Spain's banks 'recapitalised by 2013'

Mon, Oct 22, 2012, 01:00

Spain's banks, hit by a property crash that has prompted a government-forced clean-up of toxic real estate assets, should be fully capitalised by mid-2013, the European Union's antitrust chief said today.

"The whole Spanish financial system will be fully capitalised by mid-2013 at the latest," EU competition commissioner Joaquin Almunia said in the text of a speech to be delivered at a conference in Barcelona.

He said EU regulators would clear restructuring plans for nationalised lenders Bankia, Catalunya Caixa, Nova Caixa Galicia and Banco de Valencia by the end of November.

Mr Almunia also said he expected a recapitalisation plan from Banco Popular by the end of this month.

Reuters

Sign In

Forgot Password?

Sign Up

The name that will appear beside your comments.

Have an account? Sign In

Forgot Password?

Please enter your email address so we can send you a link to reset your password.

Sign In or Sign Up

Thank you

You should receive instructions for resetting your password. When you have reset your password, you can Sign In.

Hello, .

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

Thank you for registering. Please check your email to verify your account.

We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.