Spain Orders Banks to Set Aside More Money for Problem Property Assets

By RAPHAEL MINDER

MADRID — Spanish banks will need to set aside funds to cover billions of euros more in bad property assets under new rules announced Thursday by the country’s economics minister, Luis de Guindos.

The rules, to be adopted by government decree Friday, are the latest effort by the government to require banks to recognize the cost of years of reckless lending during a construction boom that came to an abrupt halt four years ago, with the onset of the financial crisis.

Mr. de Guindos called the additional provisioning of ?50 billion, or $65.7 billion, “substantial,” especially given what had been achieved to date. From 2008 to mid-2011, Spanish banks set aside ?66 billion for doubtful property assets, he said, even as Spain’s construction sector collapsed.

Over all, Spanish banks have accumulated ?323 billion of property assets, of which ?175 billion have been labeled “problematic” by the Bank of Spain.

“We are taking an important step toward transparency and toward the health and reinforcement of the banking sector,” Mr. de Guindos said at a news conference.

The new rules are also designed to pave the way for a fresh round of banking mergers, particularly aimed at ailing cajas, or savings banks.

Since the start of the crisis, the number of savings banks has already been cut to 17 from 45. But several of the remaining or merged entities remain troubled, in particular Bankia, which was the result of a seven-way merger led by Caja Madrid and which went public last year in a share offering that raised ?3.3 billion.

In recent weeks, speculation has focused on whether CaixaBank could absorb Bankia.

Such a combination would create the largest lender in Spain. But CaixaBank, based in Barcelona, is likely to demand not only control of the combined entity but also significant state guarantees to help it mop up Bankia’s distressed property portfolio.

Until the crisis hit and required the central bank to rescue a handful of cajas, the savings banks had accounted for about half of the Spanish banking sector and had spearheaded the financing for the construction boom, often under the control and guidance of local politicians.

Under the rules presented Thursday, banks will need to set aside funds equivalent to 80 percent of their property assets, compared with 31 percent now.

For housing that is already built, the provisioning requirement climbs to 35 percent from 25 percent.

The new thresholds must be reached at the end of this year for most banks, with an additional year granted for newly merged entities.

The measures come as Spain is bracing for a recession, with the economy expected to contract 1.5 percent and unemployment — already more than double the European average — seen rising further.

Spain’s construction collapse has also been costly for commercial banks, as underlined Thursday by Banco Bilbao Vizcaya Argentaria, which reported a decline of 39.5 percent in net profit from domestic operations last year, to ?1.36 billion.

BBVA, the second-largest bank in Spain by assets, after Banco Santander, said its 2011 net profit fell 34.8 percent, to ?3 billion, with Mexico overtaking Spain as the market contributing most to earnings.

BBVA also reported its first-ever quarterly loss, of ?139 million for the fourth quarter, after a write-down of ?1.01 billion relating to its activities in the United States.

Santander this week reported a 35 percent decline in net profit for 2011, to ?5.35 billion.

西班牙清問題房產 逼銀行吐錢

去年12月上台的西班牙新政府祭出第一波整頓銀行方案，規定西班牙銀行業者總共必須從獲利和資本中提撥500億歐元 （約660億美元），來出清營建熱潮期間累積但在全球金融危機中破沫化的問題房地產，不提撥者或提不出者必須和其他銀行合併。

西班牙政府定3日批准經濟部所提方案，然後送交國會通過，而且一定會過，因為執政黨握有絕對多數。

同意提撥的銀行，在法案通過後有一年時間提撥。5月以前同意合併者，也有一年寬限期來合併。

西班牙經濟部表示，政府不會用納稅人的錢來幫助銀行處理問題房地產。需要國家協助者，可向「有秩序銀行重整基金」（FROB）申貸，利息很高，達8%。

整頓潰瘍般的房地產帳目，是西班牙新政府的當務之急。要恢復歐洲第四大經濟體的信譽，以及恢復投資人對西班牙銀行體系的信心，此事勢在必行，而且必須早做，否則難保西班牙步希臘、愛爾蘭、葡萄牙的後塵，被迫接受國際紓困。

西班牙銀行本來就體質欠佳，又總共持有大約1,750億歐元的問題房地產，但一直死抱不處理，結果是沒有錢可以貸給民間家庭和中小企業。西班牙正在力戰歐債危機，目前可能陷入四年來第二度衰退，非常需要流動性。

經濟部表示，改革方案的用意就是要逼許多銀行處理這些問題資產。主要效益是重燃投資人對西班牙金融界的信心，使西班牙能在國際金融市場籌資，舒活國內的放貸業務。大致從2010年希臘接受歐盟和國際貨幣基金 （IMF）紓困以來，國際金融市場就提心吊膽，將西班牙銀行也列為拒絕往來戶。

另一作用是使西班牙房地產價格進一步下降。西班牙房地產價格在1990年代中期一路飆漲，2008年陷危機，但目前仍未降到專家認為應該的水平。

原文參照：
http://www.nytimes.com/2012/02/03/business/global/spain-orders-banks-to-set-aside-more-money-for-problem-property-assets.html

Interactive Multimedia: Tracking Europe's Debt Crisis
http://www.nytimes.com/interactive/business/global/european-debt-crisis-tracker.html

2012-02-04．經濟日報．A6．國際焦點．編譯彭淮棟