Bloomberg News

Banesto Among Sellers of Mortgage-Linked Assets to Government

February 24, 2009

Banco Espanol de Credito SA, a unit of Banco Santander SA (SAN), was among sellers of mortgage-linked assets to the state in a government-led program to aid Spanish lenders amid the deepening recession.

Madrid-based Banesto sold 1.3 billion euros (1.7 billion) of the securities, according to data published today by Spain’s finance ministry. Banks have so far sold assets worth a total of 19.3 billion euros under a government program that could buy as much as 50 billion euros of the securities to ease pressure on the financial system.

Below is a table of the five main users to date of the program, according to the finance ministry:

Bancaja:                            EU1.50 billion
La Caixa:                           EU1.34 billion
Caja Madrid:                        EU1.32 billion
Caja de Ahorros del Mediterraneo:   EU1.32 billion
Banesto:                            EU1.30 billion

To contact the reporter for this story: Charles Penty in Madrid at Emma Ross-Thomas at

To contact the editors responsible for this story: Frank Connelly at; Willy Morris at

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