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Cost of Europe aid for Spanish banks under 1 pct- econ minister
November 28, 2012 / 9:42 AM / 5 years ago

Cost of Europe aid for Spanish banks under 1 pct- econ minister

MADRID, Nov 28 (Reuters) - Spanish Economy Minister Luis de Guindos said on Wednesday that the financing cost of European aid for its struggling banks will be less than 1 percent.

Spain is set to request around 40 billion euros($51.72 billion) in European loans to help recapitalise and clean up its banking sector, with about 37 billion euros of that destined for four of the country’s nationalised lenders.

The first installments of the aid is set to be disbursed by mid-December, de Guindos told parliament. ($1 = 0.7733 euros) (Reporting by Sarah White, Editing by Fiona Ortiz)

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