CatalunyaCaixa gained 109.1 million, 30.6% less

CatalunyaCaixa earned 109.1 million euros in 2010, resulting from a profit of 76.6 million euros (30.6% less than the previous year) plus a fiscal effect of 32.5 million, corresponding to the recovery of taxes for the reinvestment of the capital gains obtained from the sale of Abertis in 2008, has reported the cash generated by the merger of Caixa Catalunya, Tarragona and Manresa, which has allocated almost 3,000 million to endowments.

Last year, the box managed by Adolf Todó reduced all its margins, specifically 33.4% on interest -which includes the non-renewal of largely syndicated loans-, 26.5% on business, 29.4% the gross margin and 27.5% the operating margin.

Customer funds fell by 1.9% to 68,922 million for the year as a whole, although they have grown since the merger was launched on July 1.

On the other hand, the volume of loans to clients closed 2010 at 60,082 million, 3.2% less -with an 11.1% drop in personal loans-, and delinquency stood at 5.41% in 2010, 0.25 points above 2009, with a doubtful balance of 4,019 million (+ 0.7%) and a total of credit risks of 74,325 million, 4% less- Mtocosplay.

The liquidity totals 11,168 million, which covers the maturities of wholesale issues until 2013 (said year included), the entity said, which after the sale of Repsol YPF in January has a core capital of 6.9% (6.7%). % according to the Basel III criteria), one more point than in 2009.

CatalunyaCaixa sold 1,900 homes in 2010, with an average discount of 22% over the purchase price, and rented 2,500, reducing the amount of doubtful and foreclosed assets by 258 million euros.

With 7% of doubtful loans and imminent risk over total loans, the bank has worsened its position with respect to other entities because it has chosen to allocate assets instead of refinancing, which it has defended in order to value these assets.

Restructuring by the merger in June

Restructuring by the merger in June



This first half of 2011 will complete the restructuring of the workforce (with 1,300 fewer employees) and offices (with 395 fewer branches, 25% of the network), as well as computer integration, said Deputy General Manager Jaume Masana.

Todó stressed that CatalunyaCaixa is paying the FROB since the merger began in July 2010 – it has already paid 42 million interest until December – and added that “the FROB is a temporary solution”, so entities must Shape their own foundations for the future. For this 2011, the cashier expects an evolution of the results similar to 2010.

All open ways to recapitalize

All open ways to recapitalize

Regarding the recapitalization that the entity must now face complying with the new Spanish financial regulations (which requires a ‘core capital’ of 8 or 10%), Todó has insisted that “all options” are being studied, with the help from Goldman Sachs, with the objective of “maximizing” the interests of the current members of the fund and maintaining and strengthening the social work, which in 2010 had a budget of 52.5 million, a figure that will be similar for 2011.

However, it has recognized that the option to go public “would not be the one that would have more possibilities”, and it is more likely that it seeks to attract capital among customers, combining this option with others.

“We will choose the option that makes our life more comfortable, having a shareholder in a bank or two or the FROB will not be a problem because there will always be a professional management team, I have never had any political pressure, nor now,” he asserted. , at the same time that has pointed to the summer to know the details about the future of the organization of the box.

In any case, it has considered that if the Government enters entities to capitalize them, it does not mean that it intervenes, because it will not separate the management team of the entity to put another. The CEO of CatalunyaCaixa stressed that his “confidence and optimism in this project is very important”, while the chairman of the box after the resignation of Fernando Casado, Manel Rosell, has indicated that the entity is carrying out the restructuring process ” with little noise, with efficiency and care, and to maintain the connection with the territory “.

Need between 500 and 1,700 million euros

Need between 500 and 1,700 million euros


The solvency needs of CatalunyaCaixa are 500 million if it is required 8% of ‘core capital’, and between 1,500 and 1,700 million if 10% is required, according to the estimates of the entity.

In this sense, Rosell explained that to recapitalize and adapt to the solvency standards that the Government has foreseen, 2011 presents the challenge of “doing in nine months what we expected to do in nine years, according to Basel III-“.

