Sun. Mar 29th, 2020

Spanish banks welcome the ECB measures with heavy losses on the stock market

The Spanish bank welcomes the new package of measures announced by the European Central Bank (ECB) with heavy losses on the stock market, which among other things has lowered the rate of bank deposits to -0.50%.

However, to mitigate the effects that this proposal may have on the financial sector's income statements, the ECB will not charge the bank for excess reserves up to a certain amount.

Shortly before knowing the first measures adopted by the ECB at its monetary policy meeting, Spanish financial institutions were listed on positive ground.

However, minutes after 2 pm they have turned around and opt for heavy losses.

Bankia is the bank that falls the most, 4.07%; followed by CaixaBank, 3.11%, and Sabadell, 2.60%.

Bankinter yields 1.75%; BBVA, 1.73%; and Santander, 1.55%.

Among other measures announced today, the ECB will buy debt worth 20,000 million euros per month from November 1 and for as long as necessary "to strengthen the expansive impact of its interest rates."

. (tagsToTranslate) Spanish (t) strong (t) lost (t) Bag (t) ECB

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