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Spain gives 84.195 bln aid to financial sector in 2011

Source: Xinhua - Wed 11th Sep 2013
Spain gives 84.195 bln aid to financial sector in 2011

Spanish banks received a total of 84.195 billion of public aid in 2011 to combat the crisis affecting the sector, Spain's National Competition Commission reported on Tuesday.

The figure was almost 94.5% of the total public aid injected by the public sector that year (89.162 billion), which represented 7.84%of Spain's GDP.

Each Spaniard paid 1,781.3 to reorganize Spain's financial entities, said the Commission.

In annual terms, the amount received by the Spanish banking sector decreased by 4.967 billion between 2010 and 2011, from 89.162 billion to 84.195 billion, the Commission reported.

A year later, in June 2012, the Spanish government asked for financial aid from the EU in order to recapitalize its baking system.

The EU gave Spain 37 billion to recapitalize the EU's so-called first group of banks (including Spain's nationalized entities, Bankia, Catalunya Caixa, Banco de Valencia and NovaGalicia Banco) and 1.865 billion for the EU's so-called second group: Liberbank, Caja3, BMN and CEISS.

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