was created in 2009 and is now regulated by Law 11/2015 of 18 June 2015 on the recovery and resolution of credit institutions and investment companies.The approval of Law 11/2015, which transposes the Bank Recovery and Resolution Directive (BRRD) into Spanish legislation, has resulted in changes to the resolution institutional framework, making FROB
part of the European Single Resolution Mechanism and affecting the way in which future resolutions will be funded.
of NCG Banco's capital (currently owned by the FROB
and the Spanish
would have to raise debt on the market to purchase the bank stakes.
Jose Antonio Olavarrieta did not rule out the possibility of banks having to seek more capital from the Bank of Spain's restructuring fund FROB
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.
The sale of the portfolio, which features mainly residential mortgages provided in the Catalonia region, will beef up the lender's capital ratios, making it possible for FROB
to proceed with the sale of the bank itself, according to the Barcelona-based lender.
The nation's bank rescue fund, FROB
, said on Friday that it had chosen Goldman Sachs to advise it on the sale of part of the government's controlling stake in nationalised lender, Bankia.
government's Fund for Orderly Bank Restructuring (FROB
) on 27 November
(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.
These reforms are key to unlocking a credit line of up to 100 billion secured by the Fondo de Reestructuracion Ordenada Bancaria (FROB
- Fund for Orderly Bank Restructuring).
The newspaper cited insiders of the talks involving Spain's central bank and bank restructuring fund FROB
The Bank of Spain said that nine of the plans could require state aid from the country's Fund for Orderly Bank Restructuring (FROB