News

07.12.2011 The Governing Committee of the FROB has drawn up the restructuring plan for Banco CAM.

This plan provides Banco CAM will be integrated with Banco Sabadell. The plan has been approved by the Banco de España and will enjoy the financial support of the Deposit Guarantee Fund.

21.11.2011 The FROB has been appointed as interim administrator of Banco de Valencia.

On November 21st 2011, the Executive Commission of the Banco de España, as a request from the board of directors of Banco de Valencia, has appointed the FROB to interim administrator of the entity, pursuant the provisions laid down in article 7 of the Royal Decree-law 9/2009, of June 26th, on bank restructuring and credit institutions equity reinforcement (RDL 9/2009).

Following that decision, the Governing Committee of the FROB, pursuant the provisions laid down in article 7.2 a) of the RDL 9/2009 has appointed Mr. José Manuel Oliver Martínez, Ms. Margarita Reyes Medina and Mr. Fernando Viladomat Carreras who, on behalf of FROB, will exercise, in Banco de Valencia, the appropriate functions and power as interim administrators of the entity.

In addition, the Governing Committee, pursuant the faculties laid down in the last paragraph of article 7.2 of Royal Decree-law 9/2009, as long as the Restructuring Plan is drawn up and carried out, has also decided to grant support to Banco de Valencia by means of an equity injection amounting up to € 1 billion and extending a credit facility up to € 2 billion which may immediately be drawn down to ensure the liquidity of Banco de Valencia. The measures adopted today have the aim of stabilizing the entity and ensuring that Banco de Valencia can continue operating normally and fulfilling all its obligations to third parties.

30.09.2011 Governing Committe of the FROB approves three recapitalization processes. Pursuant Royal Decree-law 2/2011 and 9/2011, the Governing Committee of the FROB approved yesterday the final valuations and the capital injections for the follow entities:
- Catalunya Banc
  - Capital injection: €1,718 million
  - FROB´s participation: 89,74%
- NCG Banco
  - Capital injection: €2.465 million
  - FROB´s participation: 93,16%
- Unnim Banc
  - Capital injection: €568 million
  - FROB´s participation: 100%
In addition, convertible preference shares issued by Unnim, amounting to €380 million, has been converted into Unnim Banc ordinary shares. After the capital injection and the conversion, the FROB is the only shareholder and administrator of Unnim Banc.
22.07.2011 The FROB has been appointed as interim administrator of CAM and Banco CAM
On July 21nd 2011, the Executive Commission of the Banco de España, as a request from the board of directors of CAM and Banco CAM, has resolved to initiate a process aimed at capitalising Banco CAM and has appointed the FROB to interim administrator of both entities, pursuant the provisions laid down in article 7 of the Royal Decree-law 9/2009, of June 26th, on bank restructuring and credit institutions equity reinforcement (RDL9/2009).
The Governing Committee of the FROB, in its turn has appointed Mr. José Antonio Iturriaga Miñón, Mr. Tomás González Peña and Mr. Benicio Herranz Hermosa who, on behalf of FROB, will exercise, in CAM and Banco CAM, the appropriate functions and power as interim administrators of both entities. In addition, the Governing Committee has also decided to inject €2.8 billion into Banco CAM through the subscription of shares and to extend a credit facility for a total of €3 billion which may immediately be drawn down to ensure the liquidity of CAM Group. The measures adopted today have the aim of stabilising the entity and ensuring that CAM can continue operating normally, meeting all its obligations to third parties.
12.07.2011 The FROB approves the recapitalization processes framework

On July 8th, the FROB Governing Committee approved the criteria and conditions that will be applied to the recapitalization processes of credit entities in which the FROB could be involved pursuant to the amendments introduced in Royal Decree-law 9/2009 by Royal Decree-law 2/2011, for the reinforcement of the financial system.

06.07.2011 Yesterday FROB launched successfully a new €1.75bn benchmark issue

Fondo de Reestructuración Ordenada Bancaria (FROB) has completed successfully yesterday, a new €1.75 bn benchmark issue. The bonds carry an explicit and irrevocable guarantee from the Kingdom of Spain and, currently, are rated Aa2/AA/AA+ by Moody’s, S&P and Fitch. Joint book runners have been Barclays, BBVA, BNP Paribas, Deutsche Bank and Natixis.

