BANKS DO NOT often give a hearty welcome to government legislation aimed at regulating the financial services sector. Spain’s new finance law, which is expected to be approved by parliament after the summer recess, is an exception. It has been enthusiastically embraced by the 46 cajas de ahorros – the savings banks that account for half the country’s banking system. As far as the cajas are concerned, the law hands them their cake with a clear mandate to eat it as well.
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