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De Guindos explains decision to halt Bank sale

Source: Bloomberg - Tue 5th Mar 2013
De Guindos explains decision to halt Bank sale

Spain's Minister for the Economy has explained yesterday's decision by the country's Fund For Orderly Bank Restrcuturing (FROB) to halt the sale of Catalunya Banc.

Luis de Guindos went on to say how it would not make sense to sell the nationalised lender at a loss, given that Catalunya Banc was now a profitable entity.

"There is no question of selling such institutions at a loss," de Guindos told reporters in Brussels today.

Spain has taken about 40 billion of European aid to bail out lenders including Barcelona-based Catalunya Banc, which was nationalized in 2011. FROB said in its statement that it had time to find the best option for dealing with the lender that would minimize the cost to the taxpayer because the sale deadline set by the European Commission is the end of 2016.

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