Send back the lifeboats? JPMorgan reassures on Spanish retail banks
The immediate outlook for Spanish retail banks’ funding is not as dire as many believe, according to a JPMorgan Cazenove report published on Wedneday morning, entitled ‘Spanish retail banks: Suffering the perfect storm, but still in capital preservation mode’.
However, the notes authors warned that the medium term trends pointed to a more limited capital market access and higher funding costs.
In the short term, and though any comments about funding are increasingly short-lived these days given the pace at which events develop, we maintain our view
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