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Spain to force savings banks to list
Spain is planning to force its regional savings banks to become conventional banks and seek stock market listings, a source familiar with the matter told Reuters.
The state-backed bank restructuring fund (FROB) would then take stakes in the banks which fail to attract private investment, the source said.
The debt-laden savings banks and a possibly expensive rescue are seen as major risks for Spain's government as it aggressively cuts its budget deficit.
The Bank of Spain and the government are at odds over whether a change in law is required to speed the reform of Spain's regional banks, separating their financial businesses and social activities, El Pais newspaper reported.
government will announce a change in law to speed their reform before the end of the month, the paper said, citing sources close to the Bank of Spain.
Spain hopes the regional banks can raise private capital, reducing their need for a capital injection from the government. The cajas could need 40-50 billion euros more capital to plug losses from soaring property debts, Evolution Securities said in a recent note.
Latest News & Stories
- 1,785 Spanish Drivers apprehended for Drink and Drugs in 3 days
- Spanish retail sales rise 4.9% on year in July
- Vodafone Spain to offer fibre in 750,000 more homes by Dec
- Spanish economy powers ahead as politicians dither
- Socialists to propose law change in bid to avoid Christmas Day elections
- Vodafone Spain expands 4G roaming to 100 countries
- Public works contracts fall by 20% due to political impasse and deficit reduction
- 24 arrested in Spain in joint EU operation against child pornography
- PP accepts Ciudadanosí demand for further-reaching corruption measures
- Gibraltar signs LNG deal with Shell to combat electricity shortages