Banks in Spain to refund most of their BCE bail-out money
Sunday, January 27, 2013 @ 1:22 PM
SPAIN is due to refund the European Central Bank (BCE) around 63 billion euros, according to a report from Barclays. Now that the banks have been bailed out, they have surplus cashflow and are due to hand some of it back during the first reimbursement period of the Long-Term Refinancing Operation (LTRO). The cash has not reached the national economy in the true sense, but has been on deposit from the BCE or used to buy bank debts. The BBVA will return most of the money it has been given from Europe this and next month, whilst Banco Sabadell and Bankinter will refund 1.5 billion euros each.
Read more at thinkSPAIN.com