The Government allows Junqueras to renew debt for 685 million

Term debt operations for 685 million euros, following the meeting held today in Moncloa by the Vice President of the Catalan Generalitat, Oriol Junqueras, with the Vice President of the Government and the Minister of Finance. Treasury, Cristóbal Montoro. According to Europa Press informed sources of the Executive, the meeting has gone “well” and has developed in a “cordial atmosphere” in which it has spoken of the path of fiscal consolidation, of the autonomic finances and in particular of the expirations to Short-term of Catalan debt.

The request of the Generalitat is that short-term loans were transformed into long-term loans with the support of the Autonomic Liquidity Fund (FLA)- quick loans for students with paydaynow. It is a claim that the Catalan autonomous government has been carrying out for months. However, the Ministry of Finance has not accepted this request so far and neither today, although they will give oxygen to the Generalitat authorizing a new operation of short debt that adds to those already authorized this year.

Soraya Sáenz de Santamaría and Cristóbal Montoro have transmitted to Junqueras that the Council of Ministers tomorrow the Catalan Government to formalize short-term debt operations for 685 million euros. The Generalitat had requested authorization for debt amounting to 5,100 million euros of its short-term maturities in 2016 and part of those it has in 2017. The Executive of Mariano Rajoy authorized last June debt operations worth 4,200 million of euros to cover these maturities in the short term and now it will do so by 685 million through September

 

In today’s meeting, Sáenz de Santamaría and Cristóbal Montoro have reviewed

Debt

Sources of the Generalitat have explained to Europa Press that the vice president of the Executive has recognized that Catalonia is key to the debt capacity of Spain because the good reputation of the growth of the Catalan economy favors the credibility of the State in the ability to return the debt contracted. These sources explain that the vice president has also asked them to be responsible when referring to the independence process initiated by the Catalan government, while Junqueras has replied that the Executive of Mariano Rajoy himself be responsible and not “play with the reputation of Catalonia ”

together with the Catalan vice-president, the consequences of the departure of the United Kingdom from the European Union and the Catalan vice-president has expressed interest in Barcelona hosting any of the institutions that leave the country. The city of London To achieve this, they have agreed to study and coordinate it in the bilateral State-Generalitat Commission. Specifically and according to sources from the Generalitat, Barcelona has been asked to be the headquarters of the European Medicines Agency, which is now in London.

Laboral Kutxa achieves a profit of 76 million in the first semester, 4.3% more than in 2017

Laboral Kutxa has achieved a consolidated net profit of 76 million euros at the end of the first half of this year, which represents an increase of 4.3% compared to the end of June 2017, according to the data made public this Wednesday the Basque credit cooperative.

In a statement, its leaders have stressed that Laboral Kutxa has continued to “improve results” in a general scenario of “high demand”, since the banking business during the first half of the year has developed “in the same parameters of recent times “, with the interest rates” refugees below zero and exerting a strong pressure on the margins “.

These results, they have indicated, have been achieved thanks to “a notable commercial boost” of its sales network, which has been accompanied by a “weighted risk management” and an “efficient containment” of the expenses.

The sum of all this has allowed the Basque credit cooperative to increase its results by 4.3%, reaching a consolidated net profit of 76 million euros at the end of June, with a return on equity of ROE of 7, 59%

Laboral Kutxa’s income statement continued to be conditioned by “the anomalous and persistent situation” of negative interest rates. As he explained, the fall in the cost of deposits in recent years can not offset the decline in interest on loans, which affects the generation of typical bank income.

The interest margin has added 125 million, 1.9% below the same period of 2017, where “the mortgage portfolio linked to the Euribor is particularly considered”, have pointed from Laboral Kutxa.

The “good” performance of the chapter of commissions, which increased by 6.8%, has allowed placing the basic margin at 175.4 million euros, 0.5% above the figure reached in June 2017.

The gross margin, on the other hand, reached 210.7 million euros, representing a year-on-year decrease of 7%. However, the Basque entity has specified, if a comparison is made inhomogeneous terms applying the current accounting rules IFRS9 to account for equity gains, the evolution of the gross margin has been positive, with an increase of 6.3%.

