Spain reigns

Spanish banks are notable absentees from the list of casualties hit by the credit crisis, which the International Monetary Fund estimates could erase $1 trillion of value from financial institutions globally.

Take Banco Bilbao Vizcaya Argentaria (BBVA), for example. Following a year - 2007 - that management described as the best in its history, BBVA reported a net profit of EUR2.93 billion for the first half of 2008, up 11.6% on the corresponding period in 2007, while the bank's return on equity