Saturday 19 August 2017

Spain formally requests €39.5bn European bailout for banks

Charlie Weston Personal Finance Editor

SPAIN has requested formally the disbursement of €39.5bn of European funds to recapitalise its crippled banking sector, the Economy Ministry said in a statement.

The money - €37bn for the four nationalized banks Bankia (BKIA.MC), Catalunya Banc, NCG Banco and Banco de Valencia (BVA.MC) and €2.5bn for the so-called "bad bank" - should be paid to the state's banking fund FROB around December 12, it added.

Eurozone finance ministers are expected to approve the disbursement later on Monday when they meet in Brussels for their monthly meeting.

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