FXstreet.com (Córdoba) - Spain's Asset Management Company, or bad bank, that will absorb bad real estate loans will be operational on Dec. 1, the European Union and the European Central Bank said in a statement on Friday.
Spain has reached agreement with the EU and the ECB on important aspects of the design and workings of the Asset Management Company which will take on up to €90 billion in bad loans, the statement said. The EU also stated that the reform program which Spain agreed to when it requested the banking bailout is "in line" with expectations.
In a separate statement, European Economics Commissioner Olli Rehn said the first round of disbursements to Spain banks is on track to happen next month as planned.
Spain has reached agreement with the EU and the ECB on important aspects of the design and workings of the Asset Management Company which will take on up to €90 billion in bad loans, the statement said. The EU also stated that the reform program which Spain agreed to when it requested the banking bailout is "in line" with expectations.
In a separate statement, European Economics Commissioner Olli Rehn said the first round of disbursements to Spain banks is on track to happen next month as planned.
