The City of London’s daily Financial Times reported that high interest rates imposed by central banks on both sides of the Atlantic are providing a field day for the large, money-center banks.
For example, Spain’s giant Santander Bank showed net profits rising in the last quarter. “Spain’s biggest lender became the latest European bank to report strong results thanks to record-high interest rates,” the FT wrote. “Eurozone banks have been boosted by the fast pace of interest rate increases by the European Central Bank, which has raised rates to an all-time high of 4%.”
