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Spain makes formal request for EU bank aid

Source: Reuters - Mon 3rd Dec 2012
Spain makes formal request for EU bank aid

Earlier this morning Spain formally requested the disbursement of 39.5 billion of European funds to recapitalise its crippled banking sector, the Economy Ministry said in a statement.

The money - 37 billion for the 4 nationalised banks : Bankia; Catalunya Banc; NCG Banco and Banco de Valencia - and 2.5 billion for SAREB - the so-called "bad bank" - should be paid to the state's banking fund FROB around December 12, it added.

Euro zone finance ministers are expected to approve the disbursement later on Monday when they meet in Brussels for their monthly meeting.