View showcase a property in Madrid. / EFE
The Government values the possibility of extending the term of the moratorium on foreclosures, just the month of November, as this measure “still needed” a judgment Economy Minister Luis de Guindos, for whom the measures taken so far to protect mortgagors in good faith in situations of supervening insolvency are having a “positive impact” but do not include all Spaniards who face eviction.
In a new take on an interview Europa Press, the economy minister says the government is “attentive” to the evolution of eviction, according to the latest data from the Bank of Spain, fell 8.87% last year compared to normal houses, although they increased overall. 57% were also reduced deliveries judicial police intervention.
In 2013 there were nearly 39,000 evictions, which, in the minister’s opinion, makes it “remains necessary” measures to maintain the moratorium as two years to be approved by decree law in November 2012 and therefore expire in just three months. “We will assess the situation and if still needed, I think it still is, of course duration will be extended,” De Guindos said about
With regard to the reform of public administration, De Guindos advances that this September the Executive will make a “detailed analysis” of the impact they have had the measures already taken, both from the point of view of costs and simplification management, an area that has made “significant efforts”.
De Guindos believes that another avenue for priority actions to consolidate the recovery is to improve the financing of companies, mainly through non-banking channels. So in September his department will present the new Finance Act.
Avoid other Gowex
In that rule will be implemented “all systems” to situations “singular but serious “Gowex like” do not occur “, forcing such companies to participate in the Alternative Stock Market (MAB) must be audited by firms that meet” specific requirements “and that from 500 million capitalization be passed to the continuous trading market. The capacity of the National Securities Market Commission (CNMV) will also be increased for information and control Bolsas y Mercados Españoles (BME)
. also regulate crowdfunding “approaching the most advanced countries.” Among other things, will distinguish between unskilled investors and eligible to be less protected but have more flexible channels, and financial institutions be required to give advance notice to SMEs before reducing funding “if they are current on compliance of its debt obligations. “
Bankia
De Guindos ruled that the Fund for Orderly Bank Restructuring (FROB) will sell new shares of BFA-Bankia at least until October, when the results of the stress tests conducted by the European Central Bank (ECB) for a total of 124 European banks (15 Spanish) and hoped that the entity headed by José Ignacio Goirigolzarri exceed “with note” will be known.
“After October we will have a much clearer picture and clarified, not only of the Spanish banking or Bankia, but of all European banks. now have a very important milestone that will end in a couple of months and, thereafter, all available alternatives will be analyzed. But I am convinced that Bankia will overcome stress tests with flying colors, “said the Minister of Economy, who also believes the rest of the Spanish financial sector is” well prepared “to deal with these test.
Asked about the possibility of the sale of new equity tranche is limited to less than 10% of the current public participation, which on 1 August amounted to 61.5% of the share capital, to maintain control of the entity, De Guindos says that there is “no default” in that sense, although he added that you can keep control with less than 50% as long as the majority shareholder will be.
Returning rescue
In addition, the finance minister did not rule out “in the near future,” the FROB to decide early return new sections of the European bailout, as happened in early July, when Spain rejoined the European Stability Mechanism ( ESM) 1,300 million voluntarily.
“It’s a possibility it’s there. It was a positive sign in the right direction, and I assume that these signals can continue playing in the near future, “he said, not wanting to advance dates or quantities.
The other side of the coin Rescue Financial is the recovery of public funds injected into different banks, and that reach 61,500 million euros since 2009, of which 39.000 million were European aid requested by the ‘popular’ Executive in 2012. them, and have recovered about 5,000 million from the sale of NCG and Catalunya Banc.
In this regard, the minister evaded quantify how much of the remaining money will return to the public coffers, while insisting that he will do “everything possible” to recover “a majority.” This will be crucial how to act in relation to the Mare Bank Nostrum (BMN) and, above all, with Bankia, which have “much implied value” through which
should “maximize return.” In any case, although De Guindos liable “only injected aids” and, at this point, emphasized that the main criticism that can be made the previous PSOE government in this matter is not to inject more than 30,000 million euros to banks, but to do so “without performing the restructuring” of the sector.
In any case, with the start up of the new single banking supervisor and the European mechanism for resolution “change of mentality” complete, occurs because 90% of Spanish banks will be supervised by the ECB and decisions on resolution or restructuring is taken into instances Community.
Finally, regarding the possibility that the De own Guindos is appointed new President of the Eurogroup at the next European Council scheduled for August 30, the minister declined to comment on “speculation future” and simply noted that it is “available” Rajoy.
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