Bank of Spain Approves Nationalised Banks' Restructuring Plans


The Bank of Spain has approvedthe restructuring plans for four of the country's nationalisedbanks due to receive aid from Europe, Spanish restructuring fundFROB said on Tuesday.

The FROB, which controls the banks bailed out by Spain,added that the European Commission was expected to give itsdefinitive approval to the plans on Wednesday.

The banks involved are Bankia , Novagalicia Banco,CatalunyaCaixa and Banco de Valencia.

The FROB said it expected to receive European funds in thefirst half of December, and it would then inject them into thebanks.