The popular mandate: Banco Popular fails and is bought by Santander
Print Rubric:
A relatively tidy clean-up of Spain’s latest banking mess
Print Headline:
The popular mandate
Print Fly Title:
Banco Popular
UK Only Article: standard article
Issue:
— Terror and the internet — Theresa May’s failed gamble
Fly Title:
The popular mandate
Location:
MADRID
EVEN a bank failure can be presented as a triumph. This week Banco Popular, a big Spanish lender, endured a run. Depositors were said to be withdrawing €2bn ($2.2bn) a day. The bank lost half its stockmarket value in four days, as a self-imposed deadline to find a saviour loomed. On June 6th, it was declared by the Single Resolution Board (SRB), an independent agency set up by the European Commission in 2015 and charged with winding down banks, to be “failing or likely to fail”. The next morning, Santander, Spain’s biggest bank, announced its purchase for ...