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Spain Makes Formal Request for EU Bank Aid

Monday, 3 Dec 2012 | 9:38 AM ET
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Spain on Monday requested formally the disbursement of 39.5 billion euros ($51.4 billion) of European funds to recapitalize its crippled banking sector, the Economy Ministry said in a statement.

The money - 37 billion euros for the four nationalized banks Bankia , Catalunya Banc, NCG Banco and Banco de Valencia and 2.5 billion euros for the so-called "bad bank" - should be paid to the state's banking fund FROB around Dec. 12, it added.

Euro zone finance ministers are expected to approve the disbursement later on Monday when they meet in Brussels for their monthly meeting.