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Spain's Banco Base to ask state for 2.8 bln euros

Source: Reuters - Tue 29th Mar 2011

Spain's third-largest savings bank, Banco Base, will apply for 2.8 billion euros from the state-backed bank restructuring fund (FROB), a spokesman for savings bank CAM said on Tuesday.

The amount is nearly twice the capital shortfall estimated by the Bank of Spain for Banco Base. The spokesman was not able to say why Banco Base was applying for more than the original estimate.

CAM is one of the smaller savings banks that merged to form Banco Base.

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