Spain won't seek more EU funds to help bank sales

 

The Spanish government does not expect to seek more money from the European bank rescue fund to help with the sale of troubled nationalized lenders NCG Banco and Catalunya Banc, a source from the country's bank restructuring fund FROB said on Monday.

At the end of Q1 CatalunyaBanc posted €12-billion losses for 2012 while northern-Spain based NCG Banco reported losses of €8 billion for the same period.

This adds to a record €19.2-billion loss at Bankia reported earlier in the year and a €2.5-billion loss at smaller lender Banco Mare Nostrum.