Spanje zal een beroep doen op noodsteun om haar noodlijdende bankensector te herkapitaliseren. Aan de bailout van maximaal 100 miljard euro worden geen extra ‘budgettaire voorwaarden’ gesteld, aldus de Spaanse minister van financiën De Guindos in een persconferentie. De 'lening' zou van het EFSF of permanente ESM fonds naar het Spaanse noodfonds van banken (FROB) worden getransfereerd, waarbij het IMF volgens De Guindos alleen een 'adviserende en ondersteunende' rol heeft.
Van persbureau Reuters:
After a 2-1/2-hour conference call of the 17 finance ministers, which several sources described as heated, the Eurogroup and Madrid said the amount of the bailout would be sufficiently large to banish any doubts."The loan amount must cover estimated capital requirements with an additional safety margin, estimated as summing up to 100 billion euros in total," a Eurogroup statement said.Spain said it wanted aid for its banks but would not specify the precise amount until two independent consultancies - Oliver Wyman and Roland Berger - deliver their assessment of the banking sector's capital needs some time before June 21.
The Guardian over mismanagement bij Spaanse banken
The bill that Europe's rescue funds must pay has been increased by the multi–million euro payoffs taken by some senior executives shortly before their banks collapsed and decisions taken by unqualified board members who admit they were incapable of analysing the banks' books. Boards were stuffed with political placements or people who had little idea about banking – including, in one case, a supermarket checkout worker. They often rubber-stamped decisions. In some cajas they were rewarded with well-paid positions on the boards of subsidiary companies as well as with luxury foreign trips and soft loans.
Zerohedge zet de geldstromen op een rij
According to the de Guindos press conference, the bailout cash will go to the FROB, or the Fund for Orderly Bank Restructuring: as the name implies a sinking fund to fund insolvent banks. This is merely a liquidity vehicle to net out evaporating capital due to realistic marks of assets, or ongoing deposit flight. However, a far bigger concern is how will the FROB be treated from a sovereign debt perspective? As was noted previously, the bailout will come in the form of a loan, which while at better terms than market, will still result in a material increase in Spanish debt/GDP.