EU seeks details of Spanish bank bailout
BRUSSELS, March 30 |
BRUSSELS, March 30 (Reuters) - The European Commission is seeking details from the Spanish authorities over the Bank of Spain's bailout of regional savings bank Caja Castilla la Mancha (CCM), a spokesman for the EU's executive arm said on Monday.
The Spanish government said on Sunday the Bank of Spain would take over CCM and provide funds to help the lender, backed by up to 9 billion euros ($11.9 billion) in government guarantees.
The bank bailout is the country's first since the credit crisis started. Spain has not informed the Commission regarding the CCM plan, spokesman Jonathan Todd said.
"The Commission is seeking information from the Spanish authorities," he said. The European Union executive monitors state aid in the 27-nation bloc. (Reporting by Foo Yun Chee, editing by Dale Hudson)
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