1. Commission welcomed the adoption of a Royal Decree Law by Spain on the restructuring of credit institutions

    published on Monday, September 03, 2012 under Economic & Financial Affairs

    Olli Rehn, Vice-president of the European Commission, welcomed the adoption by the Spanish government of a Royal Decree Law on the restructuring and resolution of credit institutions, including a comprehensive blueprint for the future Asset Management Company. On the other hand, the Eurogroup also welcomed the reiteration by the Spanish authorities, and the statement by the Board of BFA-Bankia, of their firm commitment to complete the restructuring plan for BFA-Bankia by October, as foreseen by the Memorandum of Understanding.

    The European Commissioner for Economic and Monetary Affairs and the Euro and vice-president of the European Commission, Olli Rehn, welcomed the adoption by the Spanish government of a Royal Decree Law on the restructuring and resolution of credit institutions, including a comprehensive blueprint for the future Asset Management Company. Mr Rehn highlighted that the law constitutes a key element in the programme and its adoption sends an important signal of Spain's determination to comply fully with the requirements and timeframe set out in the Memorandum of Understanding.

    With regard also to the Memorandum of Understanding accomplishment, the Eurogroup welcomed the reiteration by the Spanish authorities, and the statement by the Board of BFA-Bankia, of their firm commitment to complete the restructuring plan for BFA-Bankia by October. This will allow the restructuring plan to be approved by the European Commission in November for immediate entry into force and to be accompanied by the necessary capital injection from the Programme. The European Commission approved Spanish state support for Bankia/BFA in June 2012.

    The Eurogroup also welcomed the intention of the Fund for Orderly Bank Restructuring (FROB), to proceed with a bridge recapitalisation of BFA-Bankia with a view to making the group compliant with minimum regulatory standards of capital adequacy, pending the full recapitalisation and restructuring process which is ongoing under the terms of the financial assistance programme.

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