#Bankinter loses even more money. – Comaskey Properties

BankInter, formerly Banco Intercontinental Espanol, has reported that its profits have dropped 77% in the past 12 months. The reason for the decline is that they now feel they overestimated the value of their real estate. One full year ago we spoke to the bank and told them that they were not selling property in the correct manner and that what they were doing was actually negatively affecting the whole real estate industry in Spain.
We´ll blog later in the week as to how they actually try to sell Spanish property but most people will not believe us! Investors don’t believe the bank either however- 600 million has moved out of Inter´s current accounts in the past 3 months.
Chief executive of the bank Maria Dolores Dancausa, has said that the bank has set aside 275 million euro to cover its negative equity- Bad news Maria, it’s not enough!!
I´m available to talk you through how property sales in Spain work, whenever you are free!
The definition of insanity is ” continuing to do what you´ve been doing while expecting a different result” – The banks, not exclusively BankInter, are continuing to do what they´ve always done… Insane!
The lesson to learn here is that if you are buying property in Spain, buy from a registered agent who knows what they are doing and use Maria Dancausa and friends for currency issues, paying utilities by direct debit, perhaps a Spanish Credit card and other activities which we have no doubt they are capable of doing.

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