March 29, 2009 / 3:49 PM / 8 years ago

Spain says to bail out regional savings bank

MADRID, March 29 (Reuters) - Spanish authorities on Sunday said they were injecting money into regional savings bank Caja Castilla la Mancha and replacing its board, in the first banking bailout by Spain since the financial crisis began.

A government spokesman said an emergency cabinet meeting would pass a decree to authorise funding from the Bank of Spain for CCM.

“This decree is a consequence of the decision by the Bank of Spain on March 28 to replace the board of Caja Castilla La Mancha and inject a sum of money into it,” he said, without providing more details.

A news conference will be held after the cabinet meeting, which starts at 1700 GMT, he said. (Reporting by Jason Webb; editing by Raquel Castillo)

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