“At the moment we have decided to create a bank, but the ways of capitalization are currently fully open”, he assured, to face the “terrible demands” of the Spanish Executive.

This opening to all options does not rule out that CatalunyaCaixa can lose cash status and become a foundation if the capital needs so require, in the event that it can not keep the majority (51%) of the bank through which it will convey the financial activity.

After the process of mergers of boxes in Spain in 2010, CatalunyaCaixa does not contemplate now re-engage in a new process of integration, according to Rosell, and Todó has considered that the map of current boxes in Spain is already “fairly stable.”

Regarding the announcement of Qatar to invest 300 million in Spanish savings banks, Todó has considered that “any investor will be welcome”, but with this figure, it is not a relevant actor in the recapitalization of the savings banks.

CatalunyaCaixa does not foresee to sell more shares at the moment, currently led by Gas Natural, and a long way from Cedinsa and Applus, although they are not strategic assets because the financial institution is focusing on the retail business.

“Gas Natural is not at an adequate price to provide us with anything significant and we do not need it either, so it is not expected to sell, and Cedinsa and Applus are very small, so they would not contribute anything material,” Todó has argued.


Berlin – Women entrepreneurs have higher chances of getting money on internet credit markets than their male counterparts. Apparently, women are considered more trustworthy because the chances of repayment are better for borrowers. This is the result of a case study by the German Institute for Economic Research (DIW) in Berlin. In general, it is easier for women on the Internet to get credit than in traditional banking.

Image: Young woman 

The DIW examined the business loans on the largest German Internet platform smava. It brings together private individuals who either want to borrow from private individuals at a fixed rate or lend money. Between March 2007 and March 2010, 687 people applied for business loans at smava, including 545 men (79 percent) and 142 women (21 percent) between the ages of 21 and 76 years. Since only loans up to 50,000 euros can be awarded, the study assumes that they are mainly small companies interested in the Internet for a loan.

Many academic studies on traditional credit markets have shown that female businesswomen are at a disadvantage – either they have higher borrowing costs or they can not get credit at all. The present study is the result of equal treatment and even better chances of women towards men. For small loan amounts, both sexes have the same opportunities. On the other hand, women have better prospects for credit than men for higher amounts.

Live 8 gives a show … but will it help poverty?

Live 8 gives a show … but will it help poverty?

LONDON / PHILADELPHIA (Reuters) – After a galaxy of stars rock the world in the biggest ever concert, politicians said on Sunday that popular power could make a difference to alleviate poverty in the world at the meeting of the world leaders next week.
El Live 8 da espectáculo... ¿pero ayudará a la pobreza?

Nearly a million people listened to rock and pop musicians on Saturday in 10 concerts across the four continents calling on the Group of the Eight Most Powerful Nations in the world to approve the cancellation of the nation’s debt. Africa’s poorest countries and the increase in aid at the summit to be held next Wednesday in Scotland.

British Finance Minister Gordon Brown, an advocate of debt reduction, said public opinion has already helped shape recent agreements on debt reduction and aid. But he added a warning, saying that empowering Africans is a ‘work for life’.

“I think you’ve seen that ministers around the world have realized the strength of public opinion, churches, faith groups and yes it has an impact,” Brown told BBC television.


Pope Benedict XVI, addressing the crowd in St. Peter’s Square a day after Rome hosted one of Live 8’s concerts, said he hoped the G8 meeting could provide real and lasting aid to Africa.

But many commentators are wondering if the musical show can influence the political meeting of Gleneagles and if the help is the answer to the African problems.

In Edinburgh, near where the G8 meets, 200,000 people peacefully demonstrated in favor of the campaign ‘Make poverty go down in history’

The media in the United Kingdom, where the advertising of Live 8 had had a greater impact than in other countries, hailed the organizer, Bob Geldof, and the 170 performances that were held.

‘A beautiful day,’ said the Independent newspaper on Sunday. ‘Is it high enough for you?’ the Sunday Times newspaper asked. Some participants, however, were more skeptical.

