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Spain extends help to regions
Source: Agencies |
September 14, 2012, Friday
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Print Edition
Print Edition
SPAIN'S Treasury yesterday said it will issue 3 billion euros (US$3.87 billion) via a private placement with Spanish banks aimed at offering struggling regions access to lower borrowing costs through its emergency liquidity fund, FLA.
The operation includes floating-rate notes and bonds due in 2015, 2016 and 2017 in a private placement for September 21 and is the first government issue to finance the FLA, set up to bail out regional authorities shut out of international debt markets.
The Treasury said it had already secured commitments from a group of Spanish banks for the placement which would contribute to the 8-billion-euro loan brought by financial institutions for the fund. The fund will have a total of 18 billion euros. Top banks Santander, BBVA and La Caixa will contribute the lion's share of loans to the fund, sources said.
The regional governments are at the heart of concerns about the country's economy and their ability to tackle budget deficits could play an import role in Spain avoiding a full-blown bailout.
The operation includes floating-rate notes and bonds due in 2015, 2016 and 2017 in a private placement for September 21 and is the first government issue to finance the FLA, set up to bail out regional authorities shut out of international debt markets.
The Treasury said it had already secured commitments from a group of Spanish banks for the placement which would contribute to the 8-billion-euro loan brought by financial institutions for the fund. The fund will have a total of 18 billion euros. Top banks Santander, BBVA and La Caixa will contribute the lion's share of loans to the fund, sources said.
The regional governments are at the heart of concerns about the country's economy and their ability to tackle budget deficits could play an import role in Spain avoiding a full-blown bailout.
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