The new demands of the supervising body, which will reduce profits before tax approximately by 10 percent, precipitated corporate moves between cajas seeking to survive.

NEW MERGERS

The new puzzle of savings banks has steadily come together in a matter of days. Almost half of the 45 cajas which exist in Spain are negotiating in the new merger process.

"Cold mergers" proliferated during the past week, the most relevant to date being that of Caja de Ahorros del Mediterraneo ( CAM) with Cajastur, Caja Cantabria and Caja Extremadura, which will be the third largest savings bank in Spain.

The two largest savings banks in the country, Caja Madrid and La Caixa, have also started negotiations. Both lead separate merger talks with smaller regional cajas. Caja Madrid is in talks with Caja Avila, Caja Segovia Caja La Rioja, Caja Laietana and Caja Canarias. In Catalonia, where the restructuring process has already halved the number of cajas, La Caixa has absorbed Caixa Girona.

The new map of savings banks in Spain quickly received the nod from Brussels. European Commissioner for Competition Joaquin Almunia said that "the savings banks sector is reacting as it should react, by accelerating its mergers insofar as possible, which are very necessary."

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