Spain makes formal request for EU bank aid
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)
Trending On Reuters
The BSE Sensex and Nifty fell more than 2 percent on Thursday to a more than 10-week low on worries foreign investors, whose ownership of domestic shares have hit a record, may trim positions on risk aversion after Saudi Arabia launched air strikes in Yemen. Full Article