For the decision of financial problems of Spain will create “ bad bank “the Authorities of Spain will create “ bad bank “ where all problem actives of bank sector of the country will concentrate, transfers Reuters referring to a source in the government of Spain. Also, according to a source, the authorities of Spain will agree to finish the base banking capital of the first level to 9 % for all creditors of the country.
“ bad bank “ should incur the big debt loading that Spain managed to be avoided a fate of Greece, Ireland and Portugal, addressed in due time behind the international help. The most part of problem actives will be presented by credits on the security of real estate and mortgage loans as the Spanish crisis is narrowly connected with burst “ a bubble “ in the real estate market.
It is expected that such measures Ministers of Finance of the European Union (EU) at Eurocommission session (EK) in Bruxelles as a condition for reception of the financial help by Spain on rekapitalizatsiju bank system at the rate to 100 mlrd today will offer euro.
It is planned that at today`s session EK Spain will sign the memorandum of mutual understanding which signing of the credit contract on the financial help presumably for a period of 15 years under the rate 3 - 4 % annual on July, 20th will follow.
in the meantime it became known that Spain will receive additional year for achievement of target indicators on reduction of a budgeted deficit to 3 % of gross national product. Ministers of Finance of the European Union (Ekofin) are ready to give to the country the right to transfer “ a deadline “ on the given level on 2014ã., while earlier it was supposed that Madrid will lower a budgeted deficit to 3 % of gross national product to 2013ã., the European diplomats have informed today. It is expected that on July, 10th of this year The given decision will be approved at session of Ministers of Finance of EU.
“ the program of budgetary consolidation of Spain will be corrected so that to give to the country additional year “ - one of diplomats has explained, having added that at a meeting of Ekofina the granting question to Madrid in exchange for economy austerity measures will be discussed additional year. “ I think, this year will be given “ - the diplomat has concluded.
earlier it was supposed that Spain can reduce a budgeted deficit to 3 % of gross national product by the end 2013ã., however deep recession in economy after burst “ a bubble “ in the real estate market have made achievement of this purpose improbable, the bank sector of the country has hard times.
on June, 25th of this year Spain has officially requested of the European Union (EU) the financial help on rekapitalizatsiju bank system at the rate to 100 mlrd euro. Earlier, on June, 21st of this year The first results of audit of the Spanish bank sector spent by companies Rolan Berger and Oliver Wyman have been published. Under their data, for restoration of bank system of Spain it can be demanded from 51 to 62 mlrd euro.
thus the exact data about needs of the Spanish bank sector becomes known only following the results of the second audit. Results of the second research (which will be published in September 2012ã.) Will reflect fuller picture as within the limits of the audit spent Deloitte, Ernst and Young, PriceWaterhouse Coopers and KPMG, 90 % of bank sector of the country will be tested.
we will remind also that in the beginning of July 2012ã. The Spanish court has brought action against Bankia - the fourth on size of bank of the country. 33 employees of credit institution, including its former head Rodrigo Rato, are suspected of swindle, falsification and price arrangement.
Bankia it is partially nationalised by the Spanish government. The similar step has managed to the country authorities in 4,5 mlrd euro then management Bankia has requested 19 more mlrd dollars of the financial help. Thus, the largest can be allocated for rescue Bankia in the history of re-structuring of banks of the country the sum. Similar measures have displeased the population against the considerable reduction of the expenses which have been carried out by a management earlier that has led to a number of protest actions at some offices Bankia.