News Article Date: Monday 29th of June 2009
France’s economy, the second largest of the 16 countries sharing the euro, may stop shrinking in the fourth quarter, statistics office Insee said.
Spain spending more on fighting the recession than any other EU country
News Article Date: Monday 29th of June 2009
Spain to review all taxes as deficit spirals
News Article Date: Tuesday 23rd of June 2009
Treasury secretary: will review all taxes for 2010 budget * Labour minister sees new benefit payment deal before Aug * Govt to cut emergency spending to pay for new measure * ECB's Trichet says Spain needs labour reform
Weak Credit Still Hampers U.K. Economy
News Article Date: Tuesday 23rd of June 2009
The Bank of England has poured billions into the British economy, but credit is still tight and lending suppressed—holding back a recovery
Hopes rise that European recession is ebbing
News Article Date: Tuesday 23rd of June 2009
The global recession appears to be loosening its grip on Europe
Spanish mortgage market to change
News Article Date: Wednesday 17th of June 2009
Spain's mortgage market is set for a period of reflection, according to the director of trading at Currencies Direct.
Changing landscape of Spanish banking
News Article Date: Wednesday 17th of June 2009
Spanish financial institutions, which have with one exception ridden out the global economic storm intact, are bracing for a difficult summer and will soon be offered aid from a multi-billion euro rescue fund hurriedly being assembled by the government.
Fear returns to markets
News Article Date: Wednesday 17th of June 2009
30 Spanish banks downgraded by the ratings agencies
The recovery position
News Article Date: Wednesday 17th of June 2009
There are signs of good news in the economy but the hard choices are still to come
UK house price fall slows; retail, jobs data bleak
News Article Date: Thursday 11th of June 2009
Why the C&G has to disappear
News Article Date: Thursday 11th of June 2009
Slow credit for consumers, so EIB will start lending
News Article Date: Thursday 11th of June 2009
Spain and Portugal properties 'more affordable now'
News Article Date: Thursday 11th of June 2009
Interest rates, unemployment and lack of finance likely to hold up global market recovery
News Article Date: Thursday 11th of June 2009
Increasing activity suggests Dubai realty market recovery by late 2010
News Article Date: Thursday 11th of June 2009
Property owners not in a rush to sell
News Article Date: Thursday 11th of June 2009
UAE : Property Prices Rise in Capital Abu Dhabi and Dubai
News Article Date: Thursday 11th of June 2009
Banks unfreeze mortgages as sentiment improves
News Article Date: Thursday 11th of June 2009
Bank Offers Workers FIVE YEARS Paid Vacation
News Article Date: Thursday 11th of June 2009
If you didn't have a mortgage, kids and a spouse, this sounds like it'd be the offer of a lifetime. Telegraph: Employees of BBVA, Spain's second biggest bank, are being offered 30 per cent of their usual salary in return for staying away from work for between three and five years. Anyone signing up to the scheme is guaranteed a job when their extended leave comes to an end. They will also have their health care costs covered for the length of their sabbatical. Not surprisingly: Although Spanish banks have escaped the worst of the global downturn because of tight regulation,they have found it difficult to impose redundancies because staff are entitled to large payoffs under domestic labour laws.
Spanish Slump Stokes Debt Dilemma as Jobless Rises
News Article Date: Thursday 11th of June 2009
Spanish banks need 25-70 bln euros -PWC
News Article Date: Thursday 11th of June 2009
Three reasons for cheer for overseas property investors
News Article Date: Thursday 11th of June 2009
Spanish Mortgage Double Whammy
News Article Date: Thursday 11th of June 2009
Bad news for Spanish developers
News Article Date: Thursday 07th of May 2009
Spanish banks have announced that they intend to reduce debt-for-property swaps with developers, due to a glut of homes on their books, according to a report in the Spanish daily El Pais. The news will come as a further blow to developers, who already have to slash their prices in order to compete with banks selling repossessions with preferential mortgage terms, says Mark Stucklin of Spanish Property Insight. Banks now feel that they have taken on too much – property and non-property related - bad debt, and simply can’t cope with any more homes on their books, especially with existing demand for property in Spain at an all-time low. Developers will now be lumbered with the units they cannot shift, which is concerning, given that there it is an estimated one million unsold new-build homes on the Spanish market.
