Rodríguez Fernández, Francisco


Spanish banks ahead of the return to positive interest rates

Now that interest rates are finally back in positive territory, banks have the opportunity to advance on the challenge of increasing profitability. However, prevailing macroeconomic conditions of uncertainty and pessimism, together with risks, both those carried over from the previous financial crisis and emergent ones, mean that translating rate increases into commensurate growth in banks’ earnings may not be so straight forward a task.

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The financial risks posed by inflation

Rapid monetary tightening in response to persistent inflation carries serious risks for business and consumer borrowers. A higher-than-expected increase in borrowing costs would have significant knock-on effects for private sector financing with the property and mortgage markets particularly exposed following a period of robust growth, albeit the impact in Spain is expected to be moderate.

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