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Botin: The Government’s reforms are on track. Now you have to do is comply

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The chairman of Banco Santander, Emilio Botin , has welcomed all the reforms undertaken by the Government, which he considers “prepared” to decide whether or not a ransom calls to the European Union.

“The latest measures taken by the government are on track, in every way. Both labor reform, as in taxation, deficit, financial reform, now, you have to do is meet them , “said Botin in Mexico, where he presented during the launch of a public offering of shares of its subsidiary Central.

The chairman of Santander, on the other hand, did not rule on whether the government should seek financial support from Brussels, but was convinced that the Spanish government ” will take action as appropriate because it is well prepared to take them . “

Feedback ‘bad bank’

Botin , who acknowledged his initial opposition to the creation of a ‘bad bank’ that agglutinated toxic real estate assets of financial institutions, eventually accept it because it is “one of the nearly forty” conditions imposed on Spain in the memorandum of understanding receive the credit line of 100 million to clean up the financial system.

“I was totally against to put into practice the ‘bad bank’ in this country, and the government said the same, but it is among the conditions for financial assistance to be given to Spain, “Botin  recalled that it is preferred to wait until November, when we know the details of the instrument, to make evaluations.

In any case, acknowledged that “very important” are the prices at which assets are valued damaged property nationalized entities ( Bankia, Novagalicia, Catalunya Caixa and Banco de Valencia ) moved to ‘bad bank’.

Botin said that Santander provisioned yet to 2,200 million euros for its exposure to real estate , but recalled that the bank has not received any assistance during the financial crisis.

“At year end will fully provisioned Santander whole ‘brick’ in Spain, so that in 2013 and 2014 will not have to make provisions beyond normal driving own business “specified Botin .

‘September is interesting’

“I’m very optimistic because we have a very interesting September and I think it will be okay, “said the chief executive of Santander.

As important milestones this month, Botin cited the Governing Council of the European Central Bank and the informal Eurogroup.

Santander president believes that the euro is irreversible and “is not going to break.” “You will succeed,” Botin said conclusively.

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