Feb 9, 2011
| Last Updated
- We step away from Spanish bank solvency and focus on funding, in particular that of the most diversified groups, Santander and BBVA.
- Repo funding, and to a lesser degree ECB borrowing, rose in the final months of 2010 following a steep fall off in the latter, suggesting a rise in funding stress. This trend is shown in Q4 for BBVA and y/y for non-resident REPOs, vis-à-vis Santander.
- Secured issuance comprises 45% of Spanish bank marketable debt, a much higher proportion than for other EU bank systems. Additionally, the bulk of new issuance from Santander and BBVA is on a secured[...]
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