01.06.2011 The Governing Committee of the FROB, has approved the FROB´s financial statements for 2010 .

On may 31st 2011, the Governing Committee has approved the FROB´s financial statements for 2010.

31.05.2011 The Governing Committee of the FROB, has agreed to release the paper on the methodology and procedures to determine the economic value of credit entities .

Today, the Governing Committee of the FROB, has agreed to release the paper on the methodology and procedures to determine the economic value of credit entities as foroseen in the article 9 of RD-Law 9/2009.

This methodology will be applied to carry out the financial and the business plan due diligences, as well as to the assessment of the worth of those entities that are going to recieve capital from the FROB according to clause 5 of article 9 or RD-Law 9/2009.
15.04.2011 The Governing Committee of the FROB agrees to support the recapitalization strategies.

Today, the Governing Committee of the FROB, according with its competences, has agreed to support the strategies for the compliance with the capital requirements that were approved yesterday by the Executive Commission of the Banco de España.
06.04.2011 The FROB reorganizes in response to the new Royal Decree-law 2/2011, for the reinforcement of the financial system
19.02.2011 Royal Decree-law 2/2011

On February 19th, it has been published the Royal Decree-law 2/2011, February 18th, for the reinforcement of the financial system. Among other aspects, this Royal Decree-law amends some clauses of the Royal Decree-law 9/2009, june 26th, on bank restructuring and credit institution equity reinforcement.
27.01.2011 Today FROB has launched successfully a new €3bn benchmark issue

Fondo de Reestructuración Ordenada Bancaria (FROB) has completed successfully today, a new €3 bn benchmark issue. The bonds carry an explicit and irrevocable guarantee from the Kingdom of Spain and, currently, are rated Aa1/AA/AA+ by Moody’s, S&P and Fitch. Joint book runners have been CITI, HSBC, RBS, SANTANDER Y SG CIB.
22.12.2010 In Today´s meeting, the FROB Governing Committee has decided to grant financial support to the integration process involving Cajasol and Banca Cívica.
The FROB Governing Committee, after the previous approval of the Banco de España, has agreed to grant financial support to the integration process that will take place by the joining of Cajasol to Banca Cívica Institutional Protection Scheme (SIP). To carry out this support the FROB will underwrite convertible preference shares amounting €977 million issued by the SIP´s central body. The effectiveness of the agreement is subject to the integration project culmination, according to the terms set by the Banco de España, to the assessment by the European Commission and to the absence of objections from the Deputy Prime Minister for Economy and Finance of the Spanish Government.
27.07.2010 The FROB extends and amends its action framework Today the FROB Governing Committee has approved the criteria and conditions to which its conduct will be subject concerning the integration of credit institutions, for the second half of 2010.
23.07.2010 The European Commission approves the extension of Spanish recapitalization scheme for credit institutions The European Commission has extended until December 31st 2010 the Spanish recapitalisation scheme for banks aimed at enhancing the strength and solvency of credit institutions. Additionally, the scheme has been amended so as to permit individual recapitalizations.
16.07.2010 The FROB Governing Committee, in its meeting on July 15th 2010, has drawn up the Restructuring Plan for CajaSur This plan has been submitted for the approval of the Banco de España and provides for the transfer of the whole assets and liabilities os CajaSur to Bilbao Bizkaia Kutxa (BBK).

