News Headline Summary

ECB and EU commission says Spain banks qualify for EFSF and ESM aid

- Spain met conditions for bank aid from EFSF/ESM.

Update details:

- Over the weekend reports said the Spanish government will ask the European Union for a bailout of between EUR 40bln and EUR 42.5bln for its banking sector, according to government sources.
- EUR 37bln will go to the four nationalized banks - Bankia SA, Novagalicia, CatalunyaCaixi and Banco de Valencia - another EUR 2.5bln will go the country's bad bank and between EUR 2bln and EUR 3bln will be used for those entities that, even though are not controlled by the government, will need state aid.

Print 09:46, 26 Nov 2012 - Economic commentary - Source: Newswires