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Spain to present banking reform today

Date: Thursday 02 Feb 2012

Spain to present banking reform today

Spain's Economy and Finance Minister Luis de Guindos has called for a press conference at 17:30 (Madrid time) in order to present banking reform in the country, which is expected to be approved tomorrow in the Council of Ministers.

The Spanish government is expected to require banks to mark down real-estate assets by around €50bn although no official figures have been released.

Most banks are feeling pressure to take higher provisions ahead of this new regulation, as reflected on the financial statements presented earlier this week by Banco Popular and Banco Santander.

M.G.

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