Spain bails out regional savings bank
By Harold Heckle |
May 24, 2010, Monday
|
Print Edition
Print Edition
THE Bank of Spain has stepped in to bail out a regional savings bank after merger talks with another similar entity broke down, officials said on Saturday.
Bank Governor Miguel Angel Fernandez Ordonez said early Saturday that the step had been taken to guarantee Cajasur, an Andalucian savings bank based in the southern city of Cordoba which had been founded and controlled largely by the Catholic church, could continue operating as normal.
Fernandez said the central bank had decided to replace the entire board of directors of Cajasur. "As a result, depositors and creditors can maintain absolute peace of mind," he said.
The bank's governor said the country's banking sector had nothing to fear from the bailout. "Spain's financial system is absolutely not going to see its solidity affected by this situation," Fernandez said.
It is only the second regional savings bank bailed out by public money after the Bank of Spain intervened in March 2009 to take control of Caja Castilla-La Mancha.
Fernandez said the bailout came after Cajasur failed to agree on a merger with Unicaja, another southern regional savings bank.
Bank Governor Miguel Angel Fernandez Ordonez said early Saturday that the step had been taken to guarantee Cajasur, an Andalucian savings bank based in the southern city of Cordoba which had been founded and controlled largely by the Catholic church, could continue operating as normal.
Fernandez said the central bank had decided to replace the entire board of directors of Cajasur. "As a result, depositors and creditors can maintain absolute peace of mind," he said.
The bank's governor said the country's banking sector had nothing to fear from the bailout. "Spain's financial system is absolutely not going to see its solidity affected by this situation," Fernandez said.
It is only the second regional savings bank bailed out by public money after the Bank of Spain intervened in March 2009 to take control of Caja Castilla-La Mancha.
Fernandez said the bailout came after Cajasur failed to agree on a merger with Unicaja, another southern regional savings bank.
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