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Murcia to Receive 527 Million Bailout

Fri 28th Sep 2012
Murcia to Receive 527 Million Bailout

Murcia's Minister of Economy, Juan Bernal, has confirmed the financially stricken region will receive 527.93 million from the FLA.

Under a funding plan setup by Central Government, the FLA (aka. Regional Liquidity Fund) will release monies to help Murcia meet its debt maturities and financial obligations.

In a statement on Spanish online newspaper La Verdad, Bernal said nearly 291 million will be used to finance "normal operations" of the region which is hoped will bring about normality and financial stability to the region by year end.

The split of funds is expected to be 237 million to cover maturities in existing debt and the remaining 290.93 allocated as useable funds based on GDP of the region calculated by central government.

Murcia became the second region to seek a bailout from central government in July 2012 behind Valencia. Since then, several other regions have expressed their need to dip into the rescue fund. Most recently Castilla-La Mancha.

The FLA, partly funded by state owned lottery organiser ONLAE, was created in the wake of a banking bailout request by Bankia. The FLA is intended to support regions that have been shut out of international bond markets following successive credit agency downgrades.

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Tumbit News Article: Murcia Requests Bailout July 2012

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