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.
The process of charging an electric car takes much longer than the conventional process of refueling vehicles with gasoline.
Following Hurricane Irma, normal operations at PortMiami, Fort Lauderdale's Port Everglades and Port Canaveral quickly resumed, but major cruise lines are facing months of disruptions to routes including stoppages at Eastern Caribbean islands that
Following an unanticipated upturn in economic activity in September, the eurozone economy is widely expected to be on track for the best quarter since 2015.
Elon Musk-led electric carmaker Tesla Motors has confirmed that it will discontinue its cheapest version of its Model S e-car, the rear-wheel-drive S60, on coming Sunday.
Motorola’s parent firm Lenovo recently announced the launch of the Moto G5S and G5S Plus smartphones in several markets. The company will shortly share its plan for worldwide launch.
Luxury vehicle maker Volvo has just introduced the 2018 XC40, the company’s latest SUV that looks forward to compete with the Porsche Macan or Range Rover Evoque.