In Philadelphia, where hundreds of thousands crowded the streets to hear Will Smith and Stevie Wonder, singer Alicia Keys questioned the US interest in helping Africa

“America has a feeling of disconnection when it comes to Africa or very distant places because many of us, most of us, will not have the opportunity to see those places,” he said.

The limited television coverage in the United States could also discourage the impact of such an impressive demonstration of popular power.


But the British commissioner of Trade of the EU, Peter Mandelson, assured that it is necessary to maintain the pressure.

‘You can not ignore it,’ he told the BBC. ‘We need (…) that the energy is channeled towards a continuous pressure and attention and an interest and attention not only to issues of humanitarian aid and debt cancellation, but to trade’.

However, it is unlikely that the G8 will make decisions on reducing trade barriers, since a round of negotiations of the World Trade Organization in Hong Kong is scheduled for next December.

Geldof achieved a coup d’état in the London concert, held in Hyde Park, when he repeated images of Live Aid 25 years ago about the Ethiopians affected by the famine. The screen was left with the image of a girl on the verge of death, and then the Irishman introduced the same person, a young and good-looking Birhan Woldu, who addressed the audience.

But the event has sparked a debate on how to alleviate poverty.

‘Throwing money to African governments is not the answer,’ wrote the brother of South African President Thabo Mbeki.

  • Live 8 gives a show … but will it help poverty?

    Reuters (Reuters)

    “> Live 8 gives a show … but will it help poverty?

A new loan for Parisians indebted

The Crédit Municipal de Paris, old Mont-de-Piete, recently began offering a new personal loan, the Reducto Flex, designed to limit the indebtedness of borrowers.

Today, because of the crisis, more and more households are caught in the throat by a stack of consumer loans, including revolving credit (an easily accessible pool of money prohibitive interest rates, which can range up to 20%). Hence the idea of a repayment solution called “bearing” on the model of what offers banks for home loans. The principle is simple: the bank Crédit Municipal (CMP Bank, whose real name) buys the loans and other consumer debt and replace them with a single loan at a fixed rate (around 7%), with monthly payments ranging depending on changes in cash borrowers. Can subscribe to this loan all households in Ile-de-France, regardless of their income.

flexible repayment

Most banks already offer repurchase of credit solutions, often with costly conditions. The approach of the Municipal Credit, as a public institution, wants to ethical and responsible. Emmanuel Bouriez, Deputy CEO of CMP Bank, argues: “We see too many households, not just small customers, who are drowning in consumer credit. Some have 10 or 15. The idea is to get them out of this spiral. ”

How? Anticipating the future to better adapt to customer monthly payments: a retirement (and thus a decrease of resources), children soon age to study, the late repayment of a home loan … “the goal is not to limit access to credit, we do not want to go back thirty years ago! But to consider the future repayment capacity to limit the risk of debt distress. And for that, there is no secret, one must take the time to meet with the client and discuss with him. “The approach is not really revolutionary, but away from the current practice of the major credit agencies.
“687 euros booking fee, all right, there’s worse …”

The testimonies are unanimous: it is (too) easy to get a consumer credit. “Not only agencies do not verify the debt ratio but they also grow increasingly borrow rate a man of anonymity. At first, took a revolving 1,000 euros to get treatment. You pay and you are granted without asking 2000 and 3000 euros, and so on. ” Three years later, 8 revolving credit contracted and 27,700 euros of debt, just take out a loan Reducto Flex. Verdict: “687 euros booking fee, all right, there’s worse …” When redemptions of loans, banks are remunerated by charging often expensive study the file. The Crédit Municipal de Paris is not one gift either. Booking fees cost between 1.5 and 2% of the credit amount.

This new loan – a limited scope since it is open only to Parisians – once again raises the question of management of these consumer loans. Including revolving credit, which crystallizes critics, some advocating the outright ban. A bill reforming the consumer credit will be on the agenda of the Assembly on 13 January.

Choosing Between Debit And Credit Cards

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