Government in talks with banking sector to jumpstart credit flow to companies

The administration of Prime Minister Mariano Rajoy is in talks with the banking sector to get credit flowing again to companies in order to create jobs and help pull the nation out of recession, sources said.

In a visit to Madrid two weeks ago, the European Union commissioner for economic affairs, Olli Rehn, identified as a bottleneck in the Spanish economy the fact that credit is excessively restricted and too costly. Outstanding credit in Spain has fallen 10 percent since 2009.

NEW LAW ABOUT OBLIGATION TO REPORT ASSETS ABROAD

From February 1st until April 30th tax residents in Spain are obliged to report on the following groups of assets and rights abroad they had in 2012 (in case the assets of a group are exceeding 50000€):

1) Bank accounts, credit accounts or any other  financial product in any institutions located abroad.
2) Securities, rights, insurance and annuities deposited, managed or obtained abroad.
3) Real estate and real property rights of ownership located abroad.

Failure to comply with this reporting requirement tax offense qualifies as very serious. Infringement shall constitute the following conduct of the taxpayer:

Justice minister does partial backtrack on court charges

Justice Minister Alberto Ruiz-Gallardón told lawmakers in Congress on Tuesday that he plans to partially modify controversial court filing charges that his department recently introduced.

The fees for basic legal measures such as divorce petitions have raised the hackles of members of the judiciary system itself, who have argued it restricts access to justice to the well-off.

"We are aware that Spaniards are going through bad times,"

European Central Bank president Mario Draghi said Tuesday that he understood the frustrations felt by many Spaniards because of the government’s harsh reforms but asked for patience because they will “take time” to produce positive results.

Speaking at a news conference after meeting behind closed doors with deputies in Congress, the ECB chief said that he came to Spain “to listen as well as recognize all the efforts” that are being undertaken by the government.

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Bankia to speed up branch closures

Nationalized bank Bankia said Monday it plans to speed up the process of branch closures as part of the slimming down of its operations required under the European bailout for the banking sector.

In a statement posted on its website, Bankia said it now plans to close 1,100 offices this year instead of spreading out the process over three years as initially planned. Bankia’s restructuring also calls for the laying off of 4,500 workers