June 9, 2012 / 7:21 PM / 5 years ago

Spain to pay same rates as other bailed out countries

DUBLIN, June 9 (Reuters) - Spain will pay the same interest rates as those countries already bailed out by the European Union and International Monetary Fund for funds it will receive to recapitalise its banks, Ireland's finance minister said on Saturday.

"The European authorities will provide up to 100 billion euros to fully recapitalise the Spanish banks and to provide a significant safety margin beyond the recapitalisation requirements," Michael Noonan said in a statement.

"The funds will be provided through the EFSF/ESM at the same interest rates which apply to funds provided to other programme countries."

Noonan said the deal appeared to dash hopes that a beneficial deal for Spain would help Ireland secure concessions on its own EU/IMF bailout, state broadcaster RTE reported. A spokesman for the minister declined comment but said an interview with the minister would be broadcast later on Saturday.

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