SPAIN's unlisted savings Banks, or cajas, are facing their own revolution.
西班牙未上市的储蓄银行(也称地区性储蓄银行)面临着行业自身的变革。
That leaves several cajas, and at least one bank, needing to boost capital.
那么，有几个地区性储蓄银行和至少有一家银行需要增加资本。
IT IS a bad time to be listing one of Spain’s largest savings banks, or cajas.
现在股票市场疲软，加之对于希腊债务危机传染的恐惧，西班牙最大的储蓄银行之一Bankia选择在这个时候上市不是一个很好的时机。
Spanish politicians agreed on May 5th to speed up mergers between wobbly cajas.
西班牙政客已于五月五日同意要加速这些不稳定加哈之间的合并。
SPAIN's savings Banks, or cajas, have survived for nearly 200 years without the help of shareholders.
西班牙的储蓄银行，或信用合作社，在没有股份持有者的情况下将近存活了200年之久。
Mr Zapatero says that these cajas could then be bought by a domestic or foreign bank, or by a large caja.
首相萨帕特表示，这部分地区性储蓄银行可以被本国银行或国外银行收购，也或者被同类大银行收购。
The questions now are how much capital the cajas will need, and how much private interest they can excite.
现在的问题是：地区性储蓄银行到底需要多少资金呢，能刺激并产生多少私人利益呢？
Spain’s unlisted savings banks, or cajas, are typically in a much worse condition than the big listed firms.
那些未上市的银行，俗称加哈(cajas)，通常比上市大银行的状况要糟糕多了。
The problems of the Spanish cajas show that a financial system with lots of small Banks is not necessarily safer.
西班牙银行业面临的问题显示出，拥有大量小银行的金融系统不一定就更安全。
But taken together, by January 4.5% of all the cajas' loans had gone sour, compared with 3.9% for the banking system.
但是总的来说，截止至1月，所有cajas的贷款的4.5%已经变坏，整个银行系统这一比例则为3.9%。
Mergers among the cajas may be good news for the banks: history shows merged banks lose market share in the short term.
储蓄银行的合并，对商业银行来说并不是个好消息：历史证明合并的银行都将会在短时间内失去市场的份额。
Overall deposit growth is flat, so banks are trying to claw share from the beleaguered cajas by offering rates as high as 4%.
由于整体存款增长疲软，因此银行通过提供高达4%的利息率从处于困境的其他储蓄银行那里抢夺份额。
Savings Banks (cajas) are undergoing a thorough restructuring: complex mergers to cut costs have shrunk their number from 45 to 17.
储蓄银行正在经历重组：通过复杂的合并来削减开支已经使银行数量从45家减少到了17家。
But for those most in need of quick cash, the cajas' big advantage lies in the lack of existing shareholders. They can sell shares cheaply.
但当前最需要的是快速的现金，而信用社的最大优势便是缺乏股权持有者，这使得他们可以贱卖手中的股份。
Another worry is that, although the big Spanish Banks look strong and well-capitalised, the same cannot be said of the savings Banks or cajas.
另一个需要担心的是，尽管西班牙的大型银行看起来很强势，资本化情况也很好，但是不能说储蓄银行或者说合作信用社的情况亦是如此。
The source of uncertainty is the savings banks, known as cajas, which were the most exposed when the construction and real estate bubbles burst.
不确定性的源头来自储蓄银行，即西班牙各地区的信用合作社（cajas），当建筑和不动产泡沫破灭时，这些银行暴露了最大的敞口。
American regional Banks and Spanish savings Banks, or cajas, are among those coming under increasing pressure as commercial-property portfolios suffer.
美国地区银行和西班牙储蓄银行，或者信用合作社，面临着商业资产组合受损更大的压力。
These loans now represent about a fifth of the cajas' assets, according to Santiago lopez diaz, an analyst at Credit Suisse. They are deteriorating fast.
据瑞士信贷(Credit Suisse)分析师Santiagolopezdiaz所言，这些贷款占cajas资产的五分之一，它们正在迅速进一步恶化。
There are similar worries about the health of European banks that are too small to save, from Spanish cajas to German Sparkassen and British building societies.
欧洲的那些小银行的体质是否健全也令人担忧，一路从西班牙的加哈(Cajas de Ahorros;储蓄窗口)银行到德国的斯巴卡(Sparkassen储蓄)银行再到英国的房屋抵押贷款协会。
Spain's cajas are mutually owned and controlled by a mix of depositors, employees and local politicians, and they distribute a big chunk of their profits to local causes.
西班牙的cajas由储户，雇员和地方政客共同拥有和控制，他们将大部分利润用于地方事业。
Cajas do have strong retail franchises and room to improve profitability: a bloated network of over 24,000 branches could eventually shrink by 20%, according to Bank of America Merrill Lynch.
信用社确实含有较强的零售业投票权，同时还有提升盈利的空间：由来自美国银行的美林提供到，超过24,000个信用合作社分支的网络有可能缩减到20%。
They were abetted by the cajas, small unlisted savings banks, often with opaque ownership structures, that lent recklessly on the assumption that property prices could move only in one direction.
小型的非上市性的储蓄性银行往往揣掇他们投入资金，这些银行的所有权往往是不透明的，他们鲁莽地贷出资金，所有的假设只基于楼价只升不跌。
They were abetted by the cajas, small unlisted savings banks, often with opaque ownership structures, that lent recklessly on the assumption that property prices could move only in one direction.
小型的非上市性的储蓄性银行往往揣掇他们投入资金，这些银行的所有权往往是不透明的，他们鲁莽地贷出资金，所有的假设只基于楼价只升不跌。
应用推荐