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FROB report negative equity of Spanish Banks

Source: Reuters - Sat 9th Feb 2013
FROB report negative equity of Spanish Banks

Spanish banks CEISS and Banco Gallego have a negative equity of €288 million and €150 million respectively, the bank restructuring fund, according to data issued by FROB, on Friday.

Lenders Liberbank, Caja 3 and BMN had positive equity, the FROB report read.

The valuations serve as a basis to calculate the amount of public aid the lenders need.

Earlier this week it was reported how Portgugal's Banco Espiritu Santo were considering a bid to takeover Banco Gallego, which would increase the former Bank's branch network in Spain twentyfive-fold.

Banco Gallego is controlled by NovoCaixaGalicia, which was taken over by the state in 2011 by Spain's bank restructuring fund FROB, and has been "offered for sale" for a while now.