The takeover of Spain's Banca Civica by CaixaBank only fuels belief the sector has yet to begin...

|By:, SA News Editor

The takeover of Spain's Banca Civica by CaixaBank only fuels belief the sector has yet to begin accounting for property-related losses. Civica's book value, €2.8B at 2011's end, is being written down to zero by Caixa, even though the lender was deemed to be one of the country's better-provisioned savings banks. "Far from turning corners, Spanish banks may still be cutting them," writes Simon Nixon.