MADRID 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
What seemed like a possibility for the Nifty to cross the 8,000 mark just two weeks ago has now turned out to be a far-fetched dream. A 7,950-8,000 range could be used to book partial profits and re-enter closer to 7,750-7,800 for the next couple of weeks. The next big trigger would be the arrival of monsoons, writes Ambareesh Baliga. Read