-Spanish banks make provisions for bad property loans.
Global Banking News - 07 February 2012
Spain-based banks, Banco Santander (SAN.MC) and BBVA (BBVA.MC) have made provisions for about USD9.1bn for bad property loans.
The banks announced the provisions after the government ordered banks in Spain to recognise more property losses. The rules will generate EUR4.1bn of gross additional provisions for Banco Santander, while for BBVA it will be EUR2.8bn.
Spanish banks incurred significant loss of value in the real estate that they piled up on their balance sheets as a result of the nation's property crash.
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|Publication:||Global Banking News (GBN)|
|Date:||Feb 7, 2012|
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