Santander to absorb unit Banesto through share swap

 

Leading Spanish bank Banco Santander said Monday it plans to absorb its Spanish retail unit Banesto and its private banking subsidiary Banif through a merger as part of a restructuring that will see the closure of 700 branches and after which Santander will operate under a single brand.

 

The minority shareholders of Banesto, who hold 10.26 percent of its capital, will receive existing shares in Banco Santander at a rate of exchange that will include a premium of 24.9 percent over Banesto's closing share price last Friday.

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House prices suffer biggest fall since property bubble burst

Spanish house prices fell by the most in the third quarter of this year since a massive property bubble burst around the start of 2008, according to figures released Friday by the National Statistics Institute (INE).

The INE said prices declined 15.2 percent in the period July-September from a year earlier after declining 14.4 percent in the previous three months. Prices have now fallen for the past 18 quarters, with the pace of the falls accelerating over the past year. Prices in the third quarter of last year were down 7.4 percent, eased 11.2 percent the following quarter and dropped 12.6 percent in the first quarter of this year.

Patients to be charged for non-urgent ambulance journeys to healthcare centers

The Health Ministry is proposing a copayment system for non-urgent use of ambulances that amounts to five euros per trip.
The concept of copayment for ambulance use was included in an overhaul of the sector, approved by the government in April as part of its austerity drive.

The payment system is expected to be passed in the form of an executive order at the next meeting between the central government and the regions - which are responsible for healthcare in Spain - that is due to take place on Thursday of next week.

Pension reform proposes decoupling benefits from inflation

The government is preparing a reform of the pension system under which benefits will no longer be automatically indexed to inflation, Social Security sources said Wednesday.

The Popular Party (PP) government last week cited the need to meet its budget deficit target for this year as the reason for not complying with its obligation to top up pensions as a result of inflation being almost three times the official estimate.

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Jobless claims rise for fourth straight month to reach record levels

 

Jobless claims in Spain rose for the fourth month in a row in November as they approached the five million mark as the recession continued to depress the labor market.

According to figures released Tuesday by the Labor Ministry, the number of people signed up with employment offices as out of work climbed 74,296 to a record 4.907 million. In November of last year, jobless claims rose by 59,536. Compared with the same month a year earlier, jobless claims were up by 11.02 percent, or 487,355.

Foreign interest in Spanish housing market grows

 

With prices down by a third from their peaks around the start of 2008, the Spanish housing market is attracting growing interest from foreigners looking for a second home in warmer climes.

According to figures released Wednesday by the Public Works Ministry, the number of homes acquired by non-residents in the third quarter of the year climbed 18.0 percent from a year earlier to 8,803. Sales of homes to foreigners have now grown for the past five quarters, with increases of 16.2 percent in the first quarter of 2012 and 15.3 percent in the second.