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Spain Business Brief - Thursday December 4 2008
Solbes asks the Spanish banks to be more generous to families and businesses.

Spain Business

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Pedro Solbes says that emergency bank fund will not cost the taxpayer in Spain
By h.b. - Oct 9, 2008 - 8:40 AM

Pedro Solbes, Minister for Tax and the Economy - Photo EFE

The Spanish Minister for Tax and the Economy said that the fund which could reach 50 billion Euro, should not be considered as public aid.

Pedro Solbes, the Spanish Minister for Tax and the Economy, has claimed that the emergency fund set up for the protection of banks in Spain will not cost tax payers a cent.

The 30 billion € fund, which could be extended to 50 billion, would serve to ‘break the block now suffered in the financial market’. The fund will be used to buy quality investments from financial institutions and thus help obtain credit for companies and individuals on a temporary basis. He said the fund should not be considered as ‘public aid’, and claimed its effect on the state budgets would be ‘practically null’.

Solbes also has claimed that yesterday’s half point reduction in interest rates would see a fall in the Euribor rate, the number used to set the cost of mortgages, and also help increase the liquidity of banks.

However Solbes also warned that the markets would not return to normal until the all-important confidence was restored.

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