Encyclopedia of Contemporary Spanish Culture

By Eamonn Rodgers; Valerie Rodgers | Go to book overview

I

Ibercorp

The financial group Ibercorp was first founded, as Invesbank, in 1986 by Manuel de la Concha and Jaime Soto. Registration difficulties forced the change of name, and in 1987 Ibercorp began trading as a bank. Other limited companies were created around the bank, such as Ibercorp Leasing, Ibercorp Cataluña, and Ibercorp Bolsa. After initial spectacular success—two of these companies were bought out for 5,235m pesetas in 1990—the shakiness of Ibercorp’s foundations was revealed and the Bank of Spain was forced to intervene in March 1992. In March 1994 Ibercorp bank suspended payments. The case acquired considerable notoriety because of the number of public figures who were clients of Ibercorp, among them Miguel Boyer, Minister of the Economy 1982-5, and his wife, Isabel Preysler, a former wife of Julio Iglesias.

See also: corruption

PAUL HEYWOOD


Iberia

Although state-owned Iberia, the national airline of Spain, is one of the country’s biggest companies, it was a significant loss-maker for some years. In 1995 it had an operating surplus of 25,117m pesetas but this became a loss of 61,084m pesetas after financial costs and other items were taken into account. Of its passenger income 25.2 percent was generated within Spain, 42.7 percent in the rest of Europe, and 32.1 percent in intercontinental flights. Iberia’s fleet (excluding aircraft belonging to subsidiary companies), consists of some 113 aircraft, including twenty-five Boeing 727, seven 747, eight 757, eight Airbus A300, twenty-two Airbus A320, seven DC9, four DC 10 and twenty-four MD87. Its first Airbus A340 was delivered in March 1996, followed by seven more in the ensuing two years. A further ninety-three aircraft belong to the subsidiaries Aviaco, Viva Air and Binter, or are rented from other companies.

Iberia has a number of wholly owned subsidiaries such as Binter Canarias, Binter Mediterráneo, Viva Air, an 83 percent shareholding in Aerolíneas Argentinas, a 45 percent shareholding in the Venezuelan airline Viasa, a 38 percent share-holding in the Chilean airline Ladeco, and a 33 percent shareholding in the Spanish airline Aviaco. It also owns or controls a number of cargo and catering companies. Iberia’s route network is extensive, with around 100 destinations of its own rising to over 300 if those of its subsidiaries are included. It is the European airline with the largest number of destinations to Latin America and with the biggest network in Latin America itself. It also flies from Spain to most of the major cities of Europe, to North Africa, the Middle East, the USA, Japan, New Zealand, Australia and Equatorial Guinea, a total of forty-six countries. Iberia’s average of daily flights is 850, with a carrying capacity of 90,000 seats. In 1997 it carried 24.4 million passengers.

Iberia employs over 24,000 people, and its pilots are among the highest paid in the world. In the early 1990s, the management’s attempt to stem the

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Encyclopedia of Contemporary Spanish Culture
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Introduction x
  • Acknowledgments xii
  • Structure xiii
  • Architecture xiv
  • A 1
  • Further Reading 7
  • Further Reading 11
  • Further Reading 29
  • Further Reading 37
  • Further Reading 41
  • B 44
  • Further Reading 47
  • Further Reading 65
  • C 70
  • Further Reading 81
  • Further Reading 93
  • Further Reading 100
  • Further Reading 113
  • Further Reading 128
  • D 135
  • Further Reading 136
  • Further Reading 140
  • E 152
  • Further Reading 155
  • Further Reading 166
  • Further Reading 171
  • F 173
  • Further Reading 185
  • Further Reading 206
  • G 213
  • Further Reading 227
  • Further Reading 229
  • Further Reading 231
  • Further Reading 242
  • H 245
  • I 261
  • Further Reading 266
  • J 276
  • Further Reading 280
  • K 283
  • L 285
  • Further Reading 292
  • M 313
  • Further Reading 332
  • Further Reading 335
  • N 359
  • Further Reading 362
  • Further Reading 365
  • O 376
  • P 384
  • Further Reading 429
  • Q 430
  • R 433
  • Further Reading 435
  • Further Reading 436
  • Further Reading 439
  • Further Reading 443
  • References 452
  • S 464
  • Further Reading 471
  • Further Reading 475
  • T 502
  • Further Reading 508
  • Further Reading 509
  • U 526
  • Further Reading 536
  • V 537
  • Further Reading 538
  • Further Reading 539
  • Further Reading 544
  • W 545
  • X 550
  • Y 552
  • Further Reading 553
  • Z 554
  • Index 557
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