m22au
Registered: Mar 2002
Posts: 3138 |
05-15-12 01:22 PM
Extra capital requirements for Spanish banks were announced on Friday 11 May.
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"Spain Hit By Fears On Banks, Athens"
Updated May 14, 2012, 6:31 p.m. ET
http://online.wsj.com/article/SB100...0325151618.html
All amounts in EUR:
BKIA 4.72 billion
POP 2.31 billion (includes 1.70 for POP and the rest for Banco Pastor)
SAN 2.70 billion
Caixa 2.10 billion
BBVA 1.80 billion
http://finance.yahoo.com/news/bbva-...-070024258.html
http://finance.yahoo.com/news/spain...-192831570.html
Specific details of the requirements in this Bloomberg article:
http://www.bloomberg.com/news/2012-...hree-years.html
De Guindos said banks will have a month from today to say how they will meet the provisioning requirements, which come on top of the 53.8 billion euros of charges and capital ordered by the government in the previous cleanup effort in February.
The state will step in through its bank rescue fund, known as FROB, to buy shares or contingent convertible bonds of banks that struggle to meet the requirements, said de Guindos.
Under the program, which he said will be profitable for the government, banks that borrow will have to pay 10 percent interest and repay the aid within five years. The “Co-Co” bonds will be an “adequate” way to channel FROB funds to lenders that need them, the Spanish Association of Savings Banks said in an emailed statement.
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