13.07.2010 Amendments to the Royal Decree-law 9/2009 .

The Royal Decree-law 11/2010, July 9th, about government and others aspects of juridical regime of the saving banks, modifies, among others, some aspects of the Royal Decree-law 9/2009 on bank restructuringand credit institution equity reinforcement.
30.06.2010 Banco de España´s report on the restructuring of Spanish savings banks The Banco de España has released a report on the restructuring of the Spanish savings banks regarding the restructuring scheme, scope and main characteristics of this process.
29.06.2010 In Today´s meeting, the FROB Governing Committee has decided to give financial support to four integration processes among credit entities, once the integration plans have been aproved by the Banco de España.The FROB Governing Committee, after the previous approval of the Banco de España, has agreed to give financial support to the integration processes detailed below:
- Integration through an Institutional Protection Scheme (SIP) among Caja Granada, Caja Murcia, Caixa Penedés and Sa Nostra. Support amount: €915M
- Integration through a SIP among Caja Madrid, Bancaja, Caja Insular de Canarias, Caja de Ávila, Caixa Laietana, Caja Segovia and Caja Rioja. Support amount: €4.465M
- Integration through a SIP among Caja del Mediterráneo, Cajastur, Caja Extremadura and Caja Cantabria. Support amount: €1.493M
- Merger between Caixanova and Caixa Galicia. Support amount: €1.162M
To carry out these supports the FROB will underwrite convertible preference shares issued by the resulting entity of each integration. The effectiveness of the agreements is subject to the integration projects culmination, according to the terms set by the Banco de España, to the assessment by the European Commission and to the absence of objections from the Deputy Prime Minister and Minister for Economy and Finance of the Spanish Government.
22.05.2010 The FROB has been designated as the provisional administrator of
CajaSur On May 21st 2010, the Executive Commission of the Banco de España, in compliance with the provisions laid down in article 7 of the Royal Decree-law 9/2009, of june 26th, on bank restructuring and credit institutions equity reinforcement (RDL 9/2009), has resolved to designated the Fund for the Orderly Restructuring of Banks (FROB) to provisional administrator of Caja de Ahorros y Monte de Piedad de Córdoba (CajaSur).

The Governing Committee of the FROB, in its turn and according with the provisions established in clause 7.2.a) of the RDL 9/2009, has appointed Mr. José Antonio Iturriaga Miñón, Mr. Tomás González Peña and Mr. Francisco Orenes Bo who, on behalf of FROB, will exercise the appropiate functions and power as administrators of CajaSur.

Additionally, the Governing Committee of the FROB, using the faculties laid down in the last paragraph of the article 7.2 of the RDL 9/2009, as long as the Restructuring Plan referred in this article is drawn up and carried out, and with the aim of ensuring the normal performance of CajaSur, has also decided to underwrite the equity instruments needed to enable the entity to reach a solvency ratio above the minimum required and to facilitate the entity a liquidity facility to allow it to face up all of its commitments.

13.04.2010 Amendments to the Royal Decree-law 9/2009 .

In order to speed up and to preserve the legal safety on the orderly bank restructuring, the Royal Decree-law 6/2010, April 9th, about measures for the boost of economic recovery and the employment, modifies, among others, some aspects of the Royal Decree-law 9/2009 on bank restructuring and credit institution equity reinforcement. 25.03.2010 In today´s meeting, the FROB Governing Committee has decided to give financial support to three integration processes among credit entities, once the integration plans have been approved by the Banco de España.The FROB Governing Committe, after the previous approval of the Banco de España, has agreed to give financial support to the integration processes detailed below:
Caja Manlleu, Caja Sabadell and Caja Terrassa. Supp. amount: €380 M
Caja Catalunya, Caja Tarragona and Caja Manresa. Supp. amount:€1.250 M
Caja Duero and Caja España. Supp.amount: €525 M
The support will be carried out by the FROB´s subscription of preference shares convertible into ownership quotas. The agreement effectiveness is subject to the integration project culmination, according to the terms set by the Banco de España, to the assessment by the European Commission and to the absence of objections from the Deputy Prime Minister and Minister for Economy and Finance of the Spanish Government.
25.03.2010 The Governing Committee has approved the FROB´s financial statements for 2009 Today, the Governing Committee has approved the FROB´s financial statements for 2009 concerning the period from July 14th to Decembre 31th.
01.03.2010 The European Committee releases its Decision about the Spanish recapitalization scheme for credit institutions The European Committee has released the full text of its Decision, reached on January 28th 2010, approving the Spanish recapitalization scheme for credit institutions, whose guidelines were laid down by the FROB Governing Committee Agreement of Jan 29th 2010.29.01.2010 Governing Commission Agreement of Jan 29th 2010 Today the FROB Governing Committee has approved the criteria and conditions to which its conduct will be subject concerning the integration of credit institutions.
28.01.2010 The European Commission approves Spanish recapitalization scheme for credit institutions The European Commission has approved until 30 June 2010 a Spanish recapitalisation scheme for banks aimed at enhancing the strength and solvency of credit institutions so that they are able to provide credit normally and that confidence in the nacional financial system can be maintained.