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Spain bank restructuring fund to issue more debt

Source: Reuters - Thu 2th Dec 2010

Spain's bank restructuring fund, set up to oversee the merger of the country's savings banks, is to raise a further two billion euros on capital markets in coming months, the Financial Times reported on Thursday.

The Bank of Spain, which is in charge of the fund - dubbed FROB under its Spanish initials - was not available to comment on the FT's online report, which cited bankers.

The central bank has overseen a restructuring of the sector, more than halving the number of savings banks, called cajas, from 45 at a cost of around 11.2 billion euros from a fund that can be extended up to 99 billion euros.

Earlier the central bank said that the consolidation of savings banks was progressing at an appropriate pace and that banks would function as merged entities from Jan. 1.

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