Bloomberg News

Spain’S Industry-Funded Bank Funds to Guarantee FROB Losses

October 06, 2011

Oct. 6 (Bloomberg) -- Spain will change the rules governing the industry-funded deposit-guarantee funds to unify them into one facility that offers a guarantee to the state’s FROB bank- bailout fund against any losses it suffers in the restructuring of the industry.

The sector will bear the whole cost of the restructuring, Finance Minister Elena Salgado told reporters today, shielding the taxpayer and public finances from losses.

To contact the editor responsible for this story: Emma Ross-Thomas at erossthomas@bloomberg.net


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