December 3, 2019 / 8:49 AM / 7 days ago

Further banking consolidation in Spain should be driven by the market - ECB's de Cos

MADRID, Dec 3 (Reuters) - Further consolidation among Spanish banks should be driven by the market, while supervisors have to guarantee financial stability, European Central Bank policy maker Pablo Hernandez de Cos said on Tuesday at a financial event in Madrid.

“Potential new consolidation processes must be market-led, that is to say, create value for shareholders, while we as supervisors must guarantee that the deals maintain financial stability,” De Cos said.

De Cos, who also heads the Bank of Spain, said that interest rates staying low for longer in the euro zone could hurt banking transmission channels and spur risk-taking, threatening financial stability. (Reporting By Jesús Aguado and Clara-Laeila Laudette; editing by Jesús Aguado and Louise Heavens)

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