Spain to unveil bank plan soon
News Article Date: Thursday 07th of May 2009
Story from Reuters about plans to restructure the Spanish banking system
Caja Madrid studies share issue
News Article Date: Thursday 07th of May 2009
Nobody could accuse banks in Spain of moving too fast. And it also seems that they are afraid of moving first. It has been clear for a number of years that there are too many banks and too many branches. In the peak years they were opening branches all over the place, that sat almost empty with a manager and three or four staff. There are no customers for all these branches in tourist areas any more.
Fall in bank lending - less in March
News Article Date: Thursday 07th of May 2009
An article from Reuters about the year on year fall in mortgage lending - and the fact that this fall was less in March. As they don't seem to be at all interested in lending to foreigners at the moment, I assume that all lending is to Spanish nationals, as they seek to refinance.
Signs of recovery in Spanish Market
News Article Date: Wednesday 15th of April 2009
Article by Mark Stucklin of spanishpropertyinsight.com
Overseas property market in freefall
News Article Date: Wednesday 15th of April 2009
A report about a dramatic fall in interest in overseas property from UK buyers, which is not surprising given the economic situation. But this should improve as lending and confidence in the UK market increases, and will encourage people to look overseas. Holiday homes in warm climates will always be attractive when you live in the rainy old UK
Dubai mortgage and credit
News Article Date: Wednesday 15th of April 2009
From Reuters, as the emerging market in Dubai discovers the importance of access to clients' credit records
UK signs of a bottom
News Article Date: Wednesday 15th of April 2009
From the Wall Street journal
Uk home loans rise 4%
News Article Date: Wednesday 15th of April 2009
From Bloomberg, reporting on an increase in mortgage lending in the UK
Spanish rates continue to rise
News Article Date: Tuesday 30th of November 1999
News of mortgage rates continuing to rise as banks impose higher margins on new loans and also on customers renegotiating heir existing loans.
Big business attacks working class
News Article Date: Wednesday 08th of April 2009
A news article concerning the present state of the economy and housing market in Spain.
Barbados real estate and mortgages
News Article Date: Wednesday 08th of April 2009
A news article relating to the real estate market in Barbados and how it has coped during the financial crisis. Europa Mortgages are able to arrange mortgages in the Caribbean - contact us for more details.
New product availability
News Article Date: Wednesday 08th of April 2009
Details of a lender returning to the mortgage market in Spain, and their innovative remortgage product.
Interest rates continue to fall, but your mortgage may not
News Article Date: Wednesday 11th of March 2009
House prices down across all of Europe
News Article Date: Wednesday 11th of March 2009
Spanish housing sales plummet in 2008
News Article Date: Wednesday 11th of March 2009
Trichet Leaves Door Open for Further Rate Cuts
News Article Date: Tuesday 30th of November 1999
Spain Said to Plan Savings Bank Bailout to Aid Merger
News Article Date: Tuesday 30th of November 1999
The first bank bailout in Spain - the first of many ?
Interest rates hit an all time low
News Article Date: Wednesday 11th of March 2009
News report following the ECB base rate cuts
No recovery yet
News Article Date: Wednesday 11th of March 2009
Spain feels jobless pain
News Article Date: Thursday 05th of February 2009
Amlak Tamweel Rethink
News Article Date: Thursday 05th of February 2009
News about the proposed merger in Dubai of the two mortgage giants. At the moment the Dubai market is completely frozen in the face of falling property prices and economic uncertainty.
