Spain Business
IBEX 35 falls below the 10,000 level
By h.b.
Oct 10, 2008 - 6:30 AM

The IBEX 35 fell below the 10,000 points level yesterday, despite the calming statements from Pedro Solbes, with the index down 3.8% on the day. It takes the index back to the level it was in August 2005. Banks Santander, Popular and BBVA lost more than 3%, while Banesto and Sabadell were little changed. Largest fallers were Iberdrola, down 8.5%, Repsol YPF down 7.63% and REE down 7.58%.

The Partido Popular has meanwhile voiced serious concerns about the Spanish Government support fund for banks and savings banks. Economics spokesman for the party, Cristóbal Montoro, said that his party supported the personal savings guarantee being increased to 100,000 €, but after meeting with Pedro Solbes, said there were differences over the bank fund. The PP considers that Parliament should also control the fund, and the Government had accepted the creation of a parliamentary commission to control the destination of the new liquidity, to ensure that the money found its way to families and businesses.