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Celsa España, part of the Celsa Group, is an industrial steel group founded in 1967 by the Rubiralta family. In June, Spain's government authorised 550 million euros in state aid to Celsa, approved by the European Commission. Click herefor an ANALYSIS on Spain's new lawDebtors can benefit from a three-month period to negotiate a restructuring plan with creditors that may be extended. Court approval would allow a restructuring plan to be extended within and between different creditor classes. As the creditor classes are approved, the next step will be to present a final restructuring plan showing Celsa's capital structure post restructuring.

☆ Euro zone inflation could fall faster than thought, ECB's De Cos says
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

MADRID, Feb 15 (Reuters) - Euro zone inflation could fall faster than earlier thought given a host of positive developments in recent months but past price hikes and a tight labour market could still exert upward pressure on underlying prices in the near term, European Central Bank policymaker Pablo Hernandez de Cos said on Wednesday. "Recent data on euro area inflation and some of its key determinants are somewhat encouraging, but the overall situation still requires caution", De Cos said in a speech posted on the webpage of the Bank of Spain. He also mentioned the possible effects of the Chinese reopening, the resilience of the euro area economy and the transmission of ECB monetary policy decisions. "All these will have to be assessed as part of the full projections exercise under way in the run-up to our March meeting," De Cos said. Reporting by Jesús Aguado; Editing by Balazs KoranyiOur Standards: The Thomson Reuters Trust Principles.

☆ Spanish banking associations challenge windfall tax before High Court
▼ + stars: | 2023-02-15 | by ( Jesús Aguado | ) www.reuters.com time to read: 1 min

MADRID, Feb 15 (Reuters) - Spanish banking associations have launched an appeal against the government's windfall tax before the High Court, the associations said on Wednesday confirming an earlier Reuters report. In December, the Spain approved a temporary levy on banks intending to raise 3 billion euros by 2024 to fund measures to ease cost of living pressures. The Spanish Banking Association (AEB) and the association of former savings (CECA), which represent some of Spain's biggest banks including Santander, CaixaBank and BBVA, said in a statement they had lodged two appeals before Spain's High Court "challenging the ministerial order (...) of the new bank levy". Spain's High Court did not provide any further details. Reporting by Jesús AguadoOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Spain's new restructuring law faces looming testCelsa caught between creditors and shareholdersSuccessful outcome seen lifting Spain outlookLONDON/MADRID, Feb 15 (Reuters) - Spain's new restructuring law is just over four months old and already being tested as the economy slows, with companies and officials hopeful it will help cut high bankruptcy rates. Now, a restructuring plan for Celsa, Spain's largest private industrial group with debt worth roughly 2.8 billion euros ($3.04 billion), is going through the courts. LITMUS TESTA court-sanctioned restructuring plan in December for Spanish frozen food retailer Xeldist Congelados allowed it to receive fresh capital and save jobs in a first success for the new law. "The Celsa case shows that creditors can push for a restructuring plan and request the appointment of an expert to assist in the negotiations," said Juan Verdugo, partner at law firm Garrigues. Spain is playing catch up after the EU in 2019 told member states to improve restructuring toolkits.

☆ Santander is not interested in potential acquisition of Orange Bank
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: 1 min

MADRID, Feb 2 (Reuters) - Spain's Santander (SAN.MC) is not interested in the potential acquisition of Orange Bank (ORAN.PA), the mobile banking unit of Orange, chairman Ana Botin said on Thursday. Les Echos reported on Wednesday that French banks BNP Paribas , Credit Agricole (CAGR.PA) and Societe Generale (SOGN.PA) were mulling a bid for Orange Bank. The newspaper added that Spanish bank Santander and U.S. private equity fund Cerberus were also considering a bid. "We are not interested in Orange," Botin said during the annual earnings press conference in Madrid. Reporting by Emma Pinedo; Editing by Jesus AguadoOur Standards: The Thomson Reuters Trust Principles.

☆ Santander books record 9.6 bln euro profit for 2022 but Q4 provisions up
▼ + stars: | 2023-02-02 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

The euro zone's second-biggest lender by market value posted net profit in the October to December period of 2.29 billion euros, up around 1% from a year before and above the 2.07 billion euros forecast by analysts in a Reuters poll. In the fourth quarter however loan loss provisions rose 106% year-on-year to 3.02 billion euros, mainly in the United States and Brazil, though that was slightly below an analysts' forecast of 3.08 billion euros. Santander said in a statement additional provisions had resulted from "updated macro assumptions... given the economic uncertainty". The lender's cost of risk - the cost of managing credit risks and potential losses - rose to 99 basis points from 86 basis points at the end of September, still below the 100 basis points guided for the year. For 2023, it expected cost of risk to rise but remain below 120 basis points.

