Spain makes formal request for EU bank aid

  • Rate this Story
  • 0
  • 0

December 4, 2012 12:28 AM EST

Spain on Monday requested formally the disbursement of 39.5 billion euros ($51.4 billion) of European funds to recapitalize its crippled banking sector, the Economy Ministry said in a statement.

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

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

(Reporting By Jesús Aguado; Editing by Julien Toyer)

  • Rate this Story
  • 0
  • 0
Copyright 2012 Thomson Reuters. All rights reserved.

Join the Conversation

IBTimes TV
E-Newsletters

We value your privacy. Your email address will not be shared.