The Spanish government and the Bank of Spain on Sunday began the country’s first bank rescue in the current financial crisis, providing up to €9bn in liquidity to Caja Castilla La Mancha, a troubled S&L institution, and replacing its directors with central bank nominees. Pedro Solbes, finance minister, said the bailout of CCM, which accounts for less than 1% Spain’s financial system assets, should not be compared with the rescue of a big bank such as Banesto.

This entry was posted by Gwen Robinson on Monday, March 30th, 2009 at 4:54 and is filed under Capital markets. Tagged with Bank of Spain, Caja Castilla La Mancha. Edit this entry.