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Spain’s bank bail-out and supervision to end in January, says Eurogroup

Posted on by peteradmin247

euro-stars2 SPAIN’S banks will come out of their ‘bail-out period’ in January without the need for any further European Union funding.

A Eurogroup report shows the country’s financial institutions are now in a sound position, having only used 41.3 billion euros of the 100 billion bail-out fund applied for in spring 2012.

Spain has also avoided needing a bail-out for the country itself to cover its debts, as was the case with the Republic of Ireland, Portugal, Greece and Cyprus.

Economy minister Luis de Guindos says Spain has agreed with the Eurogroup that no more funding or supervision will be needed for the nation’s financial institutions from January 2014.

Eurogroup leader and Dutch minister of finance Jeroen Dijsselbloem says regulation of banks in Spain is better than it was 18 months ago, market confidence has grown internationally and the institutions themselves are stronger and more resistant.

He also praised Spain’s ongoing reforms and confirmed the government intends to carry on along the same lines, a statement which De Guindos confirmed.

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