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Jun 26, 2009, 14:17 GMT

Spain approves fund to restructure banking sector

Madrid - The Spanish government Friday approved a bank restructuring fund to 'create confidence in the financial system' at the time of an economic crisis, Deputy Prime Minister Maria Teresa Fernandez de la Vega announced. The Fund for Ordered Bank Restructuring (FROB) will have an initial capital of 9 billion euros (12.5 billion dollars). Spain's banking sector is seen as having weathered the global crisis fairly well, but the country's ongoing recession has begun to affect savings banks following the meltdown of the key construction sector. Big banks had no problems, but 'others could have, if the crisis continues,' Economy Minister Elena Salgado said. The fund was to supply liquidity to banks in need, to finance restructuring including mergers.

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