Over the weekend Spain have formally requested a bailout for the total of €100bn from its partners within the Eurozone. With almost that amount having been withdrawn during May from the Spanish banking system the figure that has been mentioned to stabilise the country’s banks is €62bn. The plan is that the money would be borrowed by 9th July and the plan is to instill confidence into the system. Following the problems within the property market with 1 million homes still left unsold bad loans has negatively affected Spain’s banks.

With Natwest, RBS and Ulster Bank having recently experienced problems with their own banking system it highlights the importance of using a currency broker who are outside this remit as we bank with Lloyds. All problems in the main seemingly now over hopefully things will be back to normal. However, if you do have an important and urgent currency requirement please do not hesitate to contact me Tom Holian teh@currencies.co.uk