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The Bank of Spain is to take over Caja Castilla la Mancha in the first bank bail-out in Spain since the global financial crisis began. The government will also back the bank with 9bn euros (£8.4bn) in guarantees. Shares in banking giants Santander and BBVA declined on concern over the health of the banks in Spain, where the housing market has been badly hit. The branches of Caja Castilla opened on Monday morning as scheduled. Share slump Santander, which owns the Abbey and Alliance & Leicester in the UK, saw its shares drop 5.6% to 5.04 euros.
The Bank of Spain is to take over Caja Castilla la Mancha in the first bank bail-out in Spain since the global financial crisis began.
The government will also back the bank with 9bn euros (£8.4bn) in guarantees.
Shares in banking giants Santander and BBVA declined on concern over the health of the banks in Spain, where the housing market has been badly hit.
The branches of Caja Castilla opened on Monday morning as scheduled.
Share slump
Santander, which owns the Abbey and Alliance & Leicester in the UK, saw its shares drop 5.6% to 5.04 euros.
IMHO the management could face criminal charges. Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
500M is about the size of the current "hole" in the CCM's accounts. Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
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