MADRID, 16 Mar. (EUROPA PRESS) –
The Minister for Inclusion, Social Security and Migration, José Luis Escrivá, highlighted this Thursday the solidity of Spanish banks and has ruled out other financial crises, after the collapse of the US entities Silicon Valley Bank, Signature and Silverbank and the support of the Bank Swiss National to Credit Suisse.
Escrivá explained in an interview with RNE, collected by Europa Press, that European banks, and Spanish banks in particular, have “completely different” business models than that of the aforementioned US entities, and also have “some levels of solvency extraordinary”.
The head of Social Security also recalled that the banking sector “learned a lot” from the previous financial crisis and that regulators and central banks tightened the measures, with much higher capital requirements.
“The national model is very, very solid,” stressed the minister.
Escrivá has also recommended not “improperly” extrapolating the situations of different banks, and has specified, after the movements on the stock market, that “short-term markets are nervous.”
“This leads to this volatility and these movements being corrected later. I think we shouldn’t worry so much about this either,” he added.
The minister trusts what the European Central Bank (ECB) decides at its meeting this Thursday to reassure the markets, since this “will be the most sensible” and “it will surely be right”.
