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The Global Intelligence Files - Re: B3 - SPAIN/ECON - Spain nationalizes 3 weak banks that failed to meet new capital

reserve requirements

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On Monday February 27th, 2012, WikiLeaks began publishing The Global Intelligence Files , over five million emails from the Texas headquartered "global intelligence" company Stratfor. The e-mails date between July 2004 and late December 2011. They reveal the inner workings of a company that fronts as an intelligence publisher, but provides confidential intelligence services to large corporations, such as Bhopal's Dow Chemical Co., Lockheed Martin, Northrop Grumman, Raytheon and government agencies, including the US Department of Homeland Security, the US Marines and the US Defence Intelligence Agency. The emails show Stratfor's web of informers, pay-off structure, payment laundering techniques and psychological methods.

Re: B3 - SPAIN/ECON - Spain nationalizes 3 weak banks that failed to meet new capital reserve requirements
Released on 2012-08-31 07:00 GMT Email-ID Date From To 130543 2011-09-30 15:11:35 zeihan@stratfor.com analysts@stratfor.com

close to baby steps - but in the right direction about half the Spanish banking sector is absolute crap -- bailing it out would probably cost 15-30% of GDP and put spain squarely in EFSF ward territory luckily, the other half is best in the world -- the spanish backup plan is literally to have Santander (half of that other half) take over as the country's central bank On 9/30/11 8:01 AM, Benjamin Preisler wrote: repping for the symbolism of it all more so than for the figures Spain nationalizes 3 weak banks that failed to meet new capital reserve requirements http://www.washingtonpost.com/business/markets/spain-nationalizes-3-weak-banks-that-failed-to-meet-newcapital-reserve-requirements/2011/09/30/gIQAgxZa9K_story.html By Associated Press, Updated: Friday, September 30, 2:25 PM MADRID - Spain announced Friday it has nationalized three troubled banks that failed to meet new capital requirements and said the process of restructuring its financial sector is now complete. The Bank of Spain identified the three as Unnim, CatalunyaCaixa and NovacaixaGalicia. All three are the result of mergers of smaller savings banks known as cajas, a sector that was heavily exposed to Spain's imploded real estate sector. After capital injections, the government now owns more than 90 percent of the three banks' shares. All three are relatively small. The new core capital requirements were announced by the government in February. The Spanish central bank says it has spent EUR7.5 billion ($10.2 billion) in recapitalizing the three now nationalized banks and in restructuring the wider financial sector. Unnim, for instance, has received nearly EUR1 billion in capital injections and loans from the government.

https://search.wikileaks.org/gifiles/?viewemailid=130543[21/11/2013 12:06:25]

The Global Intelligence Files - Re: B3 - SPAIN/ECON - Spain nationalizes 3 weak banks that failed to meet new capital reserve requirements

As Europe's sovereign debt crisis bit deep, the government started encouraging Spain's troubled cajas to merge, seeking strength in numbers. The worry was that if the sector collapsed, Spain would have to foot the bill and run the risk of becoming the latest euro zone country to need an international bailout. Friday was the deadline for banks to raise their core capital ratios, to 8 or 10 percent depending on how a given entity is structured and if it listed or not. Cajas are not listed. "Today, Sept. 30, the required timetable was complied with and all banks comply with the level required," central bank governor Miguel Angel Fernandez Ordonez. He said two other banks - Liberbank and Banco BMN - were given nearly another month to raise more capital.

-Benjamin Preisler +216 22 73 23 19

https://search.wikileaks.org/gifiles/?viewemailid=130543[21/11/2013 12:06:25]

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