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EU approves state aid for Banco de Valencia

Source: Reuters - Wed 23rd Nov 2011

The European Commission has granted temporary approval for Spain's Banco de Valencia to receive a capital injection of up to 1 billion euros and a liquidity facility of up to 2 billion euros, the EU executive said on Tuesday.

The Bank of Spain said on Monday it had taken over Banco de Valencia, making it the latest casualty of the collapse in Spain's property boom and the first retail bank to seek a bailout.

"The funds will be provided by the Spanish Fondo de Reestructuración Ordenada Bancaria (FROB), which was created in 2009 to support the consolidation in the Spanish banking sector and ensure an orderly restructuring of banks," the Commission said in a statement.

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