In Spain

Sanchez

Government announces first package of measures worth €10.6 billion for Valencia

The President of the Government, Pedro Sánchez, has announced that the Council of Ministers approved yesterday a first package of measures amounting to €10.6 billion, aimed at helping households, businesses, self-employed individuals, and municipalities in the 78 Valencian, Castilian-Manchegan, and Andalusian municipalities affected by the DANA. Specifically, the State will transfer up to €72,000 per deceased person and for cases of disability; between €20,000 and €60,000 for the repair of…

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Spanish Banks’ 3Q24: Asset quality shows no signs of deterioration

Iñigo Vega (Jefferies) | Spanish Banks’ 3Q24 earnings season kicked off with BKT; we preview SAN, UNI, CABK and BBVA. We expect the focus to remain on domestic NII resilience despite falling rates. While fees are expected to remain under pressure in the quarter, asset quality shows no signs of deterioration. We see the NII miss at BKT as idiosyncratic and don’t read-across to other peers. No major changes in…