AP News

News Summary: Spain to add to bank rescue fund


FUND INJECTION: The Spanish government is injecting another €6 billion ($7.5 billion) into its bank rescue fund to cope with growing problems in its financial sector.

CAPITAL BASE: The extra cash will raise the capital base of the bank rescue fund to €15 billion.

BANK EMERGENCY: The fund needs the new money to make an emergency cash injection of €4.5 billion ($5.7 billion) into Bankia SA, the nationalized lender. Like many of Spain's banks, Bankia is saddled with huge amounts of soured real estate investments left over from the 2008 property market crash.


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