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BBVA makes further €1.8 billion in provisions

Source: Reuters - Mon 14th May 2012
BBVA makes further  €1.8 billion in provisions

Spain's second-largest bank BBVA said on Monday it would set aside provisions worth around €1.8 billion to meet new capital requirements demanded by a sector reform passed on Friday.

Spain's government said last week lenders must set aside €30 billion, on top of €54 billion euros ordered in February, as provisions against toxic real estate assets.

It is Spain's fourth attempt to reform a sector battered by the 2008 property crash.

The additional capital would be reflected in full-year earnings figure and would have a net impact of around €1.3 billion, BBVA said.

Meanwhile, Spain's Banco Popular said on Monday it would set aside provisions worth €1.7 billion and added it would not need state aid to raise the cash.

Banco Popular, Spain's fifth largest bank by assets, said it would take two quarters to meet the requirements.

The statement followed many of the country's banks, which detailed their own plans to raise provisions over the weekend.

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