Sunday, March 27, 2011

The boxes will be asked to cover 6,000 million recapitalization

Savings banks seek public funds to study through the Bank Restructuring Fund (FROB) for a maximum of 6,000 million euros, representing a third of the capital needs of a total of EUR 15.157 million identified by the Bank of Spain, according to financial sources. The boxes do not meet the new solvency requirements set by the Government must be submitted by Monday, March 28, the Bank of Spain for its recapitalization plan, which must specify its strategy to achieve the level of capital required, 8% for listed companies and 10% for the rest.

The central bank will review the plans until 14 April. The states with capital needs have analyzed all the ways to strengthen its solvency by its own means and recourse to public funds as little as possible, so that in recent weeks there have been approaches in the face of new mergers and reviewed the entry of private investors in the capital. The initial reluctance of banks to use public funds, involving the nationalization of the company and was seen by some as an admission of its inability, has been waning as patents have been low market valuations.

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