Spain nationalizes 3 banks after cash injections

[Ichingcarpenter]

Source: AP

MADRID (AP) —

Spain announced Friday it has nationalized three troubled banks that failed to meet new capital requirements and said the process of restructuring its financial sector is now complete.


The Bank of Spain identified the three as Unnim, CatalunyaCaixa and NovacaixaGalicia. All three are the result of mergers of smaller savings banks known as cajas, a sector that was heavily exposed to Spain's imploded real estate sector. After capital injections, the government now owns more than 90 percent of the three banks' shares. All three are relatively small.


The new core capital requirements were announced by the government in February.
The Spanish central bank says it has spent €7.5 billion ($10.2 billion) in recapitalizing the three now nationalized banks and in restructuring the wider financial sector.

Read more: http://news.yahoo.com/spain-nationalizes-3-banks-cash-injections-111202049.html;_ylt=A2KLJM9utYVO2isAJAZTaQ8F;_ylu=X3oDMTQzbmlpZXZiBG1pdANBcnRpY2xlIFRvcFN0b3JpZXMEcGtnAzIxMGJkNjBhLWRiMjctM2VjNC05OTkwLTk5Yzc0MWY5NjMxNARwb3MDNQRzZWMDTWVkaWFTZWN0aW9uTGl

[AngryAmish]

1. ...and comes the deluge

[Uncle Joe]

2. Kicked and recommended.

Thanks for the thread, Ichingcarpenter.

[xchrom]

3. Recommend

[Ichingcarpenter]

4. The US didn't do this ......

Because it wouldn't sit well with the people who own both the government and the banks.

[Nuclear Unicorn]

9. Well, to be fair

It's hard to get campaign contributions if the bank is the government and the government is the bank. The politicians will keep the banks at arm's length so they can still shake hands with a fistful of dollars.

[phantom power]

5. Silly Spaniards, don't you know you're supposed to just write banksters blank checks?

[sam11111]

6. England nationalized all banks 1947...plus 9 basic industries..rail air trucking oil electric

Coal
Gas
Telegraph
Doctors

[Initech]

7. And if we even remotely attempt this here it's called "punishing success".

:eyes:

[RaleighNCDUer]

8. Punishing success -

even when it is massive failure that necessitates it.