Four Spanish Banks Receive Restructuring Approval
Four of the Spanish Banks, i. e. BFA Bankia SA, NCG Banco, Catalunya Banc and Banco de Valencia SA have got the approval for restructuring from the European Commission.
With the approval in hands, now these banks are eligible to get funding from the European Stability Mechanism. EU said that the balance sheets of these banks will come down by estimated 60% in 2017 from that in2010.
International Monetary Fund (IMF) has praised the move by Spain and has quoted it as "important progress" in economic sector. However, it talked of challenges ahead that will come as how these banks maintain their balance sheets.
It was suggested that these banks must consider transferring real estate assets to a centralized asset management company (AMC) in order to have healthy balance sheets. The important decision by Spain led the way to a hope of ending Spain's banking crisis with 40 billion aids from Eurozone to be invested into the same.
The important decision was made on Wednesday, under which, the four banks will need a huge sum of $48 billion to get recapitalized and the bondholders of the bank will suffer loss.
"What we've approved today means that the funds for the European Stability Mechanism can be disbursed", said EU Competition Commissioner, Joaquin Almunia in a news conference.
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