LONDON/FRANKFURT, Jan 27 (Reuters) - Rising borrowing costs are giving a long-awaited lift to Europe's beleaguered banks, but they come with a sting in the tail. Last year central banks ended a decade of rock-bottom interest rates as the U.S. Federal Reserve and then the European Central Bank moved towards tightening. But while rising rates are good news for bank profits, they herald a slowdown in an economy hit by war and runaway prices that squeeze borrowers and could prick pricing bubbles, most notably in property. "On the one hand, interest rates are going up, which is good and helps banks," said Jerome Legras of Axiom Alternative Investments. Germany's financial regulator BaFin recently warned that a rapid rise in interest rates could weigh on some banks, and that loans may sour.

[1/3] People with their dogs enjoy the sun in front of the sea during unseasonably warm temperatures in Malaga, southern Spain, January 4, 2023. Property purchases by foreigners increased by 62% from a year earlier in the region of Andalusia, which includes Malaga, in the first half of 2022, according to the Centre for Statistical Information of Notaries. The local government last year eliminated a wealth tax that obliges residents and non-residents to pay income tax on money held abroad. Citigroup (C.N) announced in March 2022 plans to open a hub for junior investment bankers in the city, offering what it said was "a better equilibrium between work and private life to attract young talent". Additional reporting by Jesus Aguado; Writing by Charlie Devereux; Editing by Andrei Khalip and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Spanish judge orders prison on remand for Dani Alves, reports say
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: 1 min

BARCELONA, Jan 20 (Reuters) - A Spanish judge has ordered that Brazil soccer player Dani Alves be jailed on remand over a sexual assault allegation La Sexta TV and local newspaper La Vanguardia reported on Friday. Court officials contacted by Reuters said they could not immediately confirm the reports. Reporting by Jesus Aguado and Joan Faus, writing by David Latona; Editing by Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.

☆ Santander lagging behind on inflation payment for German bank staff
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Jan 20 (Reuters) - Spain's Santander (SAN.MC) is the only major bank operating in Germany that has not announced a special payment to local staff to help them with soaring inflation, union officials told Reuters, although the bank said talks were ongoing. Last year, German union Verdi called on banks to give some of their lowest-earning workers a special payment to help them combat higher energy prices. "Santander is the big exception among public and private banks," said Stefan Wittmann, a Verdi official negotiating on behalf of Santander employees. On Friday, Santander and union officials agreed to take up the issue at a meeting next week, but Santander hasn't made a binding offer, Wittmann said. Santander said it was in talks with Verdi on amending its collective wage agreement, and the inflation demands came up in talks late last year.

☆ Cellnex shares soar on report that American Tower, Brookfield mulling possible bid
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

MADRID, Jan 20 (Reuters) - Shares in Spain's Cellnex (CLNX.MC) jumped 8% on Friday after a media report that said American Tower (AMT.N) and asset manager Brookfield (BN.TO) were weighing a possible takeover bid for the mobile phone tower operator. Spanish online outlet Okdiario quoted unidentified sources close to the operation saying Goldman Sachs was advising Cellnex, while Morgan Stanley was advising American Tower and Brookfield. Cellnex, Brookfield, American Tower and their advisers declined to comment. Cellnex shares were up 8.3% at 12.21 GMT to lead gains in Spain's blue chip index Ibex-35 (.IBEX). Reporting by Andres Gonzalez and Emma Pinedo; additional reporting by Jesús Aguado; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Spain's BBVA sees significant rise in 2022 dividend, Chairman says
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +1 min

MADRID, Jan 16 (Reuters) - Spain's BBVA (BBVA.MC) expects its 2022 dividend to significantly top the 0.31 euros dividend per share paid out in 2021, Chairman Carlos Torres said in a post on the Spanish bank's website on Monday. In October, BBVA paid an interim cash dividend of 0.12 euros ($0.1160) per share from its 2022 results, a 50% increase compared with the interim dividend paid in October 2021. The interim dividend was backed by a net profit of 3 billion euros in the first half of 2022 lifted up by a strong performance in income from lending and its main market Mexico. Analysts expect BBVA's 2022 net profit to rise to 6.2 billion euros, according to data from Refinitiv. In 2021, Spain's second-biggest lender by market value reported a net profit of 4.65 billion euros.

