Santander says does not need to make new bad debt provisions

SANTANDER, Spain, June 19 Wed Jun 19, 2013 6:02am EDT

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SANTANDER, Spain, June 19 (Reuters) - Spanish banking group Santander does not need additional provisions to meet new Bank of Spain rules on recognising bad debt, Deputy Chairman Matias Rodriguez Inciarte said on Wednesday.

Economy Minister Luis de Guindos said on Tuesday that Spanish banks would face extra provisions against loan losses of up to 10 billion euros ($13.35 billion) over the next two years to meet new rules on loan refinancings.