I think they have to respond and I think they have to respond with cash.
That's the kind of thing that they are good at and what the market would like them to do.
I get the feeling they may have regretted that exit and they've probably been looking for a good reason to get back in with an eye on sector consolidation.
The operating trend is as I expected, although revenues are of slightly better quality. But it's disappointing that they haven't made progress in dealing with the capital adequacy position at this stage.
This one looks very unlikely. BBVA is currently focused on trying to get (Italy's) BNL. Its priorities after that are in the (southern) U.S. for links with its Mexican business.
