The Government plans to inject money into savings banks with worse solvency
- Zapatero has argued that the pension reform is necessary for investors who want to buy Spanish debt in the long term.
- The Banking Restructuring Fund has offered investors the possibility of making temporary loans to the Savings Banks so that they can be recapitalized.
The President of the Government, José Luis Rodríguez Zapatero, together with José Blanco (center) and Alfredo Pérez Rubalcaba (left) during the meeting in Ferraz. EFE / Ballesteros
The Prime Minister, José Luis Rodríguez Zapatero, acknowledged this Saturday before the Barons of the PSOE that the Executive plans to resort to the Fund for Orderly Bank Restructuring (FROB) to recapitalize savings banks , but that this would only intervene directly in the last instance in the Savings Banks that are in a worse situation and that can not access the market to obtain capital, according to several attendees at the meeting.
The FROB itself has presented investors with a brochure in recent days, which proposes as options the possibility of making the Savings Banks temporary loans so that they can recapitalize or even temporarily buy shares in their capital.
Zapatero stressed that Spanish banks have no problems and that it is in the situation of the savings banks where the uncertainty that the markets are showing towards Spain (in particular towards the debt of the financial sector) is concentrated.
The reform of the savings banks has been one of those that Zapatero has explained to the regional presidents, candidates and regional general secretaries of the PSOE in a meeting held at the headquarters of the party in Ferraz. According to the Andalusian José Antonio Griñán, who has reported later in a press conference, in the PSOE there is “one hundred percent consensus” on the need to guarantee the solvency of the Savings Banks and improve their transparency, so that the Savings Banks can go to the market and thus be able to lend money to citizens and entrepreneurs with projects that can create employment.
The meeting of ZP with the barons of the PSOE
In the meeting there have been several barons who have spoken of the situation of the Savings Banks (among them the own Griñán, the Extremaduran Guillermo Fernández Vara and the Valencian Jorge Alarte) to support the restructuring but, also, to emphasize that not all the Savings Banks They are in the same situation and it is good that citizens know who manages them and in what way. The main concern of the regional leaders is to preserve the social work of their respective savings banks.
The barons have seen ZP optimistic about a possible agreement with the unions According to the sources consulted, in his initial intervention Zapatero has made a general analysis of the economic situation , then go on to detail the pension reform and the collective bargaining . In the case of pensions, the president has defended that his reform is necessary in the face of investors who want to buy long-term Spanish debt and who want to see that a system that is a great economic burden for the State is viable.
As for collective bargaining , he stressed that it has been practically intact for 30 years and has pointed to the provincial agreements and the retroactivity of the agreements as aspects that limit flexibility more. On this matter, the barons have supported the reform but have called for the role of social agents to be reinforced , for it to be made clear that collective agreements are the fundamental instrument for setting wages and that unions have a fundamental role in representing Workers.
However, the territorial leaders of the PSOE have said to see a Zapatero determined to make pending economic reforms and optimistic about the possibility of an agreement with the unions , an agreement that would be an important asset and give “tranquility” to the Socialists facing the municipal and autonomic elections of May 22, in the words of one of those consulted.