☆ Spain approves banking tax, excludes most foreign bank units
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

The banking tax imposes a 4.8% charge on banks' net interest income and net commissions above a threshold of 800 million euros ($849 million). For energy companies with a turnover of at least 1 billion euros, excluding the domestic regulated business and foreign operations, the rate is 1.2%. Lenders and companies have opposed both the bank and energy taxes, and have threatened to challenge the new tax regime in court. The vast majority of Spanish units of foreign banks, such as Deutsche Bank , will not be taxed as opposed to a previous version of the draft that was passed in November. The energy proposal was meant to raise 4 billion euros but the Bank of Spain recently estimated it would just raise 2 billion euros after their domestic regulated activities and foreign operations were left out of the levy.

LONDON/MADRID, Dec 20 (Reuters) - British lender TSB has been fined 48.65 million pounds ($59.1 million) over a botched IT platform migration in 2018, UK regulators said on Tuesday. The regulators found that TSB failed to organise and control the migration adequately, and failed to manage operational risks from its IT outsourcing setup. TSB was fined 29.75 million pounds by the FCA and 18.9 million pounds by the PRA, receiving a 30% discount by agreeing to settle the issue, the statement said. In a statement, TSB CEO Robin Bulloch apologised to consumers hit by problems during the upgrade. "Over the past four years, we have harnessed our technology to deliver new products and better services for TSB customers."

☆ ECB will hike rates further, we do not know when will stop, De Guindos says
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: 1 min

MADRID, Dec 19 (Reuters) - The European Central Bank will hike interest rates further in the euro zone to combat high inflation, ECB's Vice-President Luis de Guindos said on Monday. "There will be more interest rate hikes, until when, I don't know. I am absolutely honest, I don't know," De Guindos said, adding that the institution was committed to bring inflation down to its 2% mid-term goal. On Thursday, the ECB eased the pace of its interest rate hikes but stressed significant tightening remained ahead and laid out plans to drain cash from the financial system as part of a dogged fight against runaway inflation. Reporting by Jesús Aguado; editing by Emma PinedoOur Standards: The Thomson Reuters Trust Principles.

☆ Letter bomb injures one at Ukraine's Madrid embassy, Kyiv ramps up security
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

[1/5] Police stands outside of Ukrainian embassy after, Spanish police said, blast at embassy building injured one employee while handling a letter, in Madrid, Spain November 30, 2022. REUTERS/Juan MedinaMADRID/KYIV, Nov 30 (Reuters) - A security officer at Ukraine's embassy in Madrid was injured when he opened a letter bomb addressed to the ambassador on Wednesday, and Kyiv ordered a bolstering of security at all its representative offices abroad. The security officer suffered light injuries and went under his own steam to hospital for treatment, Spanish government official Mercedes Gonzalez told broadcaster Telemadrid. The residential area surrounding the embassy in northwestern Madrid was cordoned off and a bomb disposal unit was deployed to the scene. Reuters footage showed scores of police officers, armed with assault rifles and blocking roads with vans, in the neighbourhood around the embassy.

☆ Spanish banks mull legal challenge to bank tax proposal
▼ + stars: | 2022-11-28 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

MADRID, Nov 28 (Reuters) - Spanish banks Bankinter (BKT.MC) and Caixabank (CABK.MC) are considering challenging the government's new banking tax proposal in court, executives from the lenders said on Monday. An amended windfall tax proposal for Spanish banks and large energy companies last week cleared its first hurdle in parliament with the backing of the leftist ruling coalition and several regional parties. Earlier this month, the banking tax was amended to impose levies on the local units of foreign lenders after the ECB said the proposal would distort competition. Any potential legal challenge from the sector against the government would constitute an unprecedented legal move. BBVA's (BBVA.MC) Chief Executive Onur Genc said his bank would analyse the implications of the bank tax proposal and "we will decide in due time whether to appeal it".

☆ Spanish windfall tax on banks, energy firms clears first hurdle
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

MADRID, Nov 24 (Reuters) - An amended windfall tax proposal for Spanish banks and large energy companies cleared its first hurdle in parliament in the early hours of Friday with the backing of the leftist ruling coalition and several regional parties. Some parties in Spain's northern regions, where energy companies and banks have a significant presence, had already secured before the vote an exemption of large energy firms' domestic regulated activities and foreign operations. Several energy companies had threatened to take the government to court if the 1.2% levy on power utilities' sales was approved in its original form. Initially, taxes were aimed to raise a combined 7 billion euros in 2023 and 2024 to help households cope with cost-of-living pressures. If parties in the Senate introduce additional changes, the lower house, or Congress, would need to debate it again.

