Minister Escrivá has ruled out another financial crisis in Spain following the collapse of several US banks and the Swiss National Bank’s support for Credit Suisse, after Wednesday’s collapse

The Minister for Inclusion, Social Security and Migration, José Luis Escrivá, highlighted the solidity of Spanish banks on Thursday and ruled out another financial crisis. Escrivá made these statements following the alarm generated by the collapse of the US institutions Silicon Valley Bank, Signature and Silverbank and the support of the Swiss National Bank for Credit Suisse. The bank lost more than 30 per cent on Thursday on the Zuric stock exchange. The aid of more than 50,000 million euros has caused it to rebound to 32.59%.

Escrivá called for calm in an interview on RNE, reported by Europa Press. According to the minister, European and Spanish banks have “extraordinary levels of solvency”, and have business models that are “completely different” to those of US institutions.

No risk of contagion from Spanish banks

For her part, the president of the Spanish Banking Association, Alejandra Kindelán, has been categorical in her statements to the media, ruling out the risk of contagion of Spanish banks due to the Credit Suisse crisis. According to her, this is an institution that has been in difficulties for some time. Nor does she consider that the collapse of Silicon Valley Bank in the United States and the collapse of the aforementioned US institutions will affect the Spanish economy.

The ECB decides this Thursday on a new interest rate hike

The European Central Bank (ECB) decides this Thursday whether to raise interest rates again for the sixth consecutive time. It already warned that this March the price of money was going to increase by 0.5%. But the new context, after the bankruptcy of Silicon Valley Bank (SVB), has caused doubts in the body chaired by Christine Lagarde.

The Spanish stock market opens with strong gains

For the moment, the Spanish stock market has opened with strong gains of 1.92%. The IBEX 35, which yesterday plunged 4.37%, its biggest fall since November 2021, has started the session up 1.92%.