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Spain completes savings bank restructuring

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By Asad Naeem
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miguel-angel-fernandezMADRID: Spain said Friday it has completed the restructuring of its regional savings banks, injecting another 7.55 billion euros into a sector which nearly brought down the country in the fallout from the 2008 global financial crisis.

Bank of Spain governor Miguel Angel Fernandez Ordonez said 568 million euros went to Unnim, 2.47 billion euros to NovaCaixaGalicia and 1.72 billion euros to CatalunyaCaixa from a state restructuring fund.

The state bought out the fourth bank, Caja Mediterraneo, for 2.8 billion euros in June.

 

Copyright AFP (Agence France-Presse), 2011

 

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