☆ ECB will keep raising rates despite recession risk in euro zone, De Guindos says
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

MADRID, Nov 23 (Reuters) - The European Central Bank will keep raising interest rates until it brings inflation down to around its 2% mid-term goal even though the euro zone economy is heading towards recession, ECB Vice-President Luis de Guindos said on Wednesday. De Guindos did not elaborate on the magnitude of the potential next interest rate rise in December but said it would depend on upcoming ECB projections and inflation readings in November. The ECB has raised its rate on bank deposits from minus 0.5% to 1.5% in three months. He also said that an economic deceleration or recession would not by itself reduce the high level of inflation. "It is very possible that in the fourth quarter and the first quarter of next year we will have negative growth rates," De Guindos said.

☆ Euro zone growth will likely be negative in Q4, inflation high, ECB's De Guindos Says
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: 1 min

MADRID, Nov 23 (Reuters) - The euro zone economy will likely show negative growth rates in the fourth quarter while inflation will still remain high before starting to slow down in the first quarter, European Central Bank Vice-President Luis de Guindos said on Wednesday. Reporting by Jesús Aguado; editing by Emma PinedoOur Standards: The Thomson Reuters Trust Principles.

☆ Spain approves mortgage support for more than 1 mln households
▼ + stars: | 2022-11-22 | by ( Jesús Aguado | ) www.reuters.com time to read: +3 min

In Spain, around three-quarters of the population are homeowners, with most opting for floating-rate mortgages which are exposed to interest rate rises. Other countries, such as Hungary, Portugal, Poland and Greece, have approved different forms of mortgage support. Spain's banks will provide mortgage support for vulnerable families earning less than 25,200 euros ($25,815) per year through an amended industry-wide code of good practice. They will be able to restructure mortgages at a lower interest rate during a five-year grace period. Measures will also make it cheaper for families to switch from variable to fixed rate mortgage contracts.

☆ Spain's mortgage relief plans may mean higher provisions, Santander CEO says
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

MADRID, Nov 22 (Reuters) - Santander (SAN.MC) said on Tuesday that Spain's mortgage relief plans could lead to an increase in bad debt provisions and use up more capital reserves. The Spanish government and the country's banks on Monday reached an agreement in principle on mortgage relief measures, such as extending loan repayments, for more than one million vulnerable households and on help for middle-class families. Alvarez said even small changes in how a potential mortgage refinancing or extension is done could have an impact on capital consumption related to the bank's mortgage loans. Alvarez also said Santander had still not signed off on the mortgage support agreement though it planned to do so. The CEO also said care must be taken to ensure the support measures do not make access to loans more difficult.

☆ Spain to approve mortgage support for more than 1 mln households
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

MADRID, Nov 21 (Reuters) - The Spanish government will approve mortgage relief measures, such as extending loan repayments for up to seven years, for more than one million vulnerable households and middle-class clients on Tuesday, the economy ministry said on Monday. Under the framework, banks will provide mortgage support for vulnerable households through amended conditions in the industry-wide code of good practice. The income threshold for allowing vulnerable households to receive support measures has been set at three times the Spanish IPREM wage index, which is equivalent to 25,200 euros, the ministry said. The government will additionally implement a new code of good practice for vulnerable middle-class clients, setting the threshold at less than 29,400 euros. The mortgage relief is expected to come into effect next year.

☆ Spain to announce details on mortgage relief measures next Tuesday
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

MADRID, Nov 18 (Reuters) - The Spanish government expects to unveil details of mortgage relief measures to help vulnerable households and middle-class clients cope with rising borrowing costs on such loans at the next cabinet meeting on Tuesday, the economy minister said. Nadia Calvino told reporters on Friday the government and banks were finalising work on expanding and improving an existing industry-wide code of good practice for that purpose. "I hope that in the next few hours we will reach an agreement so that we can present it on Tuesday," Calvino said during a joint news conference with European Union antitrust chief Margrethe Vestager. Calvino said the government and lenders were also working on measures to support middle-class families that may be at risk as a result of an accelerated rise in interest rates by the European Central Bank translating into higher mortgage rates. Reporting by Jesús Aguado, Emma Pinedo and Inti Landauro; editing by Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.

☆ Spain adds Bitstamp to its list of virtual exchange providers
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

MADRID, Nov 17 (Reuters) - Spain's central bank has added European cryptocurrency exchange Bitstamp to its list of virtual exchange providers, it said. Inclusion means Bitstamp must uphold a professional reputation and comply with procedures to prevent money laundering and terrorist financing, the Bank of Spain said on its website. Crypto assets are in focus worldwide following the collapse of crypto exchange platform FTX, which filed for bankruptcy protection on Friday. The Bank of Spain now has 46 exchange providers registered on its list. Reporting by Jesús Aguado; editing by Inti Landauro and Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

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