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If Spain are in such a state - Why do thet now own half our banks?

ILW
ILW Posts: 18,333 Forumite
in Debate House Prices & the Economy
Just wondering how that happened.
«1

Comments

  • julieq
    julieq Posts: 2,603 Forumite
    Multinationals are global. Just because a parent company is Spanish doesn't mean that they are dependant on local conditions. It's just where they choose to locate for convenience or tax reasons.
  • FTBFun
    FTBFun Posts: 4,273 Forumite
    Err, because they don't. Banque Santander does.

    And its not "half our banks".
  • ninky_2
    ninky_2 Posts: 5,872 Forumite
    because they're not actually "our" banks.
    Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves. - Lord Byron
  • inspector_monkfish
    inspector_monkfish Posts: 9,276 Forumite
    Santender acquired Abbey in 2004, who at the time were the 6th largest UK Bank.

    I'd hardly call that Spain owning 'half our Banks'
    Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
    (MSE Andrea says ok!)
  • michaels
    michaels Posts: 29,227 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    They then added B&B retail and Alliance and Leicester (the former did go N Crock and the later probably would have done)

    I understand that Spanish tax law makes it profitable for Spanish companies to buy other European ones (I think the costs can be written off against tax or some such) hence why there are lots of acquisitive Spanish cos (EG O2, BAA are both Spanish owned)
    inspector_monkfish wrote: »
    Santender acquired Abbey in 2004, who at the time were the 6th largest UK Bank.

    I'd hardly call that Spain owning 'half our Banks'
    I think....
  • John_Pierpoint
    John_Pierpoint Posts: 8,401 Forumite
    Part of the Furniture 1,000 Posts
    Bit like "Iceland" really??
  • worldtraveller
    worldtraveller Posts: 14,013 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 30 March 2011 at 9:26AM
    Don't worry about it! Give it a few more months and, as taxpayers, we'll probably end up owning half of theirs.
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
  • ILW
    ILW Posts: 18,333 Forumite
    inspector_monkfish wrote: »
    Santender acquired Abbey in 2004, who at the time were the 6th largest UK Bank.

    I'd hardly call that Spain owning 'half our Banks'

    OK "half" was a bit of dramatic license.
    Just wondering about the risks of a large part of our banking system being in the hands of a banking group primarily based and owned within what is considered to be a country with a failing economy
  • FTBFun
    FTBFun Posts: 4,273 Forumite
    ILW wrote: »
    OK "half" was a bit of dramatic license.
    Just wondering about the risks of a large part of our banking system being in the hands of a banking group primarily based and owned within what is considered to be a country with a failing economy

    What sort of risks were you considering?

    Santander is the 3rd largest bank in the world so I'm unsure as to how Spain's financial problems will cause all that to collapse.
  • ILW
    ILW Posts: 18,333 Forumite
    FTBFun wrote: »
    What sort of risks were you considering?

    Santander is the 3rd largest bank in the world so I'm unsure as to how Spain's financial problems will cause all that to collapse.

    I don't know either, hence posing the question. Does the economy of a country bear any relation to the stability of a business based there?
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