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Spain's Bad Bank to begin with €5 billion

Source: Reuters - Mon 12th Nov 2012
Spain's Bad Bank to begin with €5 billion

Spain's bad bank - otherwise known as 'Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria' (or just "SAREB") will have initial resources of €5 billion, a director of the country's rescue fund said on Monday.

The startup amount includes €1 billion in capital and €4 billion in subordinated debt, Antonio Carrascosa, managing director of the bank restructuring fund (FROB), said.

Last week the Bank of Spain announced how SAREB would be able to buy Spanish debt at discounts of up to 80%

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