Spain says it expects its banks to set aside up to €50bn in further provisions on their bad property assets as part of a new round of reforms for the country’s financial sector.
Luis de Guindos, economy minister in the centre-right government that took office two weeks ago after defeating the Socialists, said it was essential that banks clean up their balance sheets without imposing a burden on the treasury.
The €50bn figure, equivalent to about 4 per cent of the gross domestic product, is higher than private bankers’ expectations.
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