Bloomberg News

Spanish Banks Seek to Reduce Provision Increase, Expansion Says

May 11, 2012

Spanish banks are putting pressure on the government to raise the coverage level for healthy real- estate loans to 14 percent, rather than 30 percent, in rules to be announced today, Expansion reported, citing unidentified people with knowledge of the matter. The current level is 7 percent.

Banks have also requested public aid, such as state guarantees, to meet the provision requirements, the newspaper said. In exchange for aid, the companies may be required to sell assets or agree to mergers, Expansion said.

To contact the reporter on this story: Angeline Benoit in Madrid at abenoit4@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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