Tags: Spain | bank | rescue | fund

Spain Reported to Pay $7.5 Billion to Rescue Fund in Days

Friday, 24 August 2012 01:59 PM

The Spanish state is implementing an urgent transfer of 6 billion euros ($7.5 billion) to its bank rescue fund, the so-called FROB, which will be paid within days, an official at the Budget Ministry said.

The transfer was made necessary by a decree in February, said the official on condition of anonymity in line with government practice, in an e-mailed response to questions today. The transfer will appear in central government budget data once the payment is made, the official said.

Spain’s FROB had a negative equity of 1.86 billion euros at the end of last year, according to an annual report dated July 26, that said a 6 billion-euro transfer from the state was to restore the fund’s capital position this year.

Central government budget data for the seven months through July is scheduled to be published Aug. 31.

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Friday, 24 August 2012 01:59 PM
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