Spain's government said Friday it will soon request a first payment for its deeply troubled banks from an emergency eurozone rescue line. "The request will be sent shortly," a spokeswoman for the Economy Ministry told AFP. "It is being worked on," she said, declining however to specify the timing or exact amount of the request. The money was being sought for crisis-torn Spanish banks that have already been nationalised, she said: Bankia, Catalunya Caixa, NovaGalicia Banco and Banco de Valencia. "The Bank of Spain has to ask that the funds be made available to it and that is the request that will be sent," the spokeswoman said, adding that the size would depend on a central bank analysis. "The Bank of Spain is doing its analysis and that report is for the nationalised banks, so depending on that analysis they will see what request they need to make," she said. Spain's eurozone partners agreed in June to lend up to 100 billion euros ($124 billion) to salvage the nation's banks, buckling under record bad loans built up since a 2008 property crash. The eurozone's bailout fund, the European Financial Stability Facility, has already put aside an emergency reserve of 30 billion euros in case of urgent requests by Spain, a spokeswoman for the fund said. Under a written agreement drawn up last month, the Bank of Spain can ask for a specific sum from that emergency reserve. But any payment first needs the approval of the European Commission and officials of the 17-nation eurozone working in liaison with the European Central Bank. The bulk of the rescue loan is expected to be disbursed from November onwards to help finance a restructuring and recapitalisation of the Spanish banking sector.
GMT 17:19 2018 Thursday ,11 January
China factory gate inflation slows to 13-month lowGMT 17:50 2018 Wednesday ,10 January
German industrial output rebounds in NovemberGMT 17:39 2018 Wednesday ,10 January
Samsung tips record Q4 operating profit of more than $14 bnGMT 17:29 2018 Tuesday ,09 January
German industrial orders dip in NovemberGMT 15:36 2018 Thursday ,04 January
China factory activity accelerated in December: CaixinGMT 13:33 2018 Wednesday ,03 January
Turkey inflation rate eases but still stubbornly high in DecemberGMT 16:27 2018 Monday ,01 January
China manufacturing activity slows in DecemberGMT 17:36 2017 Sunday ,31 December
Spain to leave EU's deficit 'sin bin' next year: Rajoy
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor