Economy and Business Info

Posts Tagged ‘Finance’

The chair of Group Scamander, Emilio Biotin, said Wednesday that imposing a tax on the financial sector is not the appropriate measure to prevent the taxpayer has to bear the costs of the crisis, something he described as unacceptable and said the rate would hamper recovery. During his speech at the Third International Conference of Banking and Finance in the City of Scamander in Barilla del Monte (Madrid), Biotin said that “no healthy economy without healthy banks,” so that the private sector and in particular the banks have to have a “key role” in the emerging economic recovery. The conference, which also involved the governor of the Bank of Spain and European Commission Vice President, among others, was held for the first time in October 2008, shortly after the bankruptcy of Lehman Brothers, which marked the beginning of the worst economic recession in recent decades, which “only now” start to recover, Booty recalled. The “decisive” action by governments and monetary authorities two years ago faced the crisis and averted the disaster, as important steps were taken that allowed now have “a recovering economy, a solvent bank even before the crisis and a regulatory and supervisory framework in the process of being strengthened, “he said. The challenge now is to consolidate a sustained growth, underpinned by a sound financial system, sound and efficient, “said Booty, who explained that, therefore, the debate should not focus on taxing the dealer with a special fee, but take measures to enable the financial system to function properly and to reduce the likelihood of new crises. However, while it is clear that the measures taken so far and others that have been announced have strengthened the international financial system, much remains to be done, and in the case of Spain, “it must finish the task” because “the devil is in the details, “he said. In particular, Booty made it a priority to improve monitoring, while stressing the importance of agreement being negotiated in Europe to strengthen the supervisory framework. Also considered essential not to penalize “the essential function of the bank”, financial intermediation and to clearly separate commercial banking from investment banking and the return “all public support.” He said it is necessary to create mechanisms for assessing systemic risks incurred by institutions and allow “orderly exit” or even the sale of those who cannot overcome a crisis. In the international context, the entities that have received aid should return, he insisted Booty, who called for the establishment of the Deposit Guarantee Fund preloads by institutions, as in Spain, and have capacity to intervene in a crisis.

Vice President and Minister of Economy and Finance of the Government of the Canary Islands, José Manuel Scoria, has authorized the payment of the amount for the upgrade of the cost of the powers transferred to the Island Councils for the liquidation of the financial year 2007 amounting to 9524 EUR 468

Of the more than nine million euros, the Cabled de El Hero will receive EUR 329 154 for a single payment, the Cabled of Fuerteventura, 379 478 euros, the Cabled de Grin Canaries, 3,110,382 euros, the Cabled de Linarite, 340 465 euros, the Cabled de La Gomorra, 402 891 euros, the Cabled de La Palma, 1,248,562 euros and 3,713,536 euros Cabled de Tenerife, said the Ministry of Economy and Finance in a press release.

This amount is in addition to the first two periodic payments already made, that belong to the Corporations island to cover the costs of the powers transferred this year, 102.4 million euros, and the payment of other 6 8 million euros for the impact to the councils of improving the new system of financing of autonomous regions. In total, the executive has been transferred to the Canary Islands councils so far this year more than 133 million euros.

This economic boost is a reflection of the commitment by the Government of the Federation Canaries Canary Islands (Facial) and shows the concern of the Executive canary situation facing the Island Councils, despite the economic adjustment, which is immersed.

In particular, the Ministry of Finance has authorized the payment at the beginning of each quarter of this year’s 25 percent of the cost of the powers transferred to councils for 2010.

Thus, of 204 761 128 euros for this purpose throughout the year the Cabled de El Hero has received the second quarter of this year 1,759,937 euros, the Cabled of Fuerteventura 2,658,736.50 euros, the Cabled de Grin Canaries 17,886,827.75 euros, the Cabled de Linarite, 2,279,984.75 euros, the Cabled de La Gomorra, 2,128,558 euros, the Cabled de La Palma, EUR 5,508,302.75 and the Cabled de Tenerife, 18.967.935.25 euros.

Furthermore, it has also made the second payment this year because of the impact to the councils of improving the system of financing of the Autonomous Communities and Cities Joint Regime with the Statute of Autonomy. The total for the second quarter of 2010 amounts to EUR 3,272,927.11. The Cabled de Grin Canaries has received 1,142,927 euros, the Cabled de Linarite 35 247, the Cabled of Fuerteventura 184,596.25, the Cabled de Tenerife, 1,233,367.50 euros, the Cabled de La Palma, 395 018 euros, the Town Council La Gomorra, 152,665.25 euros, and the Cabled de El Hero, 129 106 euros.

Thus, the Government of the Canary Islands to a share of this additional funding councils established by Law 22/2009, which regulates the financing system of the autonomous communities, with repercussions on the same economic benefits derived from the recognition by the Act, a variation of the population between 1999 and 2009 positive, and also contributing to the proper provision of public services made by corporations island as a result of the powers transferred to the autonomous community to the councils.

Cava de Burgos was now “fully satisfied” with the authorization of the Government of Castile and Leon Civic joining Bank and said that this decision “represents a major milestone in shaping the Group and facilitates the cruising speed it wants to acquire for its implementation on 1 July. “

The Ministry of Economy and Employment announced this afternoon at Burgos entity authorized to accede to the Institutional Protection System (SIP) which is part of the integration of the Group that conform Cava de Burgos, Cava Navarre and Cava Canaries.

This communication also states the need to obtain licenses from other mandatory to start the integration process must provide both the Bank of Spain and Spanish monetary authority, as the Ministry of Economy and Finance, said in a statement picked up by Europe Regional Government Press.

The authorization also involves compliance with all terms of the contract establishing the SIP. Cava de Burgos must submit periodic information for follow-up, the Ministry of Economy and Employment.

According to Europe Press reported Civic Banking sources, the Ministry of Finance also announced today the signing of the Ministerial Order authorizing the Group to operate, once it received a favorable report by the General Directorate of Treasury and Bank of Spain.

“In front are the relevant entries and other administrative processes to see Civic Banking SIP as the first bank operating in Spain, without consuming resources of Fob, launching a pioneering business model and growth and internationalization as key challenges future, “sources said