Spain bids to pin down real estate losses

Spain’s government announced on the 17 May 2012 the appointment of Blackrock and Oliver Wyman as independent valuers of the real estate loans that lay at the heart of the country’s banking crisis.

The move – to give credibility to Spain’s efforts to stem investors’ fears about the extent of potential loan losses – comes after a bank overhaul announced the previous week that part-nationalised troubled lender Bankia and would see the banking sector overall make at least €30bn of extra provisioning.

ESO: Background information: Spain to spend billions on bank rescue / Spain takes 45% stake in Bankia http://www.europeansources.info/record/spain-to-spend-billions-on-bank-rescue-spain-takes-45-stake-in-bankia/

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