Send back the lifeboats? JPMorgan reassures on Spanish retail banks

15 Jun 2010

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 note’s 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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