Bank of England rate cut
News Article Date: Thursday 05th of February 2009
News from Bloomberg about UK interest rate cuts, whereas the ECB held at 2%
Santander's risky business
News Article Date: Thursday 05th of February 2009
Spanish Banks Vulnerable
News Article Date: Thursday 05th of February 2009
From Reuters comes an article questioning the level of bad debt provisions held by Spanish banks.
Eurozone rates kept on hold at 2%
News Article Date: Thursday 05th of February 2009
From the BBC - reporting on the latest cut in UK interest rates
Property winners and losers
News Article Date: Monday 26th of January 2009
Is EU the next Japan?
News Article Date: Monday 26th of January 2009
from the Times in the UK, struggling to understand what is going on in the economy and why, and warnings that the EU may end up with problems similar to those in Japan's economy
Banco Santander meeting
News Article Date: Monday 26th of January 2009
A roundup of some news from Spain
Spain's building boom reduced to ruins
News Article Date: Monday 19th of January 2009
Spain loses AAA rating
News Article Date: Monday 19th of January 2009
Spain Economy Shrinking
News Article Date: Tuesday 30th of November 1999
Bank bailouts unfair competition
News Article Date: Monday 19th of January 2009
Euro Zone economy shrinking
News Article Date: Tuesday 30th of November 1999
European roundup
News Article Date: Tuesday 30th of November 1999
Italy slips into recession
News Article Date: Tuesday 30th of November 1999
Mortgage concerns in Dubai
News Article Date: Tuesday 30th of November 1999
Dubai rental market
News Article Date: Tuesday 30th of November 1999
Spain's credit rating
News Article Date: Tuesday 30th of November 1999
Standard and Poor monitoring the Spanish economy and may downgrade the rating
ECB cuts rates to 2%
News Article Date: Tuesday 30th of November 1999
Reprinted from the BBC.
Potugal on ratings warning list
News Article Date: Tuesday 30th of November 1999
ECB cuts eurozone rates to 2.5%
News Article Date: Tuesday 30th of November 1999
From the BBC business website, reporting on today's base rate cut
Builders Nightmare
News Article Date: Thursday 04th of December 2008
From The Economist, an overview of the housing crash in Spain
ECB fearful of overly low rates, eyeing debt buys
News Article Date: Thursday 04th of December 2008
From Reuters. Report following the 0.75% cut in eurozone interest rates today
Europa Mortgages Blog
News Article Date: Tuesday 02nd of December 2008
Visit our Blog to keep up to date with the latest news in the Spanish mortgage market.
Euribor Interest Rate
News Article Date: Tuesday 02nd of December 2008
The 12 month Euribor rate falls to 3.896% and is expected to fall further. The 3 month rate is now 3.786%
Latest mortgage news in Spain
News Article Date: Tuesday 02nd of December 2008
A summary of the latest developments in the Spanish mortgage market
The pain in Spain is mainly on the wane
News Article Date: Tuesday 01st of May 2007
This article appeared in the Sunday Telegraph By Liam Halligan, Economics Editor, Sunday Telegraph http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/04/29/ccliam29.xml&page=1
Spanish property: Find out how to survive the crash
News Article Date: Monday 07th of May 2007
Reprinted from the Independent newspaper. A sensible viewpoint on the Spanish property market and sound investment advice.
ECB leave rates unchanged
News Article Date: Thursday 12th of April 2007
Minutes of the European Central Bank decision to leave interest rates unchanged in the Euro Zone
Who will be feeling the pain in Spain?
News Article Date: Sunday 06th of May 2007
Reprinted from the Sunday Times on 6th May.
The Death of Spanish Property
News Article Date: Friday 04th of May 2007
This document has been put together by Justin Aldridge of www.eyeonspain.com as a response to some of the negative press reports regarding the Spanish property market. We have reprinted the comments in full, as they represent a balanced and considered response to what has been a knee jerk media reaction.
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