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Markets  |  July 16, 2012 18:00:06

Spain should formally sign the agreement on assistance to banks on Friday, said de Guindos (July 16, 2012)

MADRID (MEDIAFAX) - (Report we have expanded further information from the 4th paragraph)

Spain by the Minister of Economy Luis de Guindose hopes to formally sign an agreement with leaders of the euro area provision of up to 100 billion euros for its affected the banking sector on Friday. Informed the AFP on Monday.

"We hope to formally sign a memorandum between Spain and the euro area for injections up to a maximum of 100 billion euros to the Spanish banking system," said de Guindos on Monday in the banking forum.

Last week, the euro zone finance ministers called Eurogroup, the Spanish agreed to hear the requests for assistance for local banks to sign an agreement Friday. Moreover, also resolved that the initial 30 billion euros would be provided to the Spaniards until the end of the month.

In return for your bank to help Spain agreed to a series of reforms of the banking sector and inspections of the European Union to ensure the supervision of their restructuring. Spanish banks will repay the loan 30 years at interest rate of 2.5 percent.

The European Commission wants to save Spanish banks and the private sector involved as was the case for the exchange of Greek bonds. The aim of this plan is to minimize the cost to the taxpayer to recapitalize Spanish banks.

Madrid in June asked the euro rescue loan for the banking sector in Spain, which are struggling with losses on non-performing loans after the bursting real estate bubble. At the end of June, the Spanish government announced that banks need 62 billion euros of new capital to cover losses on loans.Figures last week showed that Spanish banks loans from the European Central Bank (ECB) in June rose to a record maximum of 365 billion euros, while in May it was € 324.6 billion in June last year and "only" € 136.49 billion.

The Spanish economy is in deep recession and local unemployment is the highest across the EU, if it exceeds 24 percent.

Eurozone finance ministers had also agreed to give Spain to reduce the deficit of public finances to the limit of three percent of gross domestic product (GDP) on an extra year, until 2014. This year Madrid will be able to have a deficit of 6.3 percent and 4.5 percent next year. In exchange for these concessions, but will have to take further austerity measures.

Tomáš Králíček,

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Španělsko by mělo formálně podepsat dohodu o pomoci bankám v pátek, uvedl de Guindos (16.7.2012)

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