Compliance

10:05 AM
Reuters
Reuters
News
Connect Directly
RSS
E-Mail
50%
50%

E.U. Says No Plans to Activate Funds For Spanish Banks

The European Union has no plans to activate its emergency funds to recapitalize Spanish bank and Spain had no need to appeal for funds to do so, the European Commission said on Thursday.

The European Union has no plans to activate its emergency funds to recapitalize Spanish bank and Spain had no need to appeal for funds to do so, the European Commission said on Thursday.

"There is no plan to activate the EFSF or the ESM to support or recapitalize the Spanish banks," Commission spokesman Olivier Bailly said in answer to a question, referring to its rescue funds, the European Financial Stability Facility and its successor, the European Stability Mechanism.

The spokesman told a regular briefing the EU would only activate funds for any country if bank recapitalization was not possible on the markets and if a government did not have the means to do so itself.

"This is not the case for Spain. This is not necessary for Spain, we believe," Bailly said. (Writing by Philip Blenkinsop; editing by Rex Merrifield)

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.