Spain makes formal request for EU bank aid

MADRID Tue Dec 4, 2012 12:02am IST

Thousands of protesters wave flags and carry banners during a rally against government cutbacks for disabled people in Madrid December 2, 2012. REUTERS/Andrea Comas

Thousands of protesters wave flags and carry banners during a rally against government cutbacks for disabled people in Madrid December 2, 2012.

Credit: Reuters/Andrea Comas

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MADRID (Reuters) - Spain on Monday requested formally the disbursement of 39.5 billion euros of European funds to recapitalise its crippled banking sector, the Economy Ministry said in a statement.

The money - 37 billion euros for the four nationalised banks Bankia (BKIA.MC), Catalunya Banc, NCG Banco and Banco de Valencia BVA.MC and 2.5 billion euros for the so-called "bad bank" - should be paid to the state's banking fund FROB around December 12, it added.

Euro zone finance ministers are expected to approve the disbursement later on Monday when they meet in Brussels for their monthly meeting.

(Reporting By Jesús Aguado; Editing by Julien Toyer)

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