Post by corrupteire on Sept 2, 2012 15:17:05 GMT -5
THE SPANISH GOVERNMENT has agreed to the creation of a so-called bad bank to take on most of the trouble real estate assets of its banking sector, mirroring a move Ireland made in 2009 in response to the financial crisis.
The agreement of the country’s conservative government was part of a condition for receiving some €100 billion in assistance for its bank from its fellow eurozone countries.
In a situation which will be familiar to many in Ireland, banks have been weighed down by the cost of loans made to real-estate developers who built heavily prior to the collapse of the country’s property bubble in 2008.
businessetc.thejournal.ie/spain-nama-bad-bank-bailout-eurozone-581281-Sep2012/
The agreement of the country’s conservative government was part of a condition for receiving some €100 billion in assistance for its bank from its fellow eurozone countries.
In a situation which will be familiar to many in Ireland, banks have been weighed down by the cost of loans made to real-estate developers who built heavily prior to the collapse of the country’s property bubble in 2008.
businessetc.thejournal.ie/spain-nama-bad-bank-bailout-eurozone-581281-Sep2012/