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Spain Comes to the Aid of Its Banks
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Spain's finance minister, Elena Salgado, says the state backed Fund for Orderly Bank Restructuring, will acquire direct equity stakes in the Cajas, Spain's regional banks, for upto 5 years. The Bank of Spain's preliminary estimates of the capital needs of the banking sector are below 20 billion euros, according to Salgado. The Spanish government will raise the Tier 1 capital requirements for all banks to 8% and will inject capital into lenders that do not meet the new requirements. The moves are designed to reassure investors who lack information about the true financial condition of the cajas.
Spain's banks
07/09/2010
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