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Spanish real estate prices near bottom, Santander CEO Saenz says

Posted on 26 April 2013

Banco Santander SA (SAN)’s decision to “retract” as much as 1 billion euros ($1.3 billion) of provisions to cover property price declines may show Spain’s real estate market is close to its lowest point, Chief Executive Officer Alfredo Saenz said.
Santander, Spain’s biggest bank, set aside the funds for for this year to cover the risk that price declines would accelerate. The bank is “retracting” the provision because it now doesn’t expect it will be needed, he said……………………………………….Full Article: Source


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