Likewise, the Basque cooperative has highlighted that administrative expenses have been reduced by 1.2% compared to the same period of 2017.

After accounting for 13.5 million euros for provisions, write-downs, impairments, and taxes, the consolidated net profit in the first half of 2018 has increased by 4.3% to 75.7 million euros, prior to the appropriation corresponding to Obra Social funds.

Among other data, Laboral Kutxa has remarked that the rate of delinquency has continued to fall to stand at 5%, “very far” from the levels of the average deposit entities, which stood at 6.70% at the close of may.

Along the same lines, the entity continues to occupy, in the words of its managers, “a very well-known place in terms of solvency” and the capital ratio of maximum quality CET1 (Common Equity Tier 1), which “determines the strength” of the financial entities, is situated in a 17.85%.

In this context, the relationship between deposits and credits on its balance sheet gives Laboral Kutxa “an excellent liquidity situation”, as he highlighted. The LTD (Loans to Deposits) ratio stands at 79.8% and the short-term liquidity ratio LCR (Liquidity Coverage Ratio), which measures the entity’s ability to meet its short-term commitments, sits in 400.7% when the ratio established as a reference is 100%.

EVOLUTION OF SAVINGS

EVOLUTION OF SAVINGS

The set of resources managed by Laboral Kutxa has increased 1,368 million in 12 months and reaches 21,676 million euros, representing an increase of 6.7%.

The main growths on the balance sheet have been concentrated insight accounts, which have increased by 11.3%. As regards the off-balance sheet figures, the evolution of investment funds stands out, with a net increase of 20.7% since June 2017. As explained by the Basque cooperative, the increase has mainly focused on funds investments of the portfolio advisory service.

The growth of activity in the first half of the year has been especially reflected in the granting of credit. In the segment of individuals, the volume of mortgages formalized in the semester has increased by 14.1%. For its part, the formalized balance of consumer loans in the first six months of the year has grown by 4.5% with respect to the same period of the previous year-help here- green touch installment loan company.

In the commercial sector, the volume of loan, lease and loan formalizations granted to companies has grown 11% with respect to the volume registered in June 2017.

As indicated by Laboral Kutxa, the amortization rate continues to exceed the new production and the volume of total loans to customers falls slightly to 13,372 million euros, 0.7% in the year-on-year comparison. This evolution, he pointed out, is a reflection of the process of reducing household debt, where the fall in the stock of debt persists.

THE INSURANCE AND BANKING ONLINE BUSINESS

THE INSURANCE AND BANKING ONLINE BUSINESS

In the first half of the year, the insurance business posted a total of 19.8 million euros, which represents an increase of 14.1% compared to 2017, mainly due to the growth in premiums and the control of expenses.

On the other hand, Laboral Kutxa has 380,000 active customers of its online banking. The mobile terminal is the one with the highest growth, above the personal computer, which has been “favored” by the launch of the responsive online banking model, which adapts to any device, he explained.

Specifically, in the comparison of private customers, excluding business customers, the number of users who use the mobile device is almost 20% higher than those who use the computer.

This evolution of the mobile channel is also observed in the hiring of the DISPON loans (pre-granted instantly and without paperwork), in which the number of loans contracted through the mobile already exceeds those of any other channel.

As for the exclusive payment application of Laboral Kutxa, LKPay, which enables two payment solutions, P2P with Bizum and NFC mobile payment, the 70,000 users have already been exceeded.

The Postamail service, which avoids the use of paper postal mail for the flow of communications between the entity and its clientele, already has 500,000 users. On the other hand, the alert service is close to 350,000 users, 47% of them through app notifications.

From Laboral Kutxa, have stressed that, from a qualitative point of view, the most important release until June is Argitu, the new online platform to self-manage personal finances that helps control revenue and expenses or the evolution of savings, among others. Likewise, an online charge for home insurance has been launched.