InfoAnda - Rescue of Spain bank 'could cost' 2.7 bln euros

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Rescue of Spain bank 'could cost' 2.7 bln euros AFP - Tuesday, May 25 Send IM Story Print Spanish investors demonstrate against the banking sector in Madrid. The rescue of regional savings bank CajaSur, which was taken over by the Bank of Spain at the weekend, could cost up to 2.7 billion euros MADRID (AFP) - – The rescue of regional savings bank CajaSur, which was taken over by the Bank of Spain at the weekend, could cost up to 2.7 billion euros, a business newspaper reported Monday. A Bank of Spain spokesman would not confirm the figure but said the unlisted bank, formerly controlled by the Roman Catholic Church and headed by a priest, would receive an injection of "at least" 523 million euros (657 million dollars). That would be the "legal minimum" amount to ensure financial stability. "At least 523 million euros will be needed but I can not indicate a precise figure regarding the injection of capital which will be necessary," he told AFP. The business daily Expansion said supplementary funds will be needed to clean up the bank's 1.5 billion euros in doubtful debts and another 364 million euros to make up for irrecoverable credits and the depreciation of property assets. "The experts consulted indicate that under the most pessimistic hypothesis, up to 2.7 billion euros will be needed, based on the financial information published by the savings bank," the paper said. CajaSur, based in the southern city of Cordoba, lost 596 million euros (748 million dollars) last year on revenues of 426 million euros. It posted a loss of 114 million euros in the first quarter of 2010. The Bank of Spain said Saturday that its Fund for Orderly Bank Reconstruction (FROB) would now manage Cajasur and supply the savings bank with "the capital resources necessary to ensure that (it) attains at the minimum level of solvency." The FROB was set up by the government in June 2009 after the central bank was forced to take over the running of savings bank Caja Castilla de la Mancha, Spain's first major bank rescue in 16 years. The rescue fund, made up of public money and other existing bank support funds, was capitalised initially with nine billion euros which can be increased ten-fold if necessary to help struggling banks merge or restructure. Spanish banks got off relatively lightly from the subprime mortgage crisis in 2008 as the country's strict regulations meant they did not invest heavily in the high-risk loans that hurt financial institutions elsewhere. But many, especially smaller unlisted saving banks like CajaSur that are usually controlled by regional politicians, were badly hit by the collapse of the country's once-booming property market in late 2008, both through loans to developers and mortgages. Recommend Send IM Story Print News Search Top Stories New British government takes axe to spending Husband of late actress Brittany Murphy found dead Rescue of Spain bank 'could cost' 2.7 bln euros BA Heathrow cabin crew strike takes off Spanish PM vows to stay firm on cuts despite strike threat More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Husband of late actress Brittany Murphy found dead BA Heathrow cabin crew strike takes off Tourists take walk on wild side with LA gang tour Anger mounts as oil blackens Louisiana marshes, beaches New British government takes axe to spending More Most Viewed » Scientists stunned as grey whale sighted off Israel Lack of sleep linked to early death: study UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Ocean fish could disappear in 40 years: UN More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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