News

  • 27.07.2010 The FROB extends and amends its action framework Archivo PDF: enlace en ventana nuevaToday 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 Archivo PDF: enlace en ventana nuevaThe 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 Archivo PDF: enlace en ventana nuevaThis 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).
  • 30.06.2010 Banco de España´s report on the restructuring of Spanish savings banks Archivo PDF: enlace en ventana nuevaThe 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 Archivo PDF: enlace en ventana nueva.

    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 restructuringand 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 Archivo PDF: enlace en ventana nuevaToday, the Governing Committee has aproved 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 Archivo PDF: enlace en ventana nuevaThe 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 Archivo PDF: enlace en ventana nuevaToday 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 Archivo PDF: enlace en ventana nuevaThe 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.

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