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can keep the shares for up to five years, with an option for the savings banks to buy them back within the first two years provided the government makes a profit on the sale.
With the exception of Cajasur, which has already been seized and auctioned by the central bank, the four groups of cajas can tap markets or resources from the Central Bank's restructuring fund, known as FROB
, the Bank of Spain said in a statement.
The injection of cash CajaSur will receive from the Bank of Spain will come from the FROB
, which was set up by the government in June 2009 after the central bank was forced to take over the running of savings bank Caja Castilla de la Mancha in Spain's first major bank rescue in 16 years.
Furthermore, recognizing that FROB
is often laden based on last-minute carrier decisions, FROB
security filings would only need to be transmitted at some point before loading.
Goldman Sachs will analyse strategies for divesting the government's stake in Bankia, the state bank restructuring fund, known as FROB
, reportedly said.
SeeNews) - Nov 13, 2012 - Spanish bad bank Sareb, designed to take up the toxic assets of the national troubled banking sector, has February next year as a deadline to attract foreign private investors, Antonio Carrascosa, general director of bank restructuring fund FROB
, said, cited by the Spanish media.
6 billion) for the sick banks in the country, also strengthens the capabilities of the state-supported FROB
The total amount that will be injected into Bankia should be made public in coming weeks after audits of Spain banks are completed, according to the fund for the orderly restructuring of banks, or FROB
, the bank rescue fund set up to help Spain's financial sector.
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Sources in Berlin said the German Finance Ministry believes the euro zone's permanent rescue fund, the 500-billion-euro ($625 billion) European Stability Mechanism, due to enter into force next month, could lend directly to Spain's FROB
bank rescue fund.
Bankia's parent Banco Financiero y de Ahorro, or BFA, requested that Spain's Fondo de Reestructuracion Ordenada Bancaria, or FROB
, inject the E19 billion, after a board meeting on Friday.