Spanish tourism leaders have gathered in London to reassure UK visitors that they remain a 'priority' for Spain, amidst growing concerns over overtourism and anti-tourism protests in popular destinations. Rosario Sánchez Grau, Spain's secretary of state for tourism, emphasized the importance of the UK-Spain tourism relationship, stating, 'We are proud and grateful that Spain remains the number one holiday destination for UK visitors. It is our priority to protect and nurture this relationship for the future.'

The event, attended by mayors from Spain's most popular coastal areas and top travel executives, aimed to address the challenges posed by overtourism. Manuel Butler, the director of the Spanish Tourist Office in the UK, highlighted the need to differentiate between local tensions and the overall welcoming nature of Spain. 'The vast majority of Spain remains enthusiastic in welcoming tourists,' Butler remarked, pointing out that protests in cities like Barcelona and Palma de Majorca stem from broader societal issues such as housing pressures and environmental strain.

Steve Heapy, chief executive of Jet2, voiced concerns over the impact of anti-tourism protests on UK holidaymakers. Heapy noted a growing perception among some that overseas visitors are not welcome in Spain, a sentiment fueled by demonstrations featuring messages like 'tourists go home.' He also criticized 'unlicensed tourism,' particularly through platforms like Airbnb, for exacerbating local tensions by driving up rental rates and bypassing regulations. 'Airbnb can be controlled. They don't rule the world,' Heapy asserted, advocating for stricter legislation and hefty fines for non-compliance.

The discussions in London underscore the delicate balance between sustaining Spain's vital tourism industry and addressing the legitimate concerns of local communities. With both Spanish officials and UK travel leaders committed to finding solutions, the focus is now on implementing measures that ensure Spain remains a welcoming destination for tourists while mitigating the impacts of overtourism. As the dialogue continues, the hope is that these efforts will preserve the cherished UK-Spain tourism relationship for years to come.

The Central Bank of Ireland has concluded a long-running inquiry into the Irish Nationwide Building Society (INBS), resulting in significant penalties for former executives. John Stanley Purcell, a former board member, has been fined €130,000 and banned from the financial sector for four years due to his role in the society's governance and risk management failures. The inquiry highlighted a period between 2004 and 2008 where INBS's commercial lending practices were found to be lacking in oversight and adherence to financial regulations.

During the years under scrutiny, INBS's commercial loan book expanded dramatically from €3.59bn to €8.18bn, with commercial loans making up 78% of its total loan book by the end of 2008. The Central Bank's report detailed a culture of high-risk lending, where large sums were disbursed without proper documentation, adequate security, or necessary approvals. This reckless approach to lending was a significant factor in the society's eventual collapse during the financial crisis.

The inquiry also shed light on the broader systemic failures within INBS, including a lack of adherence to its own credit risk management policies and the absence of annual credit risk stress tests for commercial lending. Louise Gallagher, the Central Bank's head of enforcement investigations, emphasized the discovery of a pervasive culture that prioritized high-risk lending over sound financial practices. The findings underscore the importance of robust governance and risk management frameworks in financial institutions.

In addition to the penalties imposed on Purcell, the Central Bank's inquiry has led to settlements with other former INBS executives, including disqualifications and fines. The total cost of the investigation and inquiry into INBS's regulatory breaches amounted to over €24m, spanning 15 years from 2010 to 2025. This case serves as a stark reminder of the consequences of failing to uphold financial regulations and the critical need for